Billionaire phone buyers face shop closure as Vertu calls it quits
In a surprising turn of events, luxury phone maker Vertu has announced its closure, marking the end of an era for high-end mobile technology. The company, known for its hand-crafted devices made of exceptional materials, has been in the process of liquidating its assets.
Vertu's downfall began when it failed to keep pace with the latest smartphone innovations. Despite its use of high-end materials and unique craftsmanship, its phones lacked key modern features such as GPS and Bluetooth, which many consumers expected even at a high luxury price point. This mismatch led to perceptions that the phones were not worth their hefty cost, contributing to prolonged financial difficulties for the company.
The Turkish businessman who previously owned Vertu now retains the rights to the Vertu brand, in-house technology, and licenses. However, it is not yet known if the Turkish owner plans to do anything with the Vertu brand.
Vertu's phones were produced in very small numbers, making each device an extremely limited edition piece of smartphone history. They were marketed as luxury devices, made of materials such as calf leather, titanium, sapphire, and diamonds. The "mid-range" Constellation, a phone model by Vertu, started at $6,000, with some models costing over $15,000.
Despite the luxury marketing, Vertu phones were not able to compete with flagship smartphones like the iPhone 7 and Galaxy S8 in terms of software and camera quality. The company was running on a deficit of £128 million, and approximately 200 people have lost their jobs due to Vertu's shutdown.
However, the Vertu brand is not giving up on luxury mobile technology. Moving forward, the brand is redefining luxury by emphasizing unparalleled privacy, craftsmanship, and durability rather than competing on mainstream smartphone features. Recent models, like the Vertu Quantum Flip Calfskin, focus on advanced security measures such as quantum encryption combined with bespoke materials like calfskin leather. Additionally, collectible models such as the discontinued Vertu IronFlip highlight Vertu’s dedication to Swiss precision engineering, extreme secure storage, and status as luxury technological art.
In conclusion, while the original Vertu model line may have ceased due to financial and market fit issues, the brand is evolving towards offering exclusive, privacy-focused luxury phones that prioritize bespoke craftsmanship and cutting-edge security technology as their unique selling points.
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