Nokia said to be looking to exit Vertu business

Nokia is reported to be planning to sell its luxury brand handset subsidiary, Vertu as the company refocuses on smartphones and entry level devices for developing markets.

Vertu was established in 1998 to tap into the extreme luxury end of the market where decoration and service were more important than raw features.

Nokia has appointed Goldman Sachs to oversee the sale the Financial Times reported, citing a source close to the matter, although the sale process is at an early stage.

Nokia does not break out the revenues from Vertu in its financial results, so estimates are wide, but between US$270-$400 million.