Lux­ury mo­bile pro­ducer Vertu en­ters Viet­nam

Dünya Executive - - OVERVIEW -

Vertu, a lux­ury brand that man­u­fac­tures di­a­mond-en­crusted and pre­cious metal tele­phones, which was pur­chased by the Uzan fam­ily liv­ing in France, re­cently opened its first store in Ho Chi Minh City, Viet­nam. Founded in May as Hanoi-based Vertu Viet­nam, the com­pany will con­tinue to grow in the com­ing months. Vertu will open a store in Hanoi, which is syn­ony­mous with the Viet­nam War, af­ter the Oc­to­ber open­ing in Ho Chi Minh City. The be­gan sell­ing its prod­ucts for the first time with a lo­cal com­pany, FPT Tele­com Prod­ucts Dis­tri­bu­tion, in 2006. At the time, the com­pany had three stores in three cities in Viet­nam. How­ever, af­ter the eco­nomic cri­sis, the stores were closed and Vertu left Viet­nam. So this will be Vertu’s sec­ond at­tempt in the coun­try.

Ac­cord­ing to Kerim Ulker of daily DUNYA, Vertu’s price in Viet­nam is also set, mo­bile phones will vary in price from $4,500 to $43,000.

Vertu is the first brand that comes to mind when it comes to lux­ury in mo­bile phones. Founded in 1998 by the Fin­nish phone man­u­fac­turer Nokia, it was sold to the EQT in­vest­ment fund for £175 mil­lion at the end of the 2000s. EQT handed the com­pany over to theHong Kong-based Swedish com­pany, Godin Hold­ing, in 2015. It changed hands for the last time in 2017 when it was taken over by Baferon Ltd, the Uzan fam­ily’s com­pany in Cyprus, for £50 mil­lion.

In its first move, the Uzan fam­ily at­tempted to re­vive the ail­ing com­pany in China, in­tro­duc­ing the lat­est model, the Aster P2018, at an ex­clu­sive event in Shang­hai on Oc­to­ber 17 last year. The rea­son why Uzan made the first in­tro­duc­tion to com­mu­nist China was that num­ber of wealthy Chi­nese is in­creas­ing in the coun­try rapidly. But for some rea­son, Vertu made its sec­ond im­por­tant step in Viet­nam, which also hap­pens to be ruled by a Com­mu­nist Party.

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