Nokia has decided to sell off its Vertu luxury phone brand as it looks to consolidate its operations.
Vertu mobile phones come decked out in gold, diamonds and precious stones and offer little in terms of functionality. The devices are sold for thousands of dollars but Nokias seems to have made up its mind to sell the division.
According to an article on the Financial Times, the company has roped in Goldman Sachs to oversee the sale of the Vertu division to the highest bidder.
Sources cited by the newspaper claim that talks are in the early stages and that there might still be a fall out.
Nokia's Vertu brand, which is based out of the UK, offers some of the most expensive and exclusive mobile phones in the world, which appeal to the rich and famous.
The company is yet to settle on a sale price for the Vertu brand, which rakes in between $268 million and $402 million annually. Vertu might appeal to high end luxury goods brand, the source speculated, as reported by the Register.
This news comes as Nokia struggles to consolidate its operations and only focus on developing smartphones based on the Windows Phone 7 platform. The fates of Nokia and Microsoft in the smartphone market relies of this partnership.