Once the world's leading mobile phone company Nokia is now struggling with falling market share. According to a latest update, the Finnish giant, Nokia is in advanced talks to sell its luxury subsidiary, Vertu. 

It is reportedly said that the Finnish cellphone maker Nokia is in talks with private equity group EQT to sell its luxury handset subsidiary Vertu. The deal is supposed to be closed for around 200 million euros ($249 million). 

Analysts believe, Vertu has always been an important side project for Nokia which was established to offer bold luxury designs. Vertu makes some of the world's most expensive mobile phones, typically embedded with gemstones and precious metals which cost thousands of dollars to buy. 

It is worth noticing, once the Vertu line was a popular offering among well off buyers. However, entry of numerous Android powered smartphones and Apple’s iPhones have taken away most of Nokia’s market share. 

It is observed, now designers prefer to design luxury versions of iPhone’s and Android powered devices. 

However, neither Nokia nor Vertu could be reached immediately for comment.  So, stay tuned to get more information on this.  

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