Home / / Luxury phone firm targets Saudi for growth

Luxury phone firm targets Saudi for growth

EXCLUSIVE: Vertu president eyes kingdom for major retail expansion.

The head of Vertu, the Nokia-owned luxury mobile phone brand, has said the company will post double digit revenue growth in the coming two years, with new retail space in Saudi Arabia boosting its Middle East performance.

“I think Saudi Arabia has tremendous opportunities and is growing really rapidly,” Vertu president Alberto Torres said.

“We started a bit later there and the development of the retail infrastructure is not as strong as in Dubai and Abu Dhabi.

“But there is clearly a lot of construction at the moment, and all around the Middle East.”

Vertu phones are made from exclusive materials such as gold, sapphire and rubies and can sell for up to $310,000.

Nokia doesn’t break out Vertu’s profit and revenue figures but the company is profitable and revenue growth has been in triple digits in the last two years, it said.

In a slowing economy, luxury retailers usually fare better than their mid market counterparts due to their wealthier clientele, but Torres admitted that the company’s growth prospects may be affected in the short term.

“If you think about the next 12-18 months, maybe the growth won't be as high as it would have been otherwise, but we still think we’ll see quite strong double digit growth and I think we’ll see good opportunities to continue our expansion,” he said.

Follow us to get the most comprehensive technology news in UAE delivered fresh from our social media accounts on Facebook, Twitter, Youtube, and listen to our Weekly Podcast. Click here to sign up for our weekly newsletter on curated technology news in the Middle East and Worldwide.

REGISTER NOW | Webinar Event | Security you can bank on – Safeguarding the Middle East’s financial sector

Presented in partnership with security and network specialist Cybereason, the second in the three part webinar series will bring together a panel of experts to discuss how banks and financial institutions are evolving their service offering while simultaneously staying one step ahead of the cyber criminals who seek to bring their operations crashing to the ground.

CHANNEL AWARD 2018