Vertu expanding rapidly, says Nokia

Nokia announced that Vertu, its the luxury brand, is growing fast as a result of geographic expansion and plans to launch in the Nordic countries and Japan, a Reuters report said.

"We are now growing in three-digit numbers, mainly thanks to geographical expansion and launching new handsets," Finnish business daily Kauppalehti quoted Vertu president Alberto Torres as saying in an interview.

"We sell tens of thousands of phones annually, and our goal is to reach annual sales of hundreds of thousands of phones," he said, but added that high volumes specifically were not a target for Vertu, which was based in Britain.

The Reuters report further said Nokia did not give separate sales or profit figures in its accounts for Vertu, whose handsets included models studded with diamonds that cost thousands of dollars.