Vertu, the UK-based maker of handcrafted luxury smartphones that feature precious metals, leather casings and sapphire screens, has been sold by Swedish private equity group EQT to Chinese investors, in the latest sign of the popularity of upmarket brands in Asia.
Vertu said that Godin Holdings, a Hong Kong-based fund, had acquired the business alongside "international private investors".
Massimiliano Pogliani, chief executive of Vertu, has also stepped down after three years. He said it was "an appropriate time to pass on the baton of leadership to a new team".
Vertu and EQT did not disclose the terms of the deal.
EQT bought Vertu from Nokia for more than 200 million euros ($220.25 million) in 2012 when the Finnish group was struggling to revive its once dominant smartphone business. Nokia, which founded the company in 1998 as an attempt to create a niche in luxury handsets, retains a small stake in the company.