Euroset intends to stop managing the mono-brand Vertu mobile phone boutiques, Vedomosti refers to Euroset President Alexander Malis and the newspaper’s own sources as saying.

It has been reported that the decision was caused by the fact that the luxury phones market is stagnating at the moment, as the well-to-do customers opt for the more functional smartphones.

Euroset opened its first mono-brand Vertu boutique in 2004 and currently runs three shops. Seven more boutiques are managed by Vertu’s exclusive German distributor Wital. The latter introduced four boutiques in Russia over the last eighteen months alone.

Euroset used to be the only Vertu seller in Russia for a while, with phones available only from the mono-brand boutiques. At the same time, Wital, Vertu’s authorized distributor for Russia and the CIS, was in charge of marketing, logistics, and sales, the newspaper says.