Honour has a new owner. According to Reuters, Honour has been sold for 15 billion dollars to a Chinese consortium. Rumours Huawei was trying to sell Honour had been going on for some time.
Reuters reports that the sale of Honour may be announced on Sunday, November 15. A consortium consisting of Digital China and the government of Shenzhen; a city where many Chinese tech companies are located. Their intention is to make Honour public within 3 years.
Huawei has been feeling the effects of the American boycot for quite some time now and so it becomes more and more difficult to buy parts such as computer chips. Sub brand Honour also suffered from this. A possible solution was to make Honour independent, to sell parts of it or to sell it entirety. Huawei opted for the latter. It is said the consortium paid 15.2 billion dollars for Honour. Not only does it take over the brand name, but also the R&D department and about 7000 of work force.
The brand Honour
Honour is a budget brand aimed at young people and is mainly sold online. In addition to smartphones, Honour also makes laptops and wearables such as smart watches. The biggest competitors of Honour are companies like Xiaomi and Vivo. It is estimated that of every 4 phones that Huawei sells, 1 is from Honour. Last quarter that would amount to 13.4 million phones sold. This makes Honour the seventh largest phone manufacturer in the world.