Nothing spins off its budget brand CMF

Nothing, the consumer electronics company founded by Carl Pei, has announced plans to spin off its sub-brand CMF into a standalone subsidiary based in India. CMF focuses on producing more affordable smartphones, earbuds, and wearables. The move is part of Nothing's strategy to build CMF into "India's first truly global consumer tech brand." The company is partnering with local manufacturer Optiemus in a joint venture and plans to invest over $100 million and create at least 1,800 jobs in the next three years. This announcement comes as CMF is preparing to launch its first pair of over-ear headphones on September 29th. Like other CMF products, the headphones are expected to be budget-friendly, with the company's top smartphone, the Phone 2 Pro, priced at $279 in the US beta release, and its watches and earbuds all below $100. The spin-off of CMF is made possible by Nothing's recent $200 million funding round, which valued the company at $1.3 billion.