Virgin to set sail with new cruise venture
Not content with trains, planes and space travel, Richard Branson’s Virgin Group is looking to make waves in the cruise industry.
A Sky News report said Virgin has instructed US advisory firm Allen & Co to manage its possible entry into the highly competitive cruise market.
Still at an early stage, Virgin management has held discussions with financial institutions about raising up to $1 billion to fund the acquisition of new ships, and it may also sell equity in Virgin Cruises to outside investors, according to the report.
Virgin Cruises would likely be based in Miami, to best serve the world’s largest cruise market, with a projected launch in 2019.
The global cruise industry is dominated by three main players – Carnival, Royal Caribbean and Norwegian, which combined have around 80% share of the market.
The industry generates revenues of around $37 billion annually.
The move comes as Virgin prepares to open its first branded hotel in Chicago later this year, with plans for a second property in New York by 2016.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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