United Kingdom
United States
Asia Pacific
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.
Related News Stories:
TravelMole Editorial Team
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.
Bubba O’Keefe on Clarksdale’s Vibrant Music Scene
Commemorating Elvis and Embracing Tupelo’s Culture with Jennie Bradford Curlee
Craig Ray and the Expansion of the Blues Trail
Presenting Mississippi’s Cultural Trails with Katie Coats
Robert Terrell: A Journey Through BB King’s Influence
Rochelle Hicks: Celebrating Mississippi’s Musical Legacy
Exploring Jacksonville with Katie Mitura: The Flip Side of Florida
Tricia Handley-Hughes of Inteletravel announces the location for the TravelQuest 2025 conference
Insights from James Ferrara on Inteletravel’s Growth and Future
Tricia Handley-Hughes on Inteletravel’s Growth and Challenges
Tony from Gatto’s Pizza on Columbus’s Unique Pizza Trail
Sophia Hyder Hock on Global Social Inclusion in Tourism
Dozens fall ill in P&O Cruises ship outbreak
Woman dies after getting ‘entangled’ in baggage carousel
Turkish Airlines flight in emergency landing after pilot dies
Boy falls to death on cruise ship
Protestors now targeting Amsterdam cruise calls