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Essay on The VIRGIN Group: Global Strategies and Challenges
The Virgin Group is the group of companies by means of the Virgin brand of British celebrity business tycoon Sir Richard Branson. The hub business areas are travel, entertainment and lifestyle, although many others have been entered into. Even though Sir Richard Branson retains complete ownership and control of the Virgin Brand, the commercial set up of companies using it is varied and complex. (Rochfort, Scott (2005) The group is every now and then perceived as a conglomerate, but this is not in fact the case. Each of the companies operating under the Virgin brand are separate entities, with some being wholly owned by Sir Richard, while he holds minority or majority stakes in others. Occasionally, he simply licenses the brand to a company that has purchased a division from him, such as Virgin Radio (now part of Scottish Media Group) and Virgin Music (now part of EMI). With a few exceptions, all of the companies began as completely owned Virgin subsidiaries. To understand the Virgin structure, it is best to think of Sir Richard as a venture capitalist who unites all of his differing ventures under a single brand name.
Virgin Group is the commercial sunshade for a great network of more than 200 different companies, offering a sometimes confusing variety of services ranging from air travel to nuptial wear. Figurehead Sir Richard Branson is without question the UK's best-known business figure. Yet he has built his empire on a series of extremely risky gambles, which few would be wise to emulate. In June 2001, the group announced its first direct assault on the US market, via a projected $1bn mobile phone joint venture with Sprint. To fund it, Branson mortgaged his remaining stake in his flagship business Virgin Atlantic, questionably the only company in the portfolio which has constantly made profit. Later he raised the stakes even further with plans for a US-based low-cost airline....
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