![Will Richard Branson ever be Richard Branson again? Will Richard Branson ever be Richard Branson again?](https://morningtopnews.com/wp-content/uploads/2020/08/200806154135-richard-branson-1011-file-restricted-super-tease-768x432.jpg)
[ad_1]
But these days, Branson’s business empire is facing what could be its biggest challenge yet.
“It’s obviously a very bold move, but you have to respect the skin in the game Branson is putting in, by being the first person to do it,” Ark Invest analyst Sam Korus said.
Travel business woes
Virgin Group comprises more than 35 companies and employs more than 60,000 people worldwide.
Virgin’s other travel companies are in a similarly tricky spot.
Virgin Group has released health and safety information — including cleaning procedures and social distancing guidelines — for its cruise, airline, gym and hotel businesses.
The future of Virgin
Virgin Galactic isn’t expected to be heavily affected by the pandemic, because the extremely wealthy customers it seeks are less likely to be hurt by the economic crisis, said Ark Invest’s Korus.
“Space is a super exciting area right now, a lot of things that people thought were impossible are being proven possible,” Korus said. “Obviously there is still a huge amount of risk involved, but if [Branson’s] flight is successful in the first quarter of next year, this concept of space tourism is unlocked and de-risked.”
He said the success of Virgin Galactic while other travel-related businesses struggle could represent a kind of “changing of the guard” in the way people think about the future of travel.
“Innovation takes hold in tumultuous times,” Korus said. “No one wants to invest in new technology when everything is going well… but as soon as there is that crisis, it provides that catalyst to invest in new technologies.”
[ad_2]
Source link