Sir Richard Branson is the flamboyant entrepreneur and founder of Virgin Group, a multinational 澳洲幸运5官方开奖结果体彩网:conglomerate from which he derives his vast fortune. As of October 2024, the 74-year-old's 澳洲幸运5官方开奖结果体彩网:net worth stood at an estimated $2.7 billion, according to Forbes.

Branson established Virgin Group in 1970 as a mail-order business before turning it into Virgin Records. Since then, it expanded to over 40 companies employing over 60,000 people in 35 countries. These companies include (or have included) airlines, wireless communications, radio stations, hotels, health clubs, financial services, Heaven (a nightclub), renewable technologies, a Formula One team, and even a space tourism company.

Here is a brief look at how the fun🅷-loving Branson grew his Virgin꧑ mega-brand.

The 1960s

Richard Branson started his entrepreneurial career at age 16 with a magazine, called Student, which interviewed celebrities. The magazine's first issue sold almost $8,000 worth of advertising. He dropped out of school to promote his magazine.

In 1969, he started a mail-order record business that used the magazine office as an operating base. Branson called the new business Virgin.

The 1970s

In 1970, Branson launched Virgin Mail Order Records. After a rocky start, he owned 14 record stores by 1972. He used the profits from his record store chain to found the music label Virgin Records in 1972. He earned his first million dollars in 1973 when Virgin recording artist Mike Oldfield sold over five million copies of his record, "Tubular Bells."

Part of Branson's early success at Virgin Records came as a result of his willingness to sign the Sex Pistols and other controversial artists. Other popular Virgin acts included The Rolling Stones and Ozzy Osbourne. By the end of the decade, Virgin Music became one of the top six record companies in the world, with branches in Germany, France, and Japan.

In 1979, Branson purchased Necker Island in the British Virgin Islands for $180,000. Necker Island was the origin of the Virgin Limited Edition luxury property portfolio.

The 1980s

Virgin Books and Virgin Video were founded in 1981. Within two years, Branson's business empire included more than 50 different companies with combined sales of more than $17 million.

In 1984, Branson paired with lawyer Randolph Fields to start one of his most famous companies yet, 澳洲幸运5官方开奖结果体彩网:Virgin Atlantic. The airline gained a reputat🅺ion for its fine customer service and innovative in-f♋light comforts, such as free ice cream, seat-back video screens, and in-flight massages.

The 1990s

In 1992, Branson reluctantly sold Virgin Records for $1 billion to keep Virgin Atlantic afloat. These were tumultuous years for Virgin Atlantic. Terrorist attacks kept people from flying, and larger rival British Airways engaged in what Branson called "a hostile campaign designed to cause permanent damage to Virgin."

Branson successfully sued British Airways for libel, with a judge ruling in 1993 that British Airways pay Branson and Virgin $945,000 in damages—plus legal fees estimated at around $3 million—and deliver an apology. In 1996, he launched Virgin Trains.

The 2000s

In 2001, Virgin Group launched Virgin Mobile as a joint venture with Sprint Nextel. In 2020, Sprint shut down Virgin Mobile and transferred users to Boost Mobile.

In September 2004, Branson turned his eyes to the sky again and joined forces with Burt Rutan, an American aeronautical engineer, to launch Virgin Galactic. The company would offer licensed spacecraft that could take tourists to space. Branson had a vision of providing cheap space tourism. Note that the price of a reservation on Virgin Galactic is $450,000.

An unfortunate series of events, including a crash in 2014, rerouted the date of the first commercial space flights. But there were some successes, too, including:

• The first successful, fully-crewed spaceflight in 2021.
• The opening of ticket sales to the public in February 2022.
• The launch of the company's first spaceflight with tourists in August 2023.
• The completion of the Galactic 06 mission (the company's 11th spaceflight) in January 2024.

At one point, Branson owned three space-focused companies: Virgin Galactic, Virgin Orbit for cargo, and VOX Space for government missions. VOX Space was a subsidiary of Virgin Orbit. Virgin Orbit and all its subsidiaries halted operations and laid off all of its staff in 2023.

Branson launched social activist projects that included Virgin Unite to combat HIV and AIDS, and the Branson Center of Entrepreneurship to teach entrepreneurial skills in developing countries.

The Bottom Line

Branson attributes his success to luck, speed, and hard work. His books and biographies cite his daredevil ideas, originality, willingness to buck norms, and his persistence. He never allowed inexperience to discourage him from being a 🐠dynamic and daring entrepreneur; he named his company Virgin because he and his employees were all new to the business.

His extraordinary service to his employees and clients rated him as the United Kingdom's celebrity dream boss in an opinion poll by Cancer Research U.K. in 2009. His philanthropy earned him accolades as the most admired business owner over the past five decades in The Sunday Times in 2014.