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Virgin wants to expand in Asia, Branson says |
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News |
May 21, 2000
SINGAPORE, MAY 20 (AP) - British billionaire Richard Branson plans to expand his Virgin Group empire in Asia, the flamboyant tycoon said in an interview published Saturday.
"Virgin is going to become a global brand," Singapore's Business Times newspaper quoted Branson, Virgin's founder and chairman, as saying. "We're coming whether people like it or not, so you might as well share in our success."
Virgin's presence in Asia will likely include the company's airline, soft drinks, retail stores, movie theaters and health clubs, the newspaper said.
Branson was in Singapore for the announcement Friday of a dlrs 1billion 50-50 joint venture with Singapore Telecommunications to provide mobile phone services in Asia.
The new venture is expected to launch its services in the first quarter of 2001 in Singapore, Hong Kong and South Korea.
The mobile phone services will probably be offered later in China, the Philippines and Taiwan, SingTel spokesman Lim Seng Jin old The Associated Press.
Virgin also reportedly plans to introduce its Megastore retail chain, which sells music, videos and electronic items, to Singapore, Kuala Lumpur, Bangkok, Hong Kong, Seoul and Shanghai, Business Times said.
The newspaper quoted London-based Branson as saying that those deals would be announced toward the end of the year.
"Our plan is that all regional centers will have Virgin Megastores by the end of 2002."
Virgin already has a strong presence in Tokyo. Virgin is also reportedly in talks to bring its soft drink arm, Virgin Cola, to Asian markets such as Singapore, Hong Kong and China.
The company may start airline flight services to Singapore soon, the Business Times said.
Singapore Airlines, the country's flag-carrier, earlier this year finalized a dlrs 960 million deal to buy a 49 percent stake in Branson's airline company, Virgin Atlantic.
Branson is perhaps best known for the airline and its heated competition with rival British Airways.
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