Virgin Voyages, a prominent player in the cruise industry, has successfully secured a whopping $550 million in capital funding. This strategic move is set to propel the company's ambitious growth trajectory.
Which companies took part in Virgin Voyages' new funding round
The funding round witnessed significant participation from the Private Equity Group of Ares Management, a renowned global alternative investment manager. Notably, existing investors such as Virgin Group and Bain Capital also contributed, reinforcing their confidence in the brand.
This influx of capital is not just a testament to Virgin Voyages' potential but also a means to fortify its financial standing. The funds will be instrumental in bolstering the brand's rapid foray into international markets, a move that promises to redefine global cruising experiences.
Who will replace Tom McAlpin - founding CEO of Virgin Voyages
In a significant leadership transition, the company's founding CEO, Tom McAlpin, will be donning the hat of the chairman of the board of directors. Nirmal Saverimuttu, previously the president and chief experience officer, will step into the role of CEO.
McAlpin expressed immense pride in the brand's achievements and voiced his confidence in Saverimuttu's capabilities to elevate the brand to unprecedented heights.
What prospects open up for Virgin Voyages after a new round of investment
Since its official launch Virgin Voyages has made waves in the cruise industry. With three ships operating in diverse locations like the Caribbean, the Mediterranean, and soon in Australia and New Zealand, the brand has established a significant presence.
The new funding will further enable the company to introduce novel itineraries, spanning 19 new ports and 27 unique routes through April 2025. These include exciting destinations like Morocco, Amsterdam, Bordeaux, and Australia, among others.
One of the brand's flagship ships, the Resilient Lady, is set to embark on three distinct itineraries from Athens between May and July 2024. These include visits to iconic destinations like Santorini, Mykonos, Croatia's Dalmatian Coast, Kotor, and Corfu.
The ship will also undertake a 44-night repositioning journey from Athens to Australia in October 2024, stopping at global hotspots like Dubai, Mumbai, Singapore, and Bali.
Problems faced by Virgin Voyages
However, the journey hasn't been without challenges. Virgin Voyages has encountered unforeseen hurdles, including construction delays and supply chain issues, impacting the launch of its new ship, Brilliant Lady.
The company remains committed to delivering the exceptional standards its guests anticipate and is actively evaluating potential launch dates.
What will guests whose reservations have been canceled receive?
In a gesture of goodwill, guests affected by the postponed launch will receive enticing offers, exclusive rebooking perks, and onboard credits once a new date is finalized.
Virgin Voyages is providing those affected by the updated travel routes with safeguarded pricing and promotional choices for rebooking. These individuals will also be eligible for an onboard credit ranging from $300 to $600 or can opt for a complete refund.
Additionally, the company has introduced a special offer: a 30% discount on their 2024 Mediterranean trips. Those who secure their bookings by September 28 can also enjoy up to a $600 bar credit. Moreover, specific Caribbean cruises and repositioning journeys have been marked down by $500.
The company remains optimistic, with attractive offers on the horizon, including discounts on 2024 Mediterranean voyages and select Caribbean sailings.
In conclusion, Virgin Voyages' recent announcements underscore its commitment to revolutionizing the cruise industry. With substantial funding, new leadership, and exciting itineraries, the brand is poised for a promising future.
Starting September 11, 2023, the new itineraries will be available to view and book by here.
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