A British entrepreneur, best known for his Virgin brand, a banner that encompasses a variety of businesses. Branson's worth is estimated at over £4.2 billion (equivalent to US$7.8 billion) according to The Sunday Times Rich List 2008.On 12 October 2006; Branson stated that he plans to invest $3 billion of Virgin's profits over 10 years to fight global warming.
Life and career
Branson was educated at Scaitcliffe School (now Bishopsgate School) until the age of 13. He then attended Stowe School until he was 15. Branson has dyslexia, resulting in poor academic performance as a student. He was the captain of football and cricket teams, and by the age of 15 he had started two ventures that eventually failed: one growing Christmas trees and other raising budgerigars.
At 16, Branson quit school and moved to London, where he began his first successful business, Student magazine. When he was 17, he opened his first charity, the "Student Valley Centre". Branson started his first record business after he travelled across the English Channel and purchased crates of "cut-out" records from a record discounter. He sold the records out of the boot of his car to retail outlets in London.
He continued selling cut-outs through a record mail order business in 1970. Trading under the name "Virgin" he sold records for considerably less than the so-called "High Street" outlets, especially the chain W. H. Smith. The name 'Virgin' was a selling point because records were sold in a new condition (unlike in other shops where records were being handled when listened to in record booths). At the time many products were sold under restrictive marketing agreements which limited discounting, despite efforts in the 1950s and 1960s to limit so-called resale price maintenance. In effect Branson began the series of changes that led to large-scale discounting of recorded music.
Branson eventually started a record shop in Oxford Street in London and, shortly after, launched the record label Virgin Records with Nik Powell. Branson had earned enough money from his record store to buy a country estate, in which he installed a recording studio.
He leased out studio time to fledgling artists, including multi-instrumentalist Mike Oldfield.
In 1971 Branson was arrested and charged for selling records in Virgin stores that had been declared as export stock. He settled out-of-court with UK Customs and Excise with an agreement to repay the unpaid tax and fines. Branson's mother Joyce re-mortgaged the family home to help pay the settlement.
Records' first release was Mike Oldfield's Tubular Bells, which was a best-seller and British LP chart topper. The album was released by Virgin after no other company dared to release the unconventional record. The company signed controversial bands such as the Sex Pistols, which other companies were reluctant to sign.
It also won praise for exposing the public to obscure avant-garde music such as the krautrock bands Faust and Can. Virgin Records also introduced Culture Club to the music world. In the early 1980s, Virgin purchased the gay nightclub Heaven.
To keep his airline company afloat, Branson sold the Virgin label to EMI in 1992, a more conservative company which previously had rescinded a contract with the Sex Pistols. Branson is
Said to have wept when the sale was completed since the record business had been the genesis of the Virgin Empire. He later formed V2 Records to re-enter the music business.
Life and career
Branson was educated at Scaitcliffe School (now Bishopsgate School) until the age of 13. He then attended Stowe School until he was 15. Branson has dyslexia, resulting in poor academic performance as a student. He was the captain of football and cricket teams, and by the age of 15 he had started two ventures that eventually failed: one growing Christmas trees and other raising budgerigars.
At 16, Branson quit school and moved to London, where he began his first successful business, Student magazine. When he was 17, he opened his first charity, the "Student Valley Centre". Branson started his first record business after he travelled across the English Channel and purchased crates of "cut-out" records from a record discounter. He sold the records out of the boot of his car to retail outlets in London.
He continued selling cut-outs through a record mail order business in 1970. Trading under the name "Virgin" he sold records for considerably less than the so-called "High Street" outlets, especially the chain W. H. Smith. The name 'Virgin' was a selling point because records were sold in a new condition (unlike in other shops where records were being handled when listened to in record booths). At the time many products were sold under restrictive marketing agreements which limited discounting, despite efforts in the 1950s and 1960s to limit so-called resale price maintenance. In effect Branson began the series of changes that led to large-scale discounting of recorded music.
Branson eventually started a record shop in Oxford Street in London and, shortly after, launched the record label Virgin Records with Nik Powell. Branson had earned enough money from his record store to buy a country estate, in which he installed a recording studio.
He leased out studio time to fledgling artists, including multi-instrumentalist Mike Oldfield.
In 1971 Branson was arrested and charged for selling records in Virgin stores that had been declared as export stock. He settled out-of-court with UK Customs and Excise with an agreement to repay the unpaid tax and fines. Branson's mother Joyce re-mortgaged the family home to help pay the settlement.
Records' first release was Mike Oldfield's Tubular Bells, which was a best-seller and British LP chart topper. The album was released by Virgin after no other company dared to release the unconventional record. The company signed controversial bands such as the Sex Pistols, which other companies were reluctant to sign.
It also won praise for exposing the public to obscure avant-garde music such as the krautrock bands Faust and Can. Virgin Records also introduced Culture Club to the music world. In the early 1980s, Virgin purchased the gay nightclub Heaven.
To keep his airline company afloat, Branson sold the Virgin label to EMI in 1992, a more conservative company which previously had rescinded a contract with the Sex Pistols. Branson is
Said to have wept when the sale was completed since the record business had been the genesis of the Virgin Empire. He later formed V2 Records to re-enter the music business.