Word: easyjet
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Dates: during 2000-2009
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...TIME: Were B.A. and the other full-service airlines caught flat-footed by discounters like Ryanair and EasyJet? Eddington: Yes. We should have been much quicker to learn from the things they did well. Are they lucky that they don't fly in the North Atlantic? Yes, they are. Many charter operators who are close to the no-frills model and fly to the U.S. have had a tough time...
...major airlines were in big trouble anyway," says Toby Nicol, a spokesman for cut-rate easyJet. "Now they're trying to wiggle out of playing by the rules." A competitor would say that, of course, but he has a point. Before Sept. 11, debt-burdened Swissair, which owned 49.5% of Sabena, was already suffering from a costly expansion strategy that had contributed to $1.7 billion in losses last year. Even far healthier BA had airline analysts worried before the attacks. It had embarked on a risky course to shift its business toward high-end flyers, cutting capacity while spending money...
...threat to the majors from the discounters has become very real. Carriers like Ryanair, easyJet, Buzz and Go, which concentrate on short-haul routes, have been almost impervious to the downturn in transatlantic travel. They're thriving. Ryanair, which earlier this month became Europe's most valuable airline with a market capitalization of $5 billion, announced a 39% rise in profits for the six months ending Sept. 30. EasyJet posted an annual profit of $58 million...
...skies. Belgium's Sabena declared bankruptcy earlier this month, the day after B.A. announced that its pretax profits for the third quarter had plunged from $290 million to $7.3 million and that it was expecting a significant loss for the year. But not all European carriers are struggling. Ryanair, easyJet, Buzz and Go--inspired by U.S. discounting pioneer Southwest Air--concentrate on short-haul routes, and have been almost impervious to the downturn in transatlantic traffic. Sure, there are fewer American tourists booking weekend excursions from London to Dublin, but business traffic and leisure travelers taking advantage of sale fares...
...brand that is expandable to any number of consumer businesses. Populism is good for business, though a little odd for the billionaire son of a Greek Cypriot shipping magnate who spends his weekends in Monaco. Stelios started in his dad's business of oil tankers but became famous with easyJet, a no-frills airline modeled on U.S. carrier Southwest Airlines. EasyJet now flies to 18 cities in Europe; its planes are more than 80% full, compared with the European average load...