and chairman of easyJet — glanced at his $500m con- tract with million passengers, ten European destinations airlines, with 30 per cent served just by two and 64 Fixed assets (net) up to 45 new Boeing 737-800 aircraft worth $2 bn
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and chairman of easyJet — glanced at his $500m con- tract with million passengers, ten European destinations airlines, with 30 per cent served just by two and 64 Fixed assets (net) up to 45 new Boeing 737-800 aircraft worth $2 bn
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European Management JournalVol. 17, No. 1, pp. 20±38, 1999 Ó1999 Elsevier Science Ltd. All rights reserved
Pergamon
Printed in Great Britain
0263-2373/99 $19.0010.00PII: S0263-2373(98)00059-0
Case Study
easyJet's $500 MillionGamble DON SULL,London Business School, andCommentators, Constantinos Markides,Walter Kuemmerle, Luis Cabral.
This Case Study details the rapid growth of easyJet which started operations in November 1995 from London's Luton airport. In two years, it was widely regarded as the model low-cost European airline and a strong competitor to ¯ag carriers. The com- pany has clearly identi®able operational and mar- keting characteristics, e.g. one type of aircraft, point-to-point short-haul travel, no in-¯ight meals, rapid turnaround time, very high aircraft utiliz- ation, direct sales, cost-conscious customer seg- ments and extensive sub-contracting. easyJet's managers identi®ed three of its nearest low-cost competitors and the strategy of each of these airlines is detailed in the Case Study. But easyJet also experienced direct retaliation from large ¯ag car- riers like KLM and British Air- ways (Go). These challenges faced easyJet's owner,Stelios
European Management JournalVol 17 No 1 February 199920Haji-ioannou, as he signed a $500m contract with
Boeing in July 1997 to purchase 12 brand new 737s. The Case is followed by critical analysis from three Commentators in the ®eld.ã1999 Elsevier ScienceLtd. All rights reserved
It was July 1997, and Stelios Haji-ioannou Ð owner and chairman of easyJet Ð glanced at his $500m con- tract with Boeing to purchase 12 brand new 737s. As he signed the contract, Stelios steadied his shaking hand. The words of Richard Branson, chairman of Virgin Atlantic airline, ¯ashed through his mind: `the safest way to become a millionaire is to start as a billionaire and invest in the airline industry.'With the Boeing contract, signed before easyJet
reached its second anniversary, Stelios (as he was called by everyone) committed to triple the size of easyJet's fully-owned ¯eet from six to 18 airplanes inEASYJET'S $500 MILLION GAMBLE
the span of two years. When easyJet was launched with a party in London's Planet Hollywood two years earlier, no one had predicted the company's rapid growth. In its second year of existence, easyJet was widely regarded as the model low-cost Euro- pean airline and had helped shake-up the once cozyEuropean airline industry. With more than two
million passengers, ten European destinations served, and sales of more than £60m in 1997 Stelios had ample room for celebration. And yet several challenges loomed.Turbulence in the Airline Industry
Historically, the European airline industry had been heavily regulated by individual countries to protect their own national carriers, called ¯ag-carriers. These¯ag-carriers, many of which were State-owned,
dominated domestic travel in their national markets. Despite signi®cant government subsidies, most ¯ag- carriers accumulated losses due to high-cost struc- Table 1 Financial Performance of Major European Flag-carriersSales (million$) 1996 1995 1994 1993 1992
British Airways $14,043 $13,036 $12,057 $10,589 $9350Lufthansa 12,551 11,817 11,321 10,670 10,435
Air France 7656 7132 11,059 9170 n/a
KLM 5024 4625 4456 4205 3988
SAS 4667 4688 4464 4105 3181
Alitalia 4373 4325 4051 3425 3149
Swissair 3497 3333 3327 3534 3604
Iberia 3081 2907 2801 2720 2733
Pre-tax pro®t/(loss) (million$)
British Airways $1075 $983 $549 $506 $311
Lufthansa 377 416 220 (5) (171)
Air France 6 (142) (749) (1131) n/a
KLM 56 328 273 48 (282)
SAS 226 333 151 90 110
Alitalia (165) (190) (93) (175) (25)
Swissair 1 3 2 5 14
Iberia 116 41 (242) (363) (252)
Pro®t margin (%)
British Airways 7.7 7.5 4.6 4.8 3.3
Lufthansa 3.0 3.5 1.9 0.0 (1.6)
Air France 0.1 (2.0) (6.8) (12.3) n/a
KLM 1.1 7.1 6.1 1.1 (7.1)
SAS 4.9 7.1 3.4 2.2 3.5
Alitalia (3.8) (4.4) (2.3) (5.1) (0.8)
Swissair 0.0 0.1 0.1 0.1 0.4
Iberia 3.8 1.4 (8.6) (13.3) (9.2)
British Airways, KLM and Air France close the ®nancial year in March, so their calendar year ®gures are those of the following