EasyJet PLC, which was founded in March 1995, is an airline based in the United Kingdom. Today, the airline is responsible for flights in more than 30 countries across the world. This is possible due to their affliate airlines such as the EasyJet Switzerland, EasyJet Europe and EasyJet UK. This company is listed as one of the constituents on the FTSE 100 index, and is also on the list of companies on the London Stock Exchange. In 2014 alone, the airline carried more than 65 million passengers.
EasyJet PLC has a staff number of almost 15,000 which are scattered all across Europe, but primarily in the United Kingdom.
The company was founded by Stelios Haji-Ioannou, who is still the largest shareholder in the company with a stake of 34.62%. The chairperson is John Barton, and the current CEO of the company is Johan Lundgren.
EasyJet is no doubt a big name in the airlines industry; in 2019 alone, the company raked in a total of £6,385 million in revenue, which was a major improvement from 2018. This company operates with an income of £466 million, while its current net income sits at £349 million. The company is a subsidiary of the larger group, EasyGroup. EasyGroup is a conglomerate of other companies which solve different problems.
History Of Easyjet
EasyJet began when influential Greek-Cypriot, Stelios Haji-Ioannou decided to dabble into the business of airlines. Stories circulated that he was approached by Virgin Atlantic, and was asked to become a major investor in the Greek franchise of the company. This opened the eyes of the businessman to the gold mine that the airline industry was. This caused him to start thinking seriously about starting his own airline. Before this time, he had been given a loan of $7.7 million (£5 million) from his father.
Immediately, he began studying the market, taking notes of business models, making a distinction between the ones that worked and the ones that failed woefully. His attention caught the Southwest Airlines, an American airline which had revolutionized price elasticity, and created a strong competition in the airlines industry. This subject of price elasticity would soon become a guiding principle of the EasyJet company.
In 1995, the company was eventually founded by Stelios, and it became the first company in the other companies that would come to be under EasyGroup. When it first started, it began by employing 70 people, and it was based at London Luton Airport, which was known to be used by charter flights. As a form of support to a new company in the large world of airlines, Luton Airport gave the company a 15,000 square feet building. This became the headquarters of EasyJet, and it was named EasyLand.
These humble beginnings were marked by a minimalist style, of which a paperless office was the most popular.
When it came to operations, the company began by using “a pair of wet leased Boeing 737-200 aircraft.” These aircrafts were made for 148 passengers each, and were used to fly two routes, Luton (where it was located) to Edinburgh and Glasgow. One of the airline’s strongest feature was offering a low price when compared to other existing airlines. This caused the company to record at least 40,000 passengers in its first year of operation.
The next year, April 1996, the company got its own aircraft, and this marked its first outing as an international airline, offering flights to Amsterdam. This caused a direct competition with major airlines such as the British Airways and the KLM, which is based in The Netherlands. British Airways promptly ignored this competition, but the Dutch airlines was not going to give in without a fight. This prompted the company to engage in a pricing strategy which was so drastic that the European Union had to jump in to investigate. The investigation was to determine if the pricing strategy of KLM violated the rules of competition practices.
Till October 1997, the aircrafts owned by EasyJet were managed by GB Airways, and then Monarch Airlines, and subsequently Air Foyle. This was because EasyJet had not been offered a certificate an an Air Operator.
Today, the airline has bought shares from several rival airlines, including Bland Group, Go Fly and so on.
In March, 2020, due to the COVID-19 pandemic, the company decided to suspend all of its flights, including its entire fleet. But before this, the company had done a huge service to mankind by offering 650 rescue flights. This helped at least 45,000 people go back home. In the next month, the company was able to secure a loan of £600 million without environmental conditions from the government of the United Kingdom.
The company has plans to resume flights in July, even though it will be just 50% of their routes.
Unfortunately, in May 2020, the company suffered a huge cyber-attack, and the details and personal information of 9 million customers were revealed.
Today, EasyJet operates in 156 airports across 33 countries and through 979 routes. It is one of the biggest low-cost airline in the whole of Europe, through its cost advantage and pricing strategy which helps deliver low transport fares to customers across the world. The company also prides itself on its customer service. The business model being used by EasyJet is targeted at satisfying stakeholders, customers and driving growth in the airlines industry. In 2016, the company was awarded the Best Airline for Business Travel in the EMEA Region by the Italian Mission Award Event. In 2017, it was awarded the Best Short Haul Airline by the Buying Business Travel Awards. Also in 2018, the company was given the award for Best Low Cost Airline by the Business Traveller Awards.
Also, EasyJet operates a modern version of the Airbus fleet, which belongs to the A320 family of aircraft. There are also plans to improve its cabins to 186-passenger seats, and the A320neo aircraft. All of these are geared at making customers travel safely and in comfort.
EasyJet is built on the framework of safety, according to their official website. They believe in cutting off inconsequential things that don’t matter, and in the collective power of togetherness.