-
AirAsia Group Bhd changed its name to Capital A to show it’s more than a budget airline
-
The airline business will retain the AirAsia brand
-
Capital A Chief Executive Officer Anthony Francis “Tony” Fernandes said he expects non-airline businesses to contribute half of group revenue by 2026
Malaysia’s AirAsia Group Bhd has changed its name to Capital A to reflect its new core business strategy beyond the core budget airline, the group announced on Jan 28.
AirAsia Group Bhd is the parent company of Philippines AirAsia, Inc.
The new corporate identity “better reflects the Group’s core businesses today and its future undertakings, in tandem with our rapid transformation from an airline into a one-stop digital travel and lifestyle services group,” said Capital A Chief Executive Officer Anthony Francis “Tony” Fernandes.
The airline business will keep the AirAsia brand, which is well known in Asia, he said. But the group will focus more on expanding other businesses including logistics, aircraft engineering, venture capital, education and mobile applications for payments, travel and lifestyle.
Fernandes said the COVID-19 pandemic allowed the group to fast track plans to grow beyond the airline business to become a “one-stop digital travel and lifestyle services group”.
He said, “Over the past two years we have spent the downturn in flying building a solid foundation for a viable and successful future, which is not solely reliant on airfares alone.”
Digital and non-airline businesses are expected to contribute half of group revenue in five years, he added.
“We are now delivering more products and services under one umbrella than any other brand in Asean and with access to over 700 million people in the region, I foresee incredible growth opportunities for our brand across many different industries in all of our core markets,” Fernandes said.
