netjets

NetJets Acquires Marquis Jet

Filed under: Wings

There's a little consolidation happening in the private jet business. Berkshire Hathaway's NetJets announced an agreement to purchase Marquis Jet, a top seller of private jet cards for an undisclosed amount. Per the terms of the deal, Marquis Jet became a wholly-owned subsidiary of NetJets. Marquis sells cards that offer 25 hours of flight time on NetJets aircraft. The newly branded Marquis Jet Card by NetJets will continue to be a part of a full set of private jet services offered by NetJets which previously only sold increments as small as 50 hours. In a statement NetJets Chairman and Chief Executive Officer David Sokol said that by bringing NetJets and Marquis Jet together "we combine the unquestioned industry leaders in safety and Owner service and, simultaneously, we create the finest sales and marketing organization in private aviation."

The decision is part of the NetJets 10-year business plan, which also includes the consolidation of U.S.-based business functions and an order to purchase up to 125 new aircraft. The company is also planning major expansion into China. Last year NetJets laid off pilots but it is bouncing back. BusinessWeek mentioned that in August that NetJets had a $114.5 million pretax profit in this year's second quarter.

The Columbus Dispatch also reports that NetJets promoted Jordan Hansell to president. He was previously NetJets' chief legal counsel. David Sokol, who was tapped by Warren Buffett to run NetJets last year, will keep the title of CEO. Hansell will be supported by Adam Johnson and Bill Noe, two veteran NetJets employees, who have been named co-presidents of NetJets North America.

Tags: Marquis Jet, marquis jet card, netjets

Must-Have Accessory: Modo for Jennifer Creel Classic Sunglasses

by Carrie Coolidge (RSS feed) —

Filed under: Apparel

It may not come as too much of a surprise that Jennifer Creel can now add "sunglasses designer" to her long resume and list of talents. After all, sunglasses are a staple for her everyday wardrobe.

"People always knew me for wearing sunglasses," recalls the actress and model, who has appeared on a variety of television shows, including "The Bold and the Beautiful", Plum TV and Ovation TV. "Sunglasses have always been a passion of mine. They stage your mood for the day and complete an outfit."

The idea of designing her own line came after a friend who was familiar with Creel's love of the must-have accessory item, made the suggestion.

In the fall of 2008, Creel got in touch with Alessandro Lanaro, the chief executive of Modo Eyewear, a boutique designer eye wear company that owns such sunglass lines as Derek Lam, 3.1 Phillip Lim, Jason Wu and 7 for All Mankind, in addition to its Modo eyewear collection. A partnership was soon formed in which Creel would design an environmentally conscious eyewear collection.

Gallery: Modo Eyewear by Jennifer Creel

Creel, who has a background in design (she spent a decade at Polo Ralph Lauren where she was a designer in the women's active wear division), has created eight styles for Modo. "I come up with the concepts and ideas about what women and men are looking for," says Creel. "I don't design for one particular person."

Her well-designed collection includes navigator styles, retro shapes, and a color palette with unique shades and hues of green, bark, purple, blue, red, and orange, in addition to classic options like tortoise and black. The sunglasses are hand crafted in Japan and made of all natural materials, including bamboo and leather. "There is so much workmanship involved with the creation of every piece," says Creel.

Tags: Bergdorf Goodman, BergdorfGoodman, derek lam, DerekLam, eyewear, jennifer creel, JenniferCreel, modo, modo eyewear, ModoEyewear, NetJets, phillip lim, PhillipLim, ralph lauren, RalphLauren, sunglasses, trees for the future, TreesForTheFuture

Continue reading “Must-Have Accessory: Modo for Jennifer Creel Classic Sunglasses”

Art Basel Is Fun Again

by Tom Johansmeyer (RSS feed) —

Filed under: Events, Art

Art Basel was fun again this year. After a recession-stained climate last year led to toned down partying, collectors and dealers (and everyone else) was back in style this time around. According to the Wall Street Journal, it seemed like everyone was throwing a party this year, with the likes of Larry Gagosian and Lance Armstrong getting in on the action. And, the parties didn't suck. Hosts went all out -- with live music and other attractions -- to separate themselves from the competition. Some even tried something new, with the words "Everybody has a Damien Hirst" uttered.

Of course, there were enough celebrities in supply to ensure that every host had one to boast about. Scott Stapp, lead singer of Creed, and Russell Simmons, for example, were present at the Mondrian South Beach Hotel. Simmons is a committed collector of works by Jean-Michel Basquiat and Barbara Krueger and was in town to raise money for his charity, Rush Philanthropic Arts Foundation.

An after-party hosted by Julian Schnabel's art dealer son, Vito, attracted some big names, as well. Peter Brant, an art collector who recently tried to move "Brother Sausage" by Basquiat at auction, was there, along with Abby Rosen.

Yet, there were more intimate dinners and cocktail parties than in past years, according to Art Basel regulars. A few corporate sponsors still made the plunge, including UBS, NetJets and Cartier.

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Tags: art, art collecting, art collection, art collector, art dealer, art exhibit, art exhibits, art fair, art show, ArtCollecting, ArtCollection, ArtCollector, ArtDealer, ArtExhibit, ArtExhibits, ArtFair, ArtShow, basquiat, cartier, damien hirst, DamienHirst, jean-michel basquiat, Jean-michelBasquiat, julian schnabel, JulianSchnabel, Lance Armstrong, LanceArmstrong, Larry Gagosian, LarryGagosian, miami, miami beach, MiamiBeach, NetJets, Parties, peter brant, PeterBrant, russell simmons, RussellSimmons, Scott Stapp, ScottStapp, south beach, SouthBeach, ubs, UbsAg

NetJets Announces Major Pilot Layoffs

by Deidre Woollard (RSS feed) —

Filed under: Wings

NetJets Inc., the fractional ownership and plane leasing company owned by Warren Buffett's Berkshire Hathaway Inc., has announced major layoffs. Due to a slowdown in business travel and the overall usage of private jets the company is firing 495 pilots.

Bloomberg quotes a statement from David Sokol, NetJets CEO who said that the decision came from looking at current and predicted flight demand. The news comes just around two months after Sokol took over and the company moved back to Columbus, Ohio.

Currently the company owns more planes than it is using. NetJets employs over 3,000 pilots worldwide. The layoffs come after an earlier layoff of 350 non-pilot workers which was announced in September. Some are questioning whether or not the fractional private jet model still has a place in this economy. I think it does but that the scale may be smaller than these companies would like.

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Tags: berkshire hathaway, BerkshireHathaway, netjets, warren buffett, WarrenBuffett

NetJets Announces Major Job Cuts

by Deidre Woollard (RSS feed) —

Filed under: Wings

Private jet company NetJets has announced major job cuts. The company, which is owned by Warren Buffett's Berkshire Hathaway, will cut 350 jobs, five percent of its work force. The Columbus Dispatch also reports that the company is delaying an expansion of its Port Columbus campus. The project was to be one of the biggest economic-development projects in Ohio and Columbus fought valiantly to lure NetJets to Ohio. The company had promised that the $200 million expansion could create as many as 800 jobs within six years. The company had not accepted any public money for the expansion. Cash incentives were to be made in the form of reimbursement.

Like many jet operators NetJets has struggled in the economic slump. It lost nearly $350 million during the first six months of 2009. Many charters and fractional businesses have had layoffs in the wake of major decreases in business travel and some have folded up shop completely. Ohio government officials expressed confidence that the company would continue to stay in the state and would be an economic powerhouse once again.

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Tags: berkshire hathaway, BerkshireHathaway, charter, netjets, private jets, PrivateJets

NetJets Falcon 7X by Lord Norman Foster

by Jared Paul Stern (RSS feed) —

Filed under: Wings

When NetJets Europe placed the largest order in business aviation history with manufacturer Dassault, for 33 Falcon 7X aircraft, they decided that the $1.5 billion worth of jets needed a little something special. The company commissioned British architect Lord Norman Foster (above) to design the interior and exterior of the high-tech planes, the fastest Falcon ever made. Foster drew on his experience both as a pilot and a NetJets client for the project, the result of which was just unveiled. The 33 7X's are being integrated into the NetJets fleet over the next eight years.

Foster's 7X is "thematically zoned into a well-being space for customers and a work space for crew." The passenger cabin is "light and tranquil" featuring leather seating, a cream and tan color scheme and Fiddleback Sycamore wood fittings. Foster designed the seating arrangements to accommodate both business meetings and an "enhanced sleeping and dining experience." The work area is markedly different with an industrial vibe featuring a grey and black color scheme, employing carbon fiber and steel for the galley and crew areas.

Gallery: Falcon 7X by Lord Norman Foster

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Tags: Architect, Dassault, Falcon 7X, Falcon7x, Lord Norman Foster, LordNormanFoster, NetJets, NetJets Europe, NetjetsEurope, Private jets, PrivateJets

Business Jets See Drop In U.S. Demand

by Tracy Chait (RSS feed) —

Filed under: Wings

At the recent Farnborough International Air Show, usually abuzz with the latest in jet envy, market experts were instead agreeing that the U.S. demand for business jets has softened considerably. And some companies are pulling the plug on private jet travel unless the circumstances truly justify it. Supposedly due to the current economic downturn and not a response to surging fuel costs, the decrease in U.S. demand for corporate jets is in stark contrast to burgeoning sales in Russia and the Middle East, whose new moguls are shelling out between $3 and $40 million for aircraft ordered at the air show.

It's not that execs are flying commercial -- the rough equivalent of trading in your Lamborghini for a used minivan full of crying babies -- but they are chartering flights instead of buying their own wings. Business jetsetters are turning more frequently to NetJets fractional ownership or a Marquis jet card, a kind of jet use debit card. Not exactly the Greyhound of the skies just yet, a Marquis jet card starts at $126,900 for 25 hours of flight time. And you won't have the joy of pimping out your cabin like that renowned Airbus A380, whose on-board hot tub and "desert oasis" tacked on an additional $150 million to the aircraft's pricetag.

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Tags: airbus a380, AirbusA380, bombardier, business jets, BusinessJets, marquis jet card, MarquisJetCard, netjets, private jet, PrivateJet

NetJets Europe Makes Carbon Neutral Flying Mandatory

by Deidre Woollard (RSS feed) —

Filed under: Wings, Green

The move toward encouraging users of private jets to pay for carbon offsets has for the most part been optional with a strong dose of guilt. Now The Guardian reports that NetJets Europe has upped the ante by making carbon offsetting compulsory for its customers. The company is set to announce that all the new customers will have the cost of offsets added to their bills, adding around 4,000 euros to the bill for each NetJets customer. Existing customers will be signed up for the added cost when they renew their contracts. The chairman of NetJets Europe was quoted as saying in the article that he does not believe the added cost will damage sales and that the customers have driven this move. NetJets will invest in the carbon offset projects of EcoSecurities.

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Tags: carbon neutral, carbon offset, CarbonNeutral, ecosecurities, netjets, private jets

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