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Japan Airlines to Acquire Spring Airlines Japan
Covid-19 cases in Japan are surging at the moment. However, Japan Airlines hasn’t stopped developing its business. According to local media, the struggling is trying to acquire Spring Airlines Japan, a low-cost carrier based in the country.
Japan Airlines currently holds a five percent stake in Spring Airlines and is expecting to increase its stake to 51% or above. Spring Airlines Japan, a Narita- based carrier, was set up by Spring Airlines, the first private airline in China. Spring Airlines Japan posted a net loss of 2.7 billion yen and introduced a voluntary retirement to slash the workforce during the pandemic.
Japan Airlines is expected to invest an additional billion yen in June to acquire the budget carrier.
Japan Airlines also owns Jetstar Japan and ZIPAIR. Jetstar Japan is, according to the budget airline, currently in a partnership with Qantas and Japan Airlines. ZIPAIR launched last year, providing services from Tokyo to Seoul and Bangkok.
Last year, Japan Airlines raised around $1.7 billion through a public stock offering.
Japan Airlines is expecting a flock of tourists will go to Japan after the international travel restrictions are lifted as the curve of coronavirus cases in China has been flat for some time.
The aviation industry in Japan has been facing a setback. Foreign audiences are being banned from entering the upcoming Summer Olympics, so Japanese carriers have to add additional new income sources. Japan Airlines and All Nippon Airways, the two biggest airlines in the country, have rolled out scenic flights to bring passengers back to the skies amid the pandemic. Also, ANA is going to switch its Boeing 777-300 to a wedding venue in May so a couple could host a wedding reception for $27,800 with a wedding ceremony of up to 30 guests.
Earlier, ANA offered dining services on a grounded plane for $553 and $276 depending on which onboard services passengers chose. The high-end meal featured first class and business class dining at Haneda Airport. The concept of “restaurants with wings” was popular, and the tickets sold out quickly.
Meanwhile, in the wake of the pandemic, ANA is confident its Business Jet Division can reach the target of one billion yen ($9.12 million) in 2023. The airline rolled out the business jet division in 2018 to offer charter flight services.
The airline said that the demand for the charter services order was increased by 10% in 2020 because business travelers are looking for an experience with fewer passengers and a lower infection risk.
“While the Japanese market is small compared to Europe and America, I firmly believe there is a potential demand (for a business jet service),” Jun Katagiri, ANA Business Jet President, said.
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