Royal Caribbean's Richard Fain on the Cruise Business
Episode Description
Richard Fain is chairman and CEO of Royal Caribbean Cruises, the Miami-based global cruise company that operates 36 ships under the Celebrity Cruises and Royal Caribbean International brands, among others. He joined the company in 1981 as an outside director and became chairman and CEO in 1988. He spent 13 years before that at Gotass-Larsen Shipping Corp., a London-based owner and operator of cargo ships. Knowledge@Wharton asked him to update us on the cruise business. 📂 Leadership
Brief Summary
Richard Feain discusses Royal Caribbean's growth, changing demographics, and innovations in the cruise industry amidst economic challenges.
Key points
- The Changing Face of Cruising. Richard Feain reveals how the average cruise passenger has evolved over the years.
- Recession-Resistant Business. Despite economic challenges, the cruise industry continues to thrive, according to Richard Feain.
- Cruising: A Necessity, Not a Luxury. Richard Feain discusses how cruising has become essential for many travelers.
- Continuous Improvement in Cruising. Royal Caribbean's commitment to innovation is key to their success, says Richard Feain.
- Innovative Activities on Cruises. Richard Feain highlights the exciting new activities available on modern cruise ships.
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Episode highlights
- The Changing Face of CruisingRichard Feain reveals how the average cruise passenger has evolved over the years.“Our average passenger last year was 42 years old.”2:35Apr 30, 2008
- Recession-Resistant BusinessDespite economic challenges, the cruise industry continues to thrive, according to Richard Feain.“We’re proving to be recession resistant.”7:37Apr 30, 2008
- Cruising: A Necessity, Not a LuxuryRichard Feain discusses how cruising has become essential for many travelers.“Cruising is something that most people no longer consider a luxury but a necessity.”7:48Apr 30, 2008
- Continuous Improvement in CruisingRoyal Caribbean's commitment to innovation is key to their success, says Richard Feain.“Our mantra at Royal Caribbean is continuous improvement.”15:01Apr 30, 2008
- Innovative Activities on CruisesRichard Feain highlights the exciting new activities available on modern cruise ships.“You’ll see more places to go and continue to see new and different things.”16:04Apr 30, 2008
Tension
30/ 100Low tension
