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The African Fastjet – A new course for Sir Stelios

The bet for Stelios is constant and twofold. To always be a pioneer, and to maintain the ability of converting ideas and loss-making companies to profitable ones.

Stelios Haji-Ioannou, the young entrepreneur, who began his journey about two decades ago with £ 30.0 million and set great paths in the skies, never rests.

The now huge LCC Easyjet airline that he created, dominates the skies with hundreds of aircraft. His enterprising idea to do business from city airports with low cost, brought and still produces constant profits and expansion.

Progressively, he became a smaller shareholder of the company, having sold the largest part of his shares. His restless business acumen led him since then to the creation of many other “easy” businesses, such as restaurants, stores and finally, in 2011, to the establishing of Fastjet, which mainly flies in Africa. Of course, the management of Easyjet claims that according to his 2010 contract, he was not allowed to participate in another airline, but only with a percentage of up to 10%.

Sir Stelios retired some time from the Board of Easyjet, putting an end to the dispute with his former creation.

Certainly, Fastjet with (3) initial aircraft and a 4th 319 A purchased recently, has losses of more than 200,0 mil USD.

It plans to expand its fleet with new used but reasonably aged aircraft. So, in 2018 will be flying to 40 destinations with at least 30 more aircraft, that is, a total of 34. Thus, besides the already existing routes, Fastjet plans to fly to Zimbabwe, Zambia, Uganda, Kenya, South Africa and Tanzania, which need LCC Airlines.

The bet for Stelios is constant and twofold. To always be a pioneer, and to maintain the ability of converting ideas and loss-making companies to profitable ones.

I remember that when Easyjet was found, the Board of Directors and the executives convened in a room with no chairs around the conference table.

He used to say then that when we sit, we become complacent and our mind is not alert and able for constant movement and circulation of ideas and proposals.

His historic route, which he certainly reminisces often, looking at the harbor of Monaco, where his lives and plans his ventures today, justifies the saying that “ideas count when they are ahead of their time, and have the potential to be implemented effectively.”

At the same time, the said businessman always had another ability that made his professional success certain.

He knew how to choose his managers and associates and at the same time granted them incentives for providing added- value to his business.

The business acumen of his ship owner father Luke Haji-Ioannou, always followed him and perhaps is his “beacon”.

Emmanuel A. Gyzis is managing partner of Emmanuel A. Gyzis & Associates Law Offices.

Managing Partner - Emmanuel A. Gyzis & Associates Law Offices | + Posts

Emmanuel A. Gyzis is managing partner of Emmanuel A. Gyzis & Associates Law Offices.

He was born in Athens, Greece, 13 January 1947; admitted to Athens Bar Association 1974. Education: University of Athens, Law School (1972), London, (L.LM. 1980), specialized in Aviation Law and originally worked in the respective field on behalf of British Tour Operators and Charter companies. 

With longstanding journalistic and writing activity, his articles have been published in financial newspapers and magazines specialized in Aviation and Tourism. Author of pioneering monographs on the development issues of Olympic Airways (1989), he has published during a course of many years, a series of articles regarding its viability, its position in the international environment, as well as for other private airlines in general, while at the same time he participated in relevant International and Greek Conferences and Organizations. Successful and long-term engagement with issues regarding private airports / heliports, Low Cost Carriers (LCC), Aircraft Fractional Ownership, Ground handling matters. At his law firm “EMM. GYZIS AND ASSOCIATES”, together with a group of specialized associates he deals mainly with aviation law issues (cooperation with construction companies for commercial aircraft and leasing companies) and tourism law issues, specializing in mass tourism from/ to Greece and occasionally cooperating with Tour Operators. Since 1993, he has founded a number of Greek and foreign airline companies, on behalf of his clients, in accordance with the applicable legal status. He has participated in committees for the drafting of legislation regarding air transport, such as private airports, the Presidential Decree for private heliports and the Basic Legislation of the Aviation Code and he is the General Secretary of the Hellenic Aviation Society. For many years, he has been studying emerging markets, as a consultant for foreign companies, which plan to invest worldwide.

LANGUAGES: English.

MEMBER: Athens Bar Association, International Bar Association, European Society of International Law (ESIL), American Society of International Law (ASIL), British-Hellenic Chamber of Commerce, Greek-American Union, Hellenic Aviation Society.

PRACTICE AREAS: Aviation Law, Aerospace Law, Tourism and Transport Law, (European) Commercial and Company Law. Arbitration. Establishment and Operation of foreign companies in Greece. Project Finance. Free Movement of Capital. Privatization. Foreign/ Hotel Investments. Mergers and Acquisitions.

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