British multinational company Virgin Group is set to form a cruise liner business, Virgin Cruises.
With the support of private equity firm, Bain Capital, Virgin Cruises will design and construct two new cruise ships as part of the venture.
Virgin Group founder Richard Branson said: "We plan to shake-up the cruise industry and deliver a holiday that customers will absolutely love.
"They'll be sailing on the latest ships offering a great quality, a real sense of fun and many exciting activities all delivered with the famed Virgin service."
As part of this new development, founding member and former president of Disney Cruise Line, Tom McAlpin, has joined Virgin Cruises as the CEO.
McAlpin said: "Cruise guests deserve something better and different to what is being offered today and Virgin Cruises is committed to creating breathtaking experiences for them and a new generation of guests."
The New York Times reported that the Miami-based Virgin Cruises will start construction of the vessels soon and it is expected to invest $1bn in the vessels.
The launch date of the new ships has not been disclosed and the company has said it is 'strictly under wraps for the moment'.
Currently, Virgin Group manages more than 400 businesses worldwide under various sectors including travel, entertainment, lifestyle, financial services, healthcare, food and beverage and media and telecommunications.
Image: Virgin to collaborate with Bain Capital for cruise liner venture. Photo: courtesy of virgin.com.