Tom Stieghorst

Special for USA TODAY

British entrepreneur Richard Branson will enter the cruise business, promising to shake up the status quo with a fresh approach to the multi-billion dollar business.

Branson's Virgin Group announced Thursday that it has formed Virgin Cruises. With the backing of Bain Capital, it plans to start the new cruise line by building two "world class" cruise ships.

That suggests that the first sailing of Virgin Cruises won't take place for two years or more. The company said it is withholding details about the start of operations for competitive reasons.

Virgin Cruises will be the first major new entrant in the cruise business since Disney Cruise Line was formed in 1996. Branson's track record in running businesses such as Virgin Airlines gives him instant credibility in seeing the new start up succeed. Branson and his management team run more than 400 businesses worldwide under the Virgin banner in sectors including travel, entertainment, lifestyle, financial services, health care, food and beverage and media and telecommunications.

To head the management of Virgin Cruises, Branson recruited Tom McAlpin, a founding member of the Disney Cruise Line launch team who also served as its president. He most recently was CEO of The World, a condo cruise ship. McAlpin will be chief executive officer of Virgin Cruises, which the company says will be headquartered in the Miami/Fort Lauderdale area.

Virgin previously had said it was exploring the idea of starting a cruise line, or another leisure business, but hadn't made a commitment.

"We plan to shake up the cruise industry," Branson said, "and deliver a holiday that customers will absolutely love."

Stephan Pagliuca, a managing director with Bain Capital, said Virgin Cruises "will help reshape consumers' expectations of what a cruise experience can be."

Tom Stieghorst covers cruises for Travel Weekly magazine.