By 2001 the Virgin Megastores worldwide were split between the Virgin Group and the Lagardère Group. During the early to mid-2000s Virgin Group decided to sell off most of its Virgin Megastores to various companies, including the Lagardere Group. Like many of Branson's Virgin brands, Virgin Megastores is not wholly owned by the Virgin Group. Ownership Virgin Megastore bank vault on Champs Elysées, Paris (2009) Simon Wright – Chief Executive of the Virgin Entertainment Group from 1999 to 2009 was instrumental in the growth of the stores in particular developing the stores in the Middle East before their eventual disposals under license detailed under Ownership. Throughout the 1980s and 1990s Virgin Megastores opened over 100 stores in the UK, and many others around the world, including expansion into Asia Pacific and North America, under the leadership of Ian Duffell – President & CEO of Virgin Entertainment Group until 1998. Virgin Megastores and Virgin Records operated as entirely separate entities, like many of the other Virgin companies. In 1979 the company opened their first Megastore at the end of Oxford Street and Marble Arch. Virgin's first formal store opened on London's Oxford Street in January or February 1971 (exact date uncertain). The first release on the label was the progressive rock album Tubular Bells by multi-instrumentalist Mike Oldfield in 1973. She suggested Virgin, as they were all new to business, like "virgins". The name Virgin, according to Branson (in his autobiography), arose from a colleague of his when they were brainstorming business ideas. After making the shop into a success, they turned their business into a fully fledged record label, Virgin Records. Richard Branson and Nik Powell had initially run a small record shop called Virgin Records and Tapes on Notting Hill Gate, London, specialising particularly in " krautrock" imports, and offering bean bags and free vegetarian food for the benefit of customers listening to the music on offer. Further information: Virgin Megastores UK Branson's early business ventures
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