Virgin's plans to move into consumer magazines with the launch of lifestyle title Maverick, overseen by Holly Branson, has led some to wonder whether her father, Richard, is setting aside his considerable business nous to indulge his daughter's whims.
Maverick, which is slated to launch in October on the Apple iPad, will target an international ABC1 audience of creatively minded consumers.
Holly Branson, who is still in her twenties, had been training to become a doctor before accepting the offer of a job at Virgin in 2008. She is working on the magazine project with former FHM editor Anthony Noguera.
Magazine publishing has long attracted members of the moneyed elite looking to raise their profiles, as well as wealthy sports stars with more arrogance than acumen.
Manchester United footballer Rio Ferdinand has his own digital magazine, #Five, mirroring similar moves from retired footballers Jamie Redknapp and Phil Babb.
These have had mixed success, which is more than can be said for Peaches Geldof's quarterly Disappear Here, the title of which proved self-fulfilling.
Such vanity projects have not been restricted to magazines. Actress Lindsay Lohan was panned for her role as 'artistic adviser' to fashion house Ungaro; Katie Price has developed her own equestrian range; and Kerry Katona endorsed a perfume called Outrageous.
Yet some observers believe it is unfair to apply the vanity tag to Maverick, arguing that it could inject some life into an inward-looking publishing industry.
Content potential
Dominic McVey, publisher of men's lifestyle title Front, falls into this camp. 'This is great for the industry, and could prove a great tool for Virgin to cross-promote the brand, particularly as Virgin has a huge amount of content,' he says. 'Hopefully the title will bring a new edge to the industry.'
McVey also contends that, unlike other high-profile individuals who take up lead editorial roles, Holly Branson will benefit from her upbringing, and 'shying away from the media limelight'.
He adds: 'Footballers often earn more than £100,000 a week and these magazines sound like good business sense; but I think Holly has good people around her. (Ferdinand's) magazine reminds me of his (style of TV) presenting and is text-heavy.'
Mike Soutar, chief executive of ShortList Media, publisher of ShortList and Stylist, also questions whether Maverick should be labelled a vanity publication. 'Is it not the case that Holly Branson is following in her father's footsteps? This was how he started his business career,' he says.
However, Soutar points out that the Maverick business model - subscriptions and paid-for ads - is as yet unproven on Apple's iPad.
In the past, Virgin has proved hard-nosed in judging the commercial reality of its magazines for customers, which it distributes directly to them. Virgin Atlantic, for example, closed its Hot Air in-flight magazine and replaced it with a high-fashion title called Carlos.
Some commentators believe that the notion of a vanity project is arguably too generic, as much depends on the ambitions of the enterprise. Considerations such as whether it is it intended to make a profit, raise a person's profile, or create kudos among friends should be taken account of.
Simon Bailey, chief executive of branding agency The Brand Union, believes Maverick represents a canny move by Virgin.
'Holly Branson is very smart, and I believe this move could be a precursor to her playing a bigger role in Virgin,'
he says. 'This could be about Virgin blurring the lines between content and channels. It is another step toward (the company) creating its own content.'
Bailey points out that several high-profile co-branded partnerships that could ostensibly be viewed as vanity projects have proved commercially successful, such as the model Kate Moss teaming up with retailer Topshop and musician Dr Dre and audio accessories company Monster launching co-branded headphones.
A spokesman for Virgin denied that Maverick is a vanity project: 'It is not called Virgin's Maverick and will not be featuring Richard Branson on the cover.' The decision to launch, he said, was made with a hard business eye.