MANY TIMES A VIRGIN

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Branson runs his conglomerate of nine divisions and more than 100 companies--the mix is churning constantly--out of an imposing Victorian mansion in London's posh Holland Park, only a few steps from his home and family. The office is surprisingly calm. He is cheerfully rumpled, slipping out of his still tied shoes (revealing a small hole in a green sock), shunning coat and tie like a squirmy 12-year-old. Bright blue eyes and a wide trust-me smile are set off by a private-island tan. Longish, turbulent, sandy hair, streaked with gray, and his trademark vandyke beard are the stamp of his swashbuckling style.

Despite the bravado, Branson is as traditional as high tea when it comes to the most critical asset of the company: the brand. He absolutely believes in the power of brands, much the way that Procter & Gamble or Coke does. This belief is at the core of the empire, and the reason the Virgin name has been extended to businesses as different as vodka and insurance. Says he: "Consumers understand that all the values that apply to one product--good service, style, quality, value and fair dealing--apply to the others." That's why dozens of companies have put up hundreds of millions of dollars to get in bed with Virgin. Branson's outfit retains anywhere from 20% to 75% interest but usually keeps operating control.

In the past 20 months Virgin has gone into eight new businesses in eight completely different areas. "Lots of new excitement--and more is coming," Branson beams. "That's what I like." What attracts him to a new venture? "If it's something that interests me. If I think it is done badly by other people and feel I could do it better. If we can shake up an industry--and have fun doing it." He likes to start from scratch and build a new company his way. "An entrepreneur can go in and put his toe in the water, as we did with one airplane--see whether it is lukewarm, boiling or freezing cold."

When Branson sticks his toe in the U.S. cola market, he will find two competitors ready to smash it. Virgin Cola will sally forth in the U.S. first in the Philadelphia area. The U.S. needs another cola like it needs another celebrity talk show, but Virgin plans to undercut Coke and Pepsi on the shelf price yet offer more profit to retailers.

Virgin is not expecting a kind welcome in the City of Brotherly Love. In Britain, where the company launched its cola 20 months ago, a May industry report gives Virgin just 4% of the market after a bruising battle with Pepsi, Coke and its British partner, Cadbury Schweppes. Although Virgin is a good marketer, distribution is critical--an area in which Branson met his master. For instance, Virgin was not able to get shelf space in half the British supermarkets--no small problem when four grocery chains control more than 60% of the market. The reason: Coke and Pepsi locked up the shelves with exclusive agreements and got down-and-dirty on price. "Coca-Cola decided to throw all their marketing skills against us, to kill it in the first year," says Will Whitehorn, director of Virgin corporate affairs.

Branson is realistic about his cola challenge. "I suspect it will be in my children's lifetime--maybe even my grandchildren's --before Coke becomes second player to Virgin in America." Virgin at least won't be underdistributed in its first U.S. market: in Pennsylvania 500 Supervalue Beverage stores will peddle his new pop.