It has been revealed that Richard Branson is to wear sexy fancy dress and serve drinks on a flight after he lost a bet with his friend and rival.

The Virgin entrepreneur had a wager with Lotus Formula 1 boss Tony Fernandes which agreed that the man whose team lost the championship would serve as a stewardess on the winner's airline.

And although neither of their teams emerged victorious, Lotus ranked ahead of Virgin on the basis of their better finishing positions.

Tony said he will put Richard on a Kuala Lumpur-London AirAsia flight as a result and will auction off seats for people who want to see the spectacle of a very rich man in stewardess fancy dress.

"Now it's time for Richard to start preparing himself for some hard work and the likely pain of a pair of high heels," the businessman laughed.

The date of the flight has not yet been decided, but all the proceeds from the auction will go to good causes.

Back in 2003, Branson said he would wear a Qantas flight stewardess uniform and serve passengers if his airline did not begin services between London and Sydney within 18 months of that date, USA Today reported.