Fernandes also said Branson's skills as an attendant were "rubbish".
The British tycoon's star turn on the six-hour flight from Perth to Kuala Lumpur was the result of a lost Grand Prix bet.
Branson had agreed with Fernandes in 2010 that whoever's Formula One team - then Virgin and Lotus - finished their debut season lower would serve as a stewardess on the other's airline.
For Sunday's flight, Branson kept his trademark beard but shaved his legs and topped off the look with bright red lips, heavy eye make-up and a blonde quiff.
He served tea, coffee and meals and obliged the snap-happy passengers.