Air France hired Brandimage to execute the re-design and by all accounts, they did a fine job.
Gone are the racing stripes in favour of a single contoured stripe producing a much cleaner and refined look. The typeface has also been streamlined and it too produces a more sophisticated aesthetic. Another interesting design choice was the decision to merge the two words into one. Some might find this a tad confusing as the airline will inevitably still be called 'Air France' but their brand identity will have the merged typography.