Even though Anna Wintour is staying, but the once deep pockets of the Condé Nast faced a $120 Million loss last year.
The brand behind Vogue, New Yorker and Vanity Fair are forced to take some austerity measures after losses of up to $120 Million last year. They have taken measures to cut spending and be more digitally savvy, but it is expected to adopt strategies to ensure that it does not disappear completely.
After Boston Consulting Group did a monthlong audit of their internal systems, Robert A. Sauerberg Jr., the chief executive of Condé Nast, plans to address senior staff members on August 8th.
The company having lost more than $120 million last year, plans to put three of its 14 magazines — Brides, Golf Digest and W — up for sale, three executives said. The marquee titles, including Vogue, Vanity Fair and The New Yorker are safe, for now.
The decades-long magazine boom that made the ostentatious possible, is a thing of the past. A shift in media-consumption has elevated Instagram, Snapchat and YouTube above the printed page. Before Time Inc. was sold to the Meredith Corporation, it experienced sharp declines in annual revenue. The ad buying firm Magna projects print magazine ad sales will fall by a double digit rate this year.
The $120 million loss in 2017 came about because of a sharp decline in ad revenue generated by the print magazines. Gains in the digital arena have helped offset the loss, but not enough to make the company profitable. Condé Nast reached its decision to entertain offers for Brides, Golf Digest and W partly on the recommendation of Boston Consulting Group.
This story appeared in the New York Times.
Fifteen current and former male models and thirteen male assistants and models have accused top fashion photographers Mario Testino and Bruce Weber, of coercive sexual behavior. The investigation has been in the works since the last couple of months.
Though representatives of both the accused have denied all allegations, publishing giant Condé Nast have announced, it will stop working with them. So far spokespersons for Michael Kors Holding ltd and Stuart Weitzman, have also said that they will not be working with MarioTestino in the foreseeable future.
The series of shots, that are inspired by Kim & Kanye's tabloid images, have a real and wild feel at times. The campaign's fresh and raw approach has helped its trending online.
Struggling brand Marc Jacobs is shrinking its presence in Europe as other direct to consumer brands expand. While you will still be able to find the brand at multi brand retailers like Selfridges or Harvey Nichols, the brands own store at Mount street will be no more. Business of Fashion sources claim that presently only a handful of store remain throughout the world, a far cry from its glory years.