Uh-oh, print business has not been in a good state these days.
Condé Nast is shutting down one of their newest fashion title the 2-year-old quarterly Style.com.
Style.com is considered quite an anomaly when it was first launched. It started from a web title, banking on the fact that their huge presence online could somehow sustain a steady readership number.
A spokeswoman for Style.com confirmed the news that the magazine portion was suspending publication.
“Since the relaunch in early September, the site continues to exceed growth expectations,” she said. “To continue that momentum, we’ve made the decision to focus 100% of our efforts on our core digital business.”
Dirk Standen, the editor-in-chief of Style.com, was recently made to report to Vogue EIC Anna Wintour, according to a report in WWD on Thursday. And Style.com publisher Matt Rice, who once reported to Condé Nast president Bob Sauerberg, is now reporting to Vogue publisher Susan Plagemann, WWD said.
Anna Wintour is rumoured to be the one who pulled the plug in hastening the demise of Style magazine as she felt that the content is too identical with the website. (Isn’t that what has been happening to most publications -recycling months-old content to the web?)
Sources estimate that the Condé Nast is lagging last year’s revenue by tens of millions of dollars.
“As a private company, we do not disclose proprietary financial information and are pleased by the 28% increase in bookings in the 4th quarter and the strong momentum we have going into the new year,” a spokeswoman said.