fashion + beauty + insider interviews + est 2006
Sunday, October 11, 2009
CONDÈ NAST TO ACQUIRE ELLE?
Insiders are buzzing that Elle could possibly join the Condé Nast family.
New York - Condé Nast's 25 percent cutbacks across the board has become public since last month, and the reason for the cutbacks was to lessen its huge budget. Some of the cutbacks included limiting the expenses of its editors attending European runway shows this season, employment layoffs, Gourmet, Cookie, Elegant Bride and Modern Bride no longer getting published, and W reduced from 12 issues to 6 issues a year. In the company-wide memo, CEO Charles Townsend stated: "The [McKinsey] review has led us to a number of decisions designed to navigate the company through the economic downturn and to position us to take advantage of coming opportunities." With all that said, there are now speculations that Condé Nast could possibly acquire Elle "in its quest to fill their lineup with broader offerings." Earlier in the summer, there were rumors that Hearst was interested in Elle but those rumors were denied. If the speculations are true, then there is no surprise why Condé Nast is interested in Elle. After all Elle has been getting a lot of exposure from its participation with reality shows Project Runway, CW's Stylista (cancelled after one season though), and MTV's The City. The magazine also was able to afford to have its editors stay longer in Europe for Fashion Week, which probably impressed Condé Nast. [FashionWeekDaily]
Posted by ZANDILE BLAY at 1:02 PM