>> McKinsey is in its second-to-last week of its three-month examination of the workings of Conde Nast, and the New York Observer reports that in the last few days, Conde executives, under the direction of McKinsey, asked a number of magazines — of which Teen Vogue is believed to be among — to cut their budget next year by roughly 25 percent.
by POPSUGAR Fashion News
>> McKinsey is in its second-to-last week of its three-month examination of the workings of Conde Nast, and the New York Observer reports that in the last few days, Conde executives, under the direction of McKinsey, asked a number of magazines — of which Teen Vogue is believed to be among — to cut their budget next year by roughly 25 percent. It's unclear if Vogue or W will be similarly instructed.
According to sources, top brass is not being specific about how the cuts should be made, but potential options could be diminishing expenses, doing away with freelance, reducing magazine frequency, or layoffs. Conde CEO Chuck Townsend told the Observer a few weeks ago: “I can boil what I say to editors and publishers down to the simplest statement in the world and that is: You, not me, you have a responsibility to run this business in a responsible way. It’s your responsibility. I want to see your proposal of how you’re going to do it.”
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