The economic slump has hit Condé Nast hard this year, forcing it to close several magazines and make hundreds of layoffs, including editorial staff at popular magazines like Vanity Fair and GQ. The company is looking to China for growth and hopes to keep adding magazine titles in the country, which is already among its top-five markets, The Wall Street Journal reports.
"In emerging markets like China...the magazine business and magazine development continue to go very strong," while the business suffers in the U.S., Condé Nast’s chairman Jonathan Newhouse says, as quoted in the Journal. Expansion will be slow because each title is subject to Beijing’s approval, and foreign publishers can only operate with Chinese partners.
The New York Post's media columnist says Condé Nast has hired a Washington-based media coach and crisis manager to improve its image after firing 460 employees.
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