The company will continue to publish the Vogue Italia main title, which was re-launched this month under the direction of editor-in-chief Emanuele Farneti, who, in January, succeeded the late Franca Sozzani.
“The biggest mistake in such a moment of huge changes would be to not make decisions. Our vision is simple – we selectively invest in top brands and in digital development. This also implies taking difficult yet necessary decisions,” said Condé Nast Italia chief executive officer Fedele Usai. “We want to give the best visibility possible to our advertisers through the brands which have the potential, especially digitally, to greatly support their communication. The success of Vogue Italia’s September issue demonstrates that we are on the right path.”
The magazines’ closure will result in cuts in staff, the number of which could not immediately be learned. Staff being laid off are said to be offered a severance package of 40 months’ pay.
In addition, market sources contend that in the next few months Condé Nast will start cutting an employee each month.
Condé Nast Italia, which publishes GQ, Glamour, Vanity Fair, Condé Nast Traveller, Architectural Digest and La Cucina Italiana, saw its business grow last year. The company, which closed 2016 with revenues of 127.3 million euros, registered an increase in profits to 3 million euros compared to the 2.3 million euros in 2015.