ITALY GETS HOW TO SPEND IT: The Financial Times has inked a new partnership with newspaper publisher Il Sole 24 Ore to produce an Italian edition of the British newspaper’s luxury magazine How to Spend It. The Italian edition, which will launch in September, marks How to Spend It’s 20th anniversary. According to the FT, the edition, which will launch with five issues in 2014 and expand to 13 in 2015, will feature content translated from English, as well as content originated in Italy.
The expansion is part of the FT’s continued focus on luxury, a lucrative category for advertising, according to Ben Hughes, the newspaper’s global commercial director and deputy chief executive officer. “The luxury sector has outperformed corporate finance in terms of [ad revenue] growth,” he said. “Corporate finance used to be one the biggest drivers of our revenue, but now luxury is growing more rapidly.”
While Hughes said he’s seen more players, such as T: The New York Times Style Magazine and The Wall Street Journal’s WSJ. magazine, jump into the space, he hasn’t seen a decline in either readers or ad dollars for How to Spend It.
One thing the FT has experienced recently is the departure of its fashion editor, Vanessa Friedman, who played a large role in its luxury coverage. Friedman, who decamped last month for The New York Times, has yet to be replaced.