>> 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.”
Is folding a possibility? »
There are no immediate plans to fold any more magazines, which Townsend spoke to last month: “My job, as opposed to the jobs of the people who run our businesses as editors and publishers, my job is the preservation of assets. So I’d like to have the full array of assets that we currently have on the table and be ready to go.” But a decision doesn't have to be made until the end of the fiscal year, which isn't until January.
Team Teen Vogue seems to be in a state of flux as is: Senior fashion editor Aya Kanai transitioned to west coast contributing fashion editor in May, accessories director Taylor Tomasi moved over to be style and accessories director at Marie Claire in late August, and Joanna Hillman, who was senior fashion market editor, has just switched to Harper's Bazaar in the same capacity — she was seen with the Bazaar team all during New York Fashion Week.