By Jessica Darfoor
Sources: Adage.com, WWD.com, WSJ.com
It seems that, for some, their time at publishing powerhouse Condé Nast has been cut short. The company is reported to have begun laying off employees in mid-October, and though no comment has officially been issued from a spokesperson, sources say that the number of employee cuts could be upwards of 70.
These layoffs are taking place exclusively in Condé Nast’s media group, which is responsible for selling ad programs across the company’s famed magazines and websites. Although this department previously housed about 200 employees, it is representative of less than 10% of the company’s corporate workforce.
This move comes on the heels of the publisher’s various late summer changes, including appointing Edward Menicheschi as the chief marketing officer and president of Condé Nast’s media group, giving Vogue editor-in-chief Anna Wintour greater reign as the corporation’s artistic director, spinning off Lucky magazine into its own separate company and selling Fairchild Fashion Media Group to Penske Media.
At the moment, these cuts have been limited to this singular corporate division. However, it does raise the question of whether or not more layoffs are heading towards individual publications themselves. As 2015 is quickly approaching, this drastic move seems to reflect the budgeting needs of many magazines as they attempt to trim costs in order to increase revenue ahead of the new fiscal year.