Photo Credit: WWD via Facebook
We’re not sure what’s going on over at Condé Nast, but the group is dropping some serious names from their publications left and right. After phasing out Lucky magazine earlier this month, the brand is now selling Fairchild Fashion Media to Penske Media Corporation. Titles like Women’s Wear Daily (WWD), Footwear News and WWD Beauty will be heading over the Penske brand. Condé Nast will be retaining a few of the Fairchild names like Style.com and NowManifest, reports WWD, but it looks like one of the biggest titles for fashion insiders will be leaving the publication giant. With this purchase also come the archives of WWD which could be a media-rich goldmine of images, research and interviews. It’s unclear how the publication will be run under new ownership, but insiders hope that with less restrictions WWD will be able to return to the “gossipy” fashion column it once was.
While full details of the purchase were undisclosed, the abandonment of Lucky and now WWD could mean trouble for Condé Nast, as they start to sell or split from their titles, leaving many to wonder about the financial situation of the company—especially as these changes are made after the resignation of Condé Nast’s editorial director Tom Wallace and chief financial officer and chief operating officer John Bellando. “This decision comes after a thorough review of options that would position both Condé Nast and FFM for the most attractive, long-term growth opportunities,” claims Condé Nast CEO Charles Townsend in WWD. “With this sale, Fairchild joins a company with solid trade publishing roots and Condé Nast redoubles our efforts on broadening our reach and impact with premium audiences and advertisers.”