Women’s Wear Daily reporter Stephanie Smith compared the launch of business magazine Conde Nast Portfolio to a first-born baby. The parent will spend a ton of money making sure the first few years are as comfortable as possible.
Smith wrote, “Over its year-and-eight-month development, Portfolio no doubt will receive as much money, manpower and corporate cuddling as it needs to thrive and succeed. Reports have said the company will pour $100 million into its launch, although Condé Nast has not confirmed that number.
“While most insiders interviewed weren’t envious of Portfolio’s financial backing (or claimed not to be), some understand how old-fashioned sibling rivalry could develop. It’s no secret Condé Nast puts big money into marketing, promotions and talent development for any launch, be it the failed men’s monthly Cargo or the home shopping title Domino. And while money to fund start-ups rarely comes from the budgets of more established titles, some executives may want the same loose spending allowances as the new kid. ‘I’m sure that when Cargo launched, the editors of GQ were saying, ‘Wow, they get to do everything.’ Maybe now Details is saying that about Men’s Vogue,’ said one source.”
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