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Vogue magazine owner Condé Nast will trim about 5% of its staff, CEO Roger Lynch said Wednesday, as the publisher looks to cut costs and grow in a highly competitive digital media landscape.
The cuts will impact about 270 of Condé Nast’s roughly 5,400 full-time employees globally, according to a report from the New York Times.
The layoffs will be staggered over the next few months and the company is also undertaking a series of other actions including reducing office spaces and closing open roles to reduce costs and invest in strategic growth, Lynch said in a memo to employees.
The layoffs will be staggered over the next few months and the company is also undertaking a series of other actions including reducing office spaces and closing open roles. Shutterstock“However, these efforts alone won’t be enough to ensure we can continue to make the investments needed to grow our business profitably,” he said.
Media companies across the globe are looking to diversify their revenue streams in an uncertain economy, with some resorting to layoffs in a bid to save costs.
Conde Nast CEO Roger Lynch (right) with (from left) Laura Ingham, editor-in-chief of British Vogue, Edward Enninful, editor-in-chief of American Vogue, and chief content officer Anna Wintour. Dave Benett/Getty Images for Alexander McQueenThe Washington Post said last month it plans to offer voluntary separation packages to employees across all functions, as the newspaper looks to reduce headcount by 240.
“Our audiences are changing, technology is changing, and what advertisers want from us is changing … the only certain mistake is to not change ourselves,” Lynch said.
