It Hits Hard
Condé Nast, the owner of sought out publications like Vogue, Vanity Fair, Traveler, and GQ under its belt, announced massive cutbacks today as COVID19 has crippled Condé Nast’s ability to run a normal operation, cutbacks include layoffs, salary reductions, and a hiring freeze on open positions, prioritizing projects and new hires that are absolutely important in the current climate.
Condé Nast CEO, Roger Lynch, sent a memo to its employees saying staffers who make over $100,000 will see their salaries cut 10 to 20 percent, reduced schedules for some staffers, and positions being eliminated, while Lynch himself will take a 50 percent pay cut from his own salary.
All these trickledown cuts and job losses come as Condé Nast isn’t shy about revealing that its ad revenue will significantly drop thanks to a laundry list of companies pulling their ads, realizing that no kind of disposable income is being spent right now, and the only money spent by people at the moment are for essential items, as well as comfort-wear and fitness since no one can go to work, or go to the gym.
In spite of layoffs, Vogue’s famed Editor-In-Chief, Anna Wintour, along with Vogue itself and CFDA, have repurposed their 9/11 fund to support fashion designers affected by COVID19, with a fund called “A Common Thread”.
Daniel Quintanilla
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