The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
The co-owner of the World Trade Center, where the publisher of Vogue and GQ is headquartered, said its owner Advance Publications now owes $9.6 million in rent. It said the company is seeking to reduce its square footage and rent.
”The companies responsible for this lease have billions of dollars in assets, yet they have unilaterally withheld rent without any legal justification,” said a representative for the Port Authority. “These companies are entirely capable of satisfying their legal obligations and the Port Authority believes it has strong contractual rights to enforce full payment.”
A representative for Condé Nast and Advance said the issue is “part of Advance’s continued dispute with our landlord.”
Before the pandemic, Condé Nast had already started cutting back on the size of its space in the famous building, subleasing 150,000 square feet to other businesses in order to cut costs. The publisher has reportedly looked to lease office space in New Jersey for some of its operations.
Fast Company has named The Business of Fashion one of the ‘world’s most innovative companies’ for a second time for demonstrating ‘how a media brand can leverage AI to add reader value rather than erode trust with AI-written news articles.’
The ByteDance-owned app has big ambitions to be an e-commerce player in league with Amazon with influence in fashion on par with Instagram. Now it’s facing new threats — both from outside and within.
The production will take place on June 23rd on Place Vendôme and feature fashion content overseen by Carine Roitfeld, Ibrahim Kamara and fashion historian Alexandre Samson.
Condé Nast said it is searching for a successor to take over after Zhang, whose appointment never became less divisive.