In a lengthy profile in WWD on Thursday, Fashion Media Group co-founder and president Stephen Gan cleared up some of the rumors surrounding his business, including the upcoming closure of CR Fashion Book.
He told the trade paper that the rumors that CR Fashion Book was about to close or go online-only were "totally wrong" and probably a result of a "disgruntled ex-employee from CR." According to figures Gan provided, the glossy has been profitable since its inception, citing the upcoming September issue's 154 ad pages compared to the first issue's 148 in 2012. He also clarified that despite the fact that both he and Carine Roitfeld, CR's founder and editor in chief, working at Hearst-owned Harper's Bazaar, Hearst was not picking up any of the publishing costs of CR.
Gan seems certain that the business split between him and Cecilia Dean will not bring negative repercussions to either of their ventures. Dean, who co-founded Fashion Media Group with Gan and James Kaliardos, will continue managing Visionaire with Kaliardos, which Gan expects will grow into the digital, apparel, film and exhibition categories, while Gan will oversee the titles V, VMan and CR Fashion Book.
From Gan's perspective, we wouldn't be too worried either. He's a businessman with a proven history of success in the publishing arena. He speaks of a "changing of the guard" at CR, which may have led to the reports of the magazine going under, but with a website relaunch planned for CR on Aug. 28, it seems that things might be looking up.