Three weeks after its prominent Editor in Chief, Eva Chen, announced her plans to depart, The Lucky Group revealed Tuesday that it is reducing the publishing frequency of its print magazine from 10 times a year to four, and that its president, Gillian Gorman Round, is also leaving the company to return" to the marketing world," a spokesperson said.
In conjunction with the move, the e-commerce site/glossy — which was once owned fully by Condé Nast, but was spun into a separate venture with e-commerce startup Beachmint last year — has laid off 14 staffers. Eight were let go from the ad side, and six on editorial, including a market editor, junior accessories editor and managers for copy, research and production. Ten other staffers were laid off in February.
News that Lucky was moving to a quarterly format was first reported by Adweek. Josh Berman, CEO of The Lucky Group, told the trade that the May issue will be Lucky's last in its current format, and a new edition will bow in September with upgraded paper stock to give it a "premium 'collectible' feeling." The company will continue to build out its website, luckyshops.com, including its video offerings.
According to Adweek, The Lucky Group is currently in talks with several other companies about forming a joint venture or an acquisition, with an announcement expected this summer.