Sydney, Feb 15: Italian fashion magazine Grazia will stop publication after the new owner of its Australian publisher ACP, Bauer Media, announced its axing to make way for another fashion magazine Elle.
According to Bauer Media’s CEO Matthew Stanton, the decision to close the magazine was disappointing but market dynamics are not able to sustain Grazia’s weekly format, despite the commitment of the team, News.com.au reports.
According to sources, poor circulation figures and the imminent launch of Elle were some of the main reasons behind the move, which have placed the jobs of 30 staff in danger.
The report added that the employees were informed about the move only after the news leaked to the media.
However, Bauer Media said editor Amy Molloy would continue to write for the new group after Grazia stopped publishing.
The sources added that entire affair showed that the funds and energy of Bauer Media would focus on making Elle succeed, even at the cost of other publications.
Justine Cullen, the current editor of Shop Til You Drop, is said to be the favourite to take up the Editor’s position of Elle, which will launch in September, the report added.
Bauer Media purchased ACP for 500 million dollars in September 2012. (ANI)