Conde Nast saw its European turnover contract by 7 percent over 2017, according to a report published by Business of Fashion. The world-famous publisher’s turnover for UK, France, Italy, Germany and Spain dropped to £373 million thanks to sharp declines in the UK and France in particular.
Conde Nast told Business of Fashion that its fastest-growing markets were China, Taiwan, India, Russia, Japan and Spain, demonstrating that the future is in Asia for the media behemoth.
“Our digital and organisational investments will translate into better financial performance and enable new business growth,” Conde Nast said in a statement, per Business of Fashion. The company is merging its US and International units, ushering in a paywall for online content and, this week, has announced a deal with Apple to be part of Apple News+.