Conde Nast's Portfolio Overlooks The Financial CrisisWho did (troubled?) business magazine Portfolio select to put on its cover this month, in the midst of the greatest financial upheaval since the Great Depression? Dov Charney. Pervy, pacing, dog-loving American Apparel chief Dov Charney. There must be an explanation for this, right?
"American apparel is a huge retail story," said Ms. Lipman in an e-mailed statement sent through a Portfolio spokeswoman. "Its sales are up 24% for the 3rd quarter at a time when the entire retail industry is in deep decline‹ plus Dov Charney (the owner) is out there on the eve of the biggest election in decades talking provocatively about the immigration issue."
Good luck, Ms. Lipman. We know you have other things to worry about. We hear that six people left Portfolio last month, and that none of them have been replaced yet. Worse, Lipman's boss, Si Newhouse, may be having second thoughts about his investment in the magazine in this economic environment, when even the best business titles have a hard time making money. What are Newhouse's options? He could shut down the whole magazine, which would go down as a colossal failure. He could ease out Lipman herself, in favor of someone with better credentials (Joe Nocera?). Or, the magazine could just try to tighten up and trim some of the fat on its payroll, dumping some of the lesser writers (Matt Cooper?). Regardless—bad time for a Dov Charney cover. [via NYO]