Gilt is known for creating a new business model with great success. They have now perfected the private flash sales model that everyone is following with different degrees of success. Now Jason Binn, the Niche Media founder who brought out luxury magazines like Hamptons, Ocean Drive, Gotham and Aspen Peak, is trying to rework the publishing model and re-enter the publishing market. Mr. Binn is also the chief adviser of the Gilt Groupe. He has put plans in place to launch yet another luxury lifestyle title. The initiative will be a joint venture which has been created with a partnership between Gilt Groupe and Hudson News.
The title of the new launch is Du Jour and the team behind the new initiative is already in place. They are working as per a well defined road map and Du Jour is scheduled to launch this fall. It has been planned to be a multi platform publication right from the launch. They are not playing it safe by launching a title online and going for the print version after creating a base of readership. Right from the word go the title will span print, web, mobile, social and email platforms. The publisher will mail out 235,000 glossy, over sized print copies quarterly in addition to 15,000 newsstand copies and a weekly opt-in email newsletter.
The planned magazine is highly focused and targeted. It is being created and positioned as stylish, smart, sophisticated and stunning. Gilt and Hudson News have very large subscriber database and they have filtered the data through seven qualifier criteria. People who qualify at least on five counts have been included in a new database that aims to have a base of 3 million readers. The qualifiers are: 1) an average net worth of $5 million; 2) an average income above $250,000; 3) an average home value above $1.5 million; 4) liquid assets more than $1 million; 5) offline luxury purchases of $100,000+ per year; 6) $10,000+ in online high-end purchases per year; 7) annual philanthropic donations above $10,000.
The digital editions of the publication will be available on dujour.com. Apps for smartphones and tablets have been developed that will allow consumers to click to purchase the goods and services displayed on editorial pages. This is what is new about the new publishing model of this venture, the concept of making editorial pages shoppable. The editorial pages have higher credibility that the advertisements. However, an established magazine is reluctant to take the risk as it might lose readership as a result. By introducing click-to-purchase editorial from the beginning Du Jour will be able to create a new model without risking the credibility of an existing magazine.
The editorial content will be created with great care and will focus on popular lifestyle topics as fashion, travel, dining and entertainment. About half the content will be national in nature and the other half will be developed with a particular region in mind. Du Jour will aim at readers in cities like New York, Miami, Los Angeles, Chicago, Dallas and San Francisco. The shoppable magazine, leading to its launch will be developing its presence Twitter, Tumblr and Facebook and offer the opportunity to its advertisers to connect to the affluent readership and luxury customers.
