Niche Media founder Jason Binn has teamed up with e-commerce site Gilt Groupe and Hudson News founder James Cohen to create a magazine brand targeting the wealthiest Americans.
Du Jour will launch in fall 2012 as both a quarterly print publication with a run of 235,000, and a monthly digital magazine delivered to Gilt Groupe’s three million top-tier subscribers. 15,000 of the oversized print copies will sell at newsstands in high-end markets across the U.S., and the digital editions will be posted on dujour.com, accessible to gilt.com members, and available as tablet, Android and mobile apps.
The brand’s target demographic meets five of seven qualifiers: an average net worth of $5 million; liquid assets of more than $1 million; average home values above $1.5 million; average income of more than $250,000; annual offline luxury purchases of more than $100,000; and annual online purchases and philanthropic donations respectively totaling more than $10,000. Print readers will also receive a weekly e-newsletter.
“It’s a way of staying constantly connected,” says Binn.
Half the content in each issue will be locally focused, in top markets such as New York, Los Angeles, Chicago, Miami, Dallas, Las Vegas and San Francisco markets, as well as seasonal regions the Hamptons, Aspen and Sun Valley. Editorial will cover of wide range of topics, including fashion, travel, fine dining, business and culture.
According to Binn, 100 ad pages have already been booked for the debut.
A Strategic Partnership
Gilt Groupe brings an audience that is “pretty much second to none,” says Binn, who has worked as chief advisor to the company’s CEO Kevin Ryan for the past year and a half. Gilt is reportedly valued at roughly $1 billion.
Cohen, as a primary investor, brings strong knowledge of luxury retail commerce as well as newsstands, Binn says. In addition to founding magazine and book distributor Hudson News, Cohen now heads up Dufry, a large-scale duty free operator that merged with Hudson News in 2008.
Binn, who transitioned from CEO to chairman in December 2010, founded Niche Media in 1998, building a stable of high-end magazines including Hamptons, Aspen Peak, Boston Common, Capitol File, Gotham, Los Angeles Confidential and Michigan Avenue. The company was acquired by Las Vegas magazine publisher The Greenspun Media Group in 2007.
With this partnership, Gilt Groupe deepens its footprint in the magazine world. The e-commerce company has recently teamed up, to a lesser degree, with other titles including New York magazine, Rodale’s Women’s Health and Time Inc.’s Sports Illustrated.
Du Jour is one of a number of luxury magazines set to join the market in 2012: in January, Bloomberg Markets announced the launch of a lifestyle offshoot, Bloomberg Pursuits. Last week, a group of investors revealed plans to relaunch a news weekly brand Beverly Hills 213 as a high-end, quarterly glossy.