Condé Nast announced Monday the creation of a new joint venture between its Lucky brand and e-commerce platform BeachMint called The Lucky Group. This decision to join Lucky’s print and digital assets with an
outside party is new to the company and bound to raise speculation
about the relationship’s future.
Set to debut in early 2015, the partnership will team Lucky’s content and editorial voice with an e-commerce platform creating a new online shopping destination targeted at brand loyalists and BeachMint’s 8 million fashion-focused subscribers.
“We’re fulfilling the brand promise to create the ultimate shopping resource and provide advertisers with the ability to truly integrate at every point within the customer journey,” Condé Nast president Robert A. Sauerberg says in the announcement.
BeachMint CEO and co-founder Josh Berman will head The Lucky Group partnership as CEO alongside Lucky’s editor-in-chief Eva Chen and general manager Gillian Gorman Round who will be the Group’s chief creative officer and president, respectively.
The Lucky Group spin off will absorb all of Lucky’s print, digital and mobile content, as well as the brand’s editorial and business teams. Upon closing the deal, all staffers are expected to join the new company, including Condé Nast artistic director Anna Wintour who will serve as an advisor.
BeachMint, a vertically integrated retailer that also owns the JewelMint and StyleMint brands, has CFDA-winning The Row designers Mary Kate Olsen and Ashley Olsen as co-chairs of its advisory board and a slew of investors including Goldman Sachs, Pritzker Group and Trinity Ventures, among others.
“By deploying these resources and shifting the focus of our staff to primarily support a commerce platform for Lucky,” Berman notes in a statement, “we will quickly be able to bring to market a best-in-class shopping destination that delivers enhanced opportunities for advertises and retail partners.”
Lucky has been trending down with advertisers over the past year with total ad pages dropping 6.81% to 412.95 from 443.15 year-to-date 2014 over 2013, as reported in min’s monthly boxscores. In August alone, total ad pages fell 9.97% to 54.92 versus 61 pages in 2013.
While e-commerce shopping is nothing new, sites like Net-a-Porter, Editorialist and others pursue print magazine or catalogue projects to supply consumers with supplementary editorial content, Lucky, which originates from that editorial perspective, does start with a leg up.