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In an effort to refocus on its consumer brands, Condé Nast is selling Fairchild Fashion Media—owner of B-to-B publications Women’s Wear Daily, Footwear News and Beauty, Inc.—to Penske Media Corporation for $100 million, according to The New York Times.
Condé Nast will retain ownership of Fairchild’s consumer-facing brands Style.com and NowManifest. Fairchild CEO and president Gina Sanders will remain with Condé parent company Advance Publications “in a new role to be disclosed shortly,” WWD reported.
“Today’s announcement reflects our strategy of investing resources in our core consumer brands,” Condé CEO Chuck Townsend told WWD.
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