American magazine editors, prepare to be jealous of Angelica Cheung.
The EIC of Chinese Vogue has a great problem: too much advertising.
“I have to sit down at a desk to flip through it,” she told the Guardian. “It is going to get very difficult to read. It’s too heavy. Maybe it will have to be two magazines in future.”
China has a huge population of millionaires — almost a million — and their taste for expensive products is almost exponentially increasing.
According to the Guardian article, Burberry is building almost 40 more stores in the next five years, and the country will become the world’s biggest luxury market in four years.
All this leads to massive profit for a magazine industry that has seen advertising spending jump from $166m to $450m in a decade.
Publishers are taking note. Conde began seriously entering the market in 2009, launching GQ in October of that year. Hearst also is looking to expand in China where Harper’s Bazaar has a big presence.
Soon, Cheung might have some new colleagues with whom to “commiserate.”