Conde Nast Spins Off Lucky Magazine but Keeps Majority Stake
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Conde Nast ended years of speculation on Monday about whether it would shutter Lucky or continue to print the sputtering magazine by instead spinning off Lucky into a separate company called The Lucky Group.
The new company is a joint venture between Conde Nast and BeachMint, an e-commerce company co-founded by Josh Berman, who also co-founded MySpace. Mr. Berman will be CEO of The Lucky Group. The company’s board of directors will include a representative from Conde Nast, which is the majority shareholder, according to a Conde Nast employee.
The Lucky Group will have about 180 employees, with an office in Santa Monica, Calif., where BeachMint is headquartered, and an office in New York that will be separate from Conde Nast, according to Mr. Berman. No one from Lucky will be laid off, he added.
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