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Condé Nast feels the rent squeeze at its prestigious New York HQ

Condé Nast is forking out $76m annually for the 24 floors of the One World Trade Center it occupies and is seeking to sublet some of the space to reduce its bills.© Studio Pachamama

Its turnover having halved in the space of less than six years, the publisher of Vogue and Vanity Fair is striving to reduce costs and develop new revenue streams. But the very costly lease on its offices in the One World Trade Center in the heart of New York's financial district is continuing to burn a hole in its pockets.

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Families

Wertheimer family expands its investment portfolio by nearly half

The assets of the very discreet financial vehicle that reinvests the dividends of Chanel's shareholders has of late increased its value by a little under 50%. But the nature of its investments is shrouded in the utmost secrecy.

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Houses

The tax woes of Lanificio Colombo, Hermès's new Italian investment

Hermès has taken a 15% stake in cashmere producer Lanificio Colombo, a Piedmont-based company that recently had a run-in with the Italian taxman.

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LVMH abandons its Maison des Métiers d'Excellence project

In a change of plan, the premises at 8 rue Bayard in Paris, which the luxury giant has been doing up, will not after all be opening to the general public. What was to have been a showroom for LVMH craftsmanship will instead be used for in-house staff training.

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Entourage

Fashion Institute fights to save its million-euro subsidy from government budget cuts

Currently under debate in parliament, the French budget bill plans to reduce the annual grant of €2.2m that the Ministry of the Economy gives to the Institut Français de la Mode, a higher education establishment for fashion and luxury studies.

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Paris Society founder Laurent de Gourcuff buys his way out of legal jeopardy for €1m

On the eve of the appeal hearing relating to his conviction for corruption, the founder of the luxury dining company reached an arrangement with the public prosecutor acknowledging his guilt and accepting a heavy fine.

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