Cosmopolitan Launches Perfume
Fashion and lifestyle magazine Cosmopolitan is expanding its brand licensing via the launch of Cosmopolitan the Fragrance in UK shops this week. Cosmo publisher Hearst has also extended its licensing partnership with marketing firm IMG, which will launch the perfume in the US later in the year.
Hearst and IMG will also open the first Harper's Bazaar-branded cafes in the United Arab Emirates this year, following the lead of global lifestyle magazine Monocle and US newspaper the New York Times – both of which gain significant revenue from their brand-extending cafes and shops. These sorts of licensing opportunities are becoming ever more important for publishers, as print ad spend declines and digital fails to make up the shortfall.
Understanding the particular mindsets of your audience is key to successful diversification. As Joseph Adelantar, executive director of retail at the New York Times, told media blog Digiday: "I think our readers really look to us to curate items that reflect their lifestyle, so we're not going to be as commercial in what we do. The readers did not want us to sell things like apparel or perfume, but were open to memorabilia and tableware."