The Working World
Business Plan: Penthouse Scion Explains Recession
His father famously started a porn powerhouse. The son launched music mag Spin and now, he’s going after the rich. We missed this earlier this year, but Bob Guccione Jr. explained why the recession turned out to be a fine time to launch Prestige, a new high-end publication:
“Of course, it wasn’t the intention to launch Prestige in the recession,” he says. “Having said that, i still don’t think it’s a bad idea. The very rich will always be at least rich.”
(Unfortunately, the advertisers won’t always be, as two of us learned first-hand when Condé Nast Portfolio, the high-end publication we were working for first downsized and then folded.)
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