With the Government allowing 26 per cent FDI in general interest publications and 74 per cent FDI in niche magazines, the market has been thrown open for the launch of ‘niche’ magazines in India. Two titles to hit newsstands soon are ‘Harper’s Bazaar’ and ‘Robb Report’, to be launched by the India Today Group. The two magazines were set to enter the Indian market by Fall this year, but are awaiting approval from the Ministry.
The Government’s latest move, allowing Indian editions of foreign news and current affairs magazines, will further open up the market. Also, there is a noticeable trend that the magazine market is moving towards niche as consumer needs are not general anymore.
‘Harper’s Bazaar’ is a high-end American fashion magazine and will compete with Conde Nast’s fashion brand ‘Vogue’. It was launched as an upmarket weekly in 1867 by Harper Brothers, New York, as ‘Harper’s Bazar’. The magazine became a monthly in 1901, and in 1913, was relaunched as ‘Harper’s Bazaar’ by William Randolph Hearst. ‘Harper’s Bazaar’ considers itself to be the style resource for ‘the well-dressed woman and the well-dressed mind’.
‘Robb Report’ is the international authority on luxury lifestyle. ‘Robb Report India’ unites CurtCo Media with the India Today Group. ‘Robb Report India’ will target the country’s most affluent readers, with a focus on luxury goods and services offered both internationally and in India. The publication will include existing ‘Robb Report’ content, as well as information specifically for the Indian market.
The India Today Group has already built a formidable portfolio of foreign journals such as ‘Harvard Business Review’, ‘Golf Digest’, ‘Scientific American’, ‘Prevention’, ‘Good Housekeeping’, ‘Auto Bild’ and ‘Cosmopolitan’, among others.