Condé Nast’s UK business reported lower profits in 2025 as pressure on the fashion and luxury markets continued to weigh on the publisher, although growth in consumer and non-circulation revenue helped support its broader business strategy.
According to its latest accounts filed at Companies House, Condé Nast Publications Limited recorded turnover of £100.366 million for the year, down 1% from 2024. Revenue generated in the UK fell 7% to £70.65 million, while international turnover increased by double digits.
The publisher, whose portfolio includes British Vogue, GQ and Vanity Fair, attributed the challenging trading environment partly to softer demand across the global luxury and fashion sectors.
Profits Decline Following Exceptional 2024 Results
Profit before tax dropped to £13.641 million in 2025, compared with £90.317 million the previous year. However, the 2024 figure was significantly boosted by the sale of Vogue House, Condé Nast’s former headquarters in central London.
Excluding the impact of that transaction, profit before tax still declined, falling to just under £18 million from £28.2 million in 2024.
Net profit for 2025 stood at £9.8 million, compared with £73 million a year earlier. The previous year’s result included approximately £64 million in proceeds from the property sale, making the year-on-year comparison less representative of the company’s underlying performance.
Picture courtesy British Vogue
Consumer Revenue Supports Diversification Strategy
Condé Nast continues to adjust its business as audiences increasingly consume content and products through digital channels.
The company said that, as anticipated, audience behaviour was continuing to shift towards digital content and product consumption, in line with wider industry trends.
Consumer revenue, a key part of its strategy to diversify income beyond traditional publishing, increased by 8% year on year. Circulation revenue remained broadly stable, while non-circulation revenue grew 21%, supported by strategic initiatives and partnerships.
Alongside British Vogue and GQ, Condé Nast Publications Limited publishes titles including Wired, Tatler, Vanity Fair, Condé Nast Traveller, Glamour, House & Garden and The World of Interiors.
The latest results highlight the challenges facing established magazine publishers as they navigate changing consumer habits and a difficult luxury market while developing alternative revenue sources.
Speculation has previously emerged that Condé Nast’s US parent company could put the wider business up for sale. However, that possibility has been ruled out.
