Is Margaret Zhang Stepping Down? Can Vogue China Finally Escape Criticism? Turbulence Returns to the Chinese Fashion Media Scene?

News of personnel appointments released after Friday evening generally spells bad news for those involved.

For instance, late last night, corresponding to Friday evening in the US, several Western media outlets broke the news that Margaret Zhang, Vogue China's Editor-in-Chief, is on her way out. Internal sources from Condé Nast China corroborate that Zhang's exit is due to her contract ending without renewal.

Should these reports hold true, Zhang's departure in March 2024 marks the completion of her sole term.

For the industry, awaiting Zhang's exit feels inevitable, merely a question of when, given the tumult since her tenure began.

It's the various incidents that have occurred since Zhang took office at Vogue China that have led to such certainty.

To Vogue's faithful, who regard the magazine as the ultimate fashion scripture, the past three years have been marred by cover choices that ranged from baffling to outright repellant, with a consensus of dissatisfaction.

A fashion magazine's influence wanes when it fails to captivate or lead aesthetically.

Vogue China's reputation suffered from many mishaps like its 20th Anniversary, cover overlaps, and Anna Wintour's recent visit to China, largely attributable to Zhang's perceived inadequacies, her personal image and actions often fueling the mockery.

Rarely has an Editor-in-Chief influenced their media outlet in such a pronounced, unilateral manner in China's 30-year fashion media history.

Even as fashion media shifts away from direct sales to consumers as its primary revenue stream, consumer sentiment still significantly impacts advertisers' choices, including Vogue China.

When consumer discontent becomes unmistakable, advertisers, crucial for the magazine's financial sustainability, showed their stance through withdrawal. Rumors suggest that since Zhang's appointment, advertiser retreat has been notable, with a reported nearly 50% drop in 2023 sales.

Under these conditions, even Zhang, dubbed "Anna Wintour's mechanical arm," couldn't escape being severed by a performance-struggling Condé Nast Group, especially since she wasn't the first choice to succeed Angelica Cheung.

Despite its glossy exterior, the fashion media business fundamentally revolves around investment and return. Our focus isn't on the secretive power struggles at Condé Nast's headquarters but rather on the potential future of Vogue China post-Margaret Zhang's expected departure.

Ultimately, finding the right successor is crucial.

The industry buzzed with news of Vogue China's open deputy editor-in-chief position in the final months of 2023, yet no conclusion has been reached. Speculation points to Anna Wintour's exacting standards and Condé Nast's lofty expectations, but a notable consideration is whether real talents would subordinate themselves under Zhang.

True talents seek ample autonomy and opportunity for a grand venture. Meaning, Vogue China's path to attracting genuine talent necessitates moving beyond Zhang.

The operator's role is equally critical.

Gill Zhou, Condé Nast China's current president with a background as IBM's Chief Commercial Officer, is yet another leader origin in a different background and is unproven in the fashion realm.

Success in China's fashion media hinges on a thorough grasp of the landscape, underscored by comprehensive management from content to operations, matched with competence and initiative. From Huasheng Media's stable growth to MC China Group's buzz with W Magazine and Paco Tang's phoenix-like revival with West Village Culture Media, the impact of an industry-native leader with overarching control is evident.

The era of broad "foreign corporate" management is passé, with the fashion media industry in China now requiring meticulous, hands-on leadership for efficiency. Managers seeking personal acclaim at the company's expense are likened to mire dredgers.

If Zhang exits smoothly by March's end, Vogue China might embark on a fresh phase amidst uncertainties, potentially igniting a new saga of talent shifts and appointments within the fashion media. Regardless of the unfolding narrative, ConCall remains committed to tracking Vogue China's progress and the evolving dynamics of Chinese fashion media. With the right leadership, Vogue's unmatched brand power could quickly reclaim its standing.

As the saying goes, "The year's plan starts in spring," and spring begins every March in the Northern Hemisphere.