The changes are a response to the economic slowdown that's already spurred budget cuts and a hiring freeze, said David Carey, group president at Conde, who said the magazine will finish 2008 with 680 pages.
"We're really pleased with where we are," he said. "It just becomes a question of where we're going. Our business model assumed 30% growth out of the gates, the assumption made in 2006 when the world was different. We think that growth will still be there, but it will be more modest."
The business-side staff at the website will shrink to four from 15 people, although three or four more of its dedicated staffers will be merged into corporate areas that could include Conde Net. The fate of the editorial staff at the site, which will focus much more heavily on content produced by the print team, has not been determined.
Portfolio debuted in April 2007, facing severe skepticism about the need for a business book that incorporated culture, fashion and high-end photography. But it was armed with a $100 million launch budget over five years and the considerable relationships Conde Nast enjoys with luxury advertisers. Editor in chief Joanne Lipman has already outlasted critics' predictions.
It reported average paid circulation of 415,292 over the first half of this year, according to its inaugural filing with the Audit Bureau of Circulations. Its guaranteed paid circulation will increase to 450,000 in January.
Earlier today Conde Nast confirmed that Vogue will absorb Men's Vogue.