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Bob Guccione, Jr. began his career at the age of 18 in the UK where he became Britain's youngest-ever publisher. A year later he returned to America and launched the[…]

Bob Guccione, Jr. says despite the recession, the very rich are still rich.

Question: Why launch a luxury lifestyle magazine in a downturn?

Guccione: You know, that’s a great question.  Of course, it wasn’t the intention to launch Prestige in a recession.  The intention to launch it this year before the recession was predicted or came about to the extent that this came about.  Having said that, I still don’t think it’s a bad idea.  I think the very rich will always be at least rich, and the lifestyles of these people, which is very cosmopolitan, very international, very curious, very active, very alpha in some ways, that doesn’t change, only the numbers change.  So this magazine is about that lifestyle, [carry] the advertising for products and services and lifestyles that the rich can still afford.  Yes, for sure, everybody is being a bit more sober about excessive spending, including us at the magazine.  But, you know, in general, the lifestyle is still valid and is still of interest to this demographic, so [IB], maybe one of the few good launches in a time like this.