If McKinsey and Mr. Townsend can figure out how to maintain the majesty of a brand like Vogue, while also reining in editorial costs (photo shoots, models, hair and makeup, clothing allowances for Anna, and so on), then they’ll feel they can effectively accomplish that for other brands, a source said.

Translation: If McKinsey can figure out how to make Vogue more profitable and relevant in the brave new media world, they can do anything! Actually, they are apparently looking at both Vogue and Condé Nast Traveler as examples of how to deal with the whole company. And not only because of their “magesty” — both magazines have “unusual Web strategy.” And finally we arrive at the crux of the problem:

Vogue is represented online by style.com and Traveler by concierge.com., rather than by their own brand names. Several Condé Nast insiders have told The Observer in recent weeks that Anna Wintour is beginning to the “get the Web,” and perhaps the McKinsey trip helped prompt a sudden awakening.

Perhaps the question really is, does a magazine, or its legendary editor deserve to survive, if it can be said of them in the summer of 2009 that they are “beginning to the get the Web”?

From: Townsend, Chuck
Sent: Monday, July 20, 2009 4:41 PM
To: Conde Nast Publications – Employees Only
Subject: Important Announcement

The US economy has contracted at a rate not seen in 80 years, forcing companies across America to adjust to the reality of this major economic setback. Our company and our brands have weathered this storm. However, we are not immune to the effects of the substantial revenue losses resulting from the deep and prolonged recession. Consequently, we must realign Condé Nast to be a successful business in an emerging economy that is now predicted to be painfully slow in recovering.

This is a considerable and complicated task, forcing us to rethink the way we do business in many instances and incorporate efficiencies in every step of our process. Beginning this week, I am dedicating myself and a team of my colleagues to this project. We will work with consultants, including McKinsey & Company, to develop new perspectives on optimizing our approach to business, growing revenues, and enhancing our brand assets. All areas of Condé Nast will be included in the study.

There is no doubt in my mind that the strength of our brands and people will provide us with the opportunity to participate in America’s economic recovery. Ensuring our financial health is paramount to our ability to be part of that process.