Vanity Fair (magazine) the Great Depression and declining advertising revenues, although its circulation, at 90,000 copies, was at its peak. Condé Nast announced in December 1935 that "Vanity Fair" would be folded into "Vogue" (circulation 156,000) as of the March 1936 issue. Condé Nast Publications, under the ownership of S.I. Newhouse, announced in June 1981 that it was reviving the magazine. The first issue was released in February 1983 (cover date March), edited by Richard Locke, formerly of "The New York Times Book Review". After three issues, Locke was replaced by Leo Lerman, veteran features editor of "Vogue". He was followed by editors
Vogue Italia to the present day. In 1961, Condé Nast contacted the owner of "Novita" magazine to invest in a new fashion magazine. From October 1964 until November 1965, the magazine was published as Novita. In 1965, after 73 years since the birth of Vogue, "Vogue Italia" was launched, as Vogue & Novita, being the first issue for the month of November 1965. Consuelo Crespi lead the launch until 1966. In 1966, Franco Sartori was appointed as the first editor-in-chief and under his leadership he changed the name from "Vogue & Novita" to "Vogue Italia", being the May 1966 issue the first