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Refinery29 Millennial Media Company Takes Financial Hit

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Oct. 24 2018, Updated 8:13 p.m. ET

Refinery29, a major media company geared towards millennial women,  is laying off nearly ten percent of their staff. The platform is struggling to hit their 2018 revenue target and as a result the product engineering and video departments will be most affected. The idea is to suffer the loss now but get a head start in 2019, which involves increasing investments while reducing resources.

Justin Stefano and Philippe von Borries, Refinery29’s co-chief executives said, in a memo to staff,  “While these changes will affect every division of the company, the areas where we will make the biggest shifts are in our video and product strategies.”

Refinery29 was founded in 2005, with the initial target audience being New York City local; they soon found themselves catering to London, Los Angeles, and Berlin. The expansion lead to over 450 employees internationally and according to Adweek, an audience of about 500 million on a variety of platforms.

Similar to Bombshell by Bleu, the company is a platform for style, health, entertainment, careers, technology, and news

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