Millionaireasia gets a new investor

Fluid Publishing has taken major stake in high-end lifestyle magazine Millionaireasia as its expands its footprint further North into Mainland China. The move follows a recent change of hands over the ownership structure of the magazine, previously published under license from Eight Publishing. Under the new deal Fluid will take over advertising sales and all digital initiatives for the magazine. Dominique Afacan, Fluid Publishing's editorial director has taken over the editor's role on Millionaireasia. Fluid Group managing director Simon Squibb said the Millionaireasia community was a great fit for its growing portfolio of titles, in particular its high-end property magazine Loft. "Millionaireasia fits into our existing stable of products and the events they do are amazing," Squibb said. He added that its direct distribution model to some 10,000 letterboxes was also a distinct advantage. "I believe in the direct distribution model, you know that the magazine is not going to sit on someone's desk collecting dust. We want to offer advertisers creative solutions with measurable result and I think Millionaireasia can do that." The level of investment has not been disclosed but Squibb said it was "significant" for Fluid Publishing.