Do we need another luxury mag? Sure we do.
The launch, which DMNews originally reported on in October, was initially scheduled for February. No official word on what caused the delay, but my guess is they were waiting for things to lighten up a little before dropping a magazine for millionaires ($10MM in wealth or more) on the New York scene.
I'm not sure if they waited long enough, at least if they're looking for public popularity. Though things seem to be a bit brighter than they were in February, the launch is still stirring some rancor in the blogosphere.
On the other hand, as a magazine based around an image of exclusivity, they may not be too worried about public opinion. Prestige has had great success in various Asian markets for nearly a decade now, so I trust they know what they're doing here. After all, as much as it may bug the public, there ARE still rich people around. In fact, they may need a lifestyle magazine now more than ever, as they try to figure out how to tastefully enjoy their riches in this economy.
Right now, any success in the magazine space, whether luxury or low-brow, should be seen as good news.