Behind the Business of Fashion Substacks

On a glacial February night on Manhattan’s Lower East Side, a pack of people gathered inside menswear store Colbo, pressed into clothing racks as they sipped on white negronis and nibbled on porcini kibbehs. Partygoers spilled out the front door for a moment of respite.

It was a scene that, 20 years ago, might have served as the setting for a magazine issue launch. But in 2023, it was a celebration for the winter issue of Magasin, a Substack…