Last week Nick Haramis started his new job as editorial director of Bullett, the curious quarterly fashion magazine now entering its second year.

From his designated corner of Bullett’s Chelsea loft (equipped with a big shiny Mac, but still awaiting a partition to separate the broom closet from the office), Mr. Haramis said he had been seduced by the prospect of building something new at Bullett, an opportunity presented to him by editor in chief Idil Tabanca and chief brand officer Carrie Rosten in a meeting at The Ace.

Although Bullett is not exactly a start-up, one might say it’s pivoting. In the spring, a founding investor and editor, Erin Ralph, a proto-Tavi fashion blog entrepreneur, was bought out by another founder and his or her “undisclosed overseas backer,” rumored to be a blood relation.

Ms. Tabanca, 27, replaced Ms. Ralph as editor-in-chief. She said the parting was mutual and amicable. Ms. Tabanca hired Ms. Rosten from Out magazine. Ms. Ralph went on to launch Weebo, a social shopping start-up. Read More