“Don’t judge a book by its cover,” the old cliché goes. It’s usually good advice, but not in the case of the stunning special editions published by London’s Folio Society. For decades, the company has produced a curated selection of fiction and nonfiction works as deluxe, slip-cased objets d’art, often with new introductions and artwork, offered exclusively through direct-to-consumer channels.
Since its inception in 1947, Folio had operated on a membership-based book-club model, which was successful for a time but eventually ran its course. When CEO Joanna Reynolds took the reins in 2016, she recognized it was time to reinvent the company’s business model for a new generation of bibliophiles. Those efforts include everything from finding a fresher approach to its catalog to changing the very structure of the business. Now those moves appear to have paid off.
“When I first came on board 10 years ago as a consultant, I didn’t think we could save it,” Reynolds admits. The company’s traditional book club model was faltering, losses had piled up over a decade, and, as she recalls, “every business metric was in freefall.” But during a train ride to Glasgow, she spotted a statistic that changed her perspective: a 20% response rate to the holiday catalog, an unheard-of figure in direct-to-consumer marketing.
That flash of insight became the basis of a turnaround. With a background in media and direct marketing from stints at Procter & Gamble, Reader’s Digest, and Time Warner, Reynolds set about overhauling every aspect of the business, from its publishing program and marketing strategy to its IT systems and payment infrastructure. “We didn’t even have a digital team when I arrived,” she says. “We stopped taking paper checks. Everything changed.”
By 2020, Folio was profitable again. In 2021, the company transitioned to an employee ownership trust, meaning the company is now in the process of becoming fully owned by its staff. “Once the outgoing shareholders are paid off”—which is expected to happen in early 2026—“everyone will have an equal share,” Reynolds says, “whether you’re the CEO or anyone else in the company.”
The modernization inside the company is reflected externally by an evolution in its consumer base. Once dominated by older, predominantly male bibliophiles, Folio’s audience now skews younger and more diverse. Today, Reynolds says, the publisher’s largest demographic is readers ages 24–34, and it counts as many customers under the age of 25 as it does those over 60.
Folio’s catalog, comprising 50–60 titles per year, reflects that demographic shift. While still anchored in literary classics, the company has embraced genre fiction, comics, and contemporary authors. Recent releases include illustrated editions of William Gibson’s Neuromancer, Madeline Miller’s The Song of Achilles, and Malorie Blackman’s Noughts and Crosses. Reynolds noted that, when she first joined the company, 95% of what Folio published was in the public domain; now, she says, around 95% of its list is under copyright.
The publisher recently inaugurated a line of reprints of classic American comics, which began with Marvel and expanded to DC. That helped attract new audiences, even leading the literary publisher to stake out a presence at San Diego Comic-Con to announce its new partnerships. “In the past, we’d never have considered comics,” Reynolds says. “Now it’s a whole new area—and it’s changed how people think about Folio.”
Most Folio Editions go through multiple printings in the 4,000–5,000-copy range, but a select few are limited editions, typically produced in small batches with artisanal materials and often priced north of $500. Some titles, like collector’s editions of Susanna Clarke’s Piranesi or George R.R. Martin’s A Game of Thrones, have required immediate reprints due to high demand. A forthcoming deluxe edition of Moby-Dick, based on a reader survey naming it the greatest American novel, is planned for 2026. Reynolds notes that Folio works closely with its audience through surveys and in-person focus groups in London, New York City, and other major markets: “We know our customers. We know what they love—and we ask them.”
As the company continues to evolve, its production standards remain constant. “Each book is planned from scratch,” Reynolds says. “The paper, the slipcase, the illustrations—it’s all bespoke.” This emphasis on craftsmanship doesn’t come cheap. “They’re expensive because they’re expensive to make,” she adds, citing hand-bound details and high-end materials. Another one of Folio’s distinctive features is its sales channel. The company sells exclusively through its own website and catalog, enabling it to maintain premium pricing and a direct relationship with its customer base. Retailers can order shelf copies, but only through the same portal and pricing used by consumers.
For a publisher so thoroughly British in its heritage and operations, the United States plays an outsize role. Reynolds says that the U.S. is the Folio’s biggest market in both revenue and number of customers. California alone ranks as its fifth-largest regional market, prompting the publisher to consider bringing its recent exhibition at the Society of Illustrators in New York to the West Coast.
But expanding across borders comes with challenges. Post-Brexit shipping complications and rising tariffs are a concern. “Most of our core books are printed in the E.U., while limited editions are done in the U.K.,” Reynolds says. “Everything is distributed from Britain, and geopolitics—from trade to climate disruption—can impact that.”
Looking ahead, Folio plans to maintain its current publishing pace while refining its editorial vision. A new limited edition collection of Jane Austen’s complete novels is slated for September to mark the 250th anniversary of the author’s birth,, and holiday and spring catalogs are already in development. For Reynolds, the goal is clear: “Keep our customers happy, stay in business, and keep doing what we love.”
In an era when physical books often fight for attention in a digital-first world, Folio has found success by doubling down on the tangible. “If someone finds a book they love, they want the best possible edition of it,” Reynolds says. “That’s what we do.”
