Conde Nast has announced the launch of a Bulgarian edition of Glamour magazine - in the same week that the chairman of its international division said opportunities for global expansion were drying up.

The Bulgarian edition, which is unlikely to launch before the New Year, will be the 16th edition of the monthly style and celebrity gossip title. It will be published by Greek publisher Liberis Media, which already prints Glamour under licence in Greece and Romania.

Speaking at the Fipp World Magazine Congress in London on Wednesday, Conde Nast International chairman Jonathan Newhouse said the industry was running out of places to expand "unless space exploration turns up some overlooked readers on Mars".

"There are markets left to develop but with a few exceptions they tend to be smaller and less wealthy," he said.

"We no longer have the possibility to develop by expanding our most profitable brands into the richest virgin markets.

But Conde Nast New Markets vice president Carol Cornuau said in a statement today: "Conde Nast is pleased to begin publishing in Bulgaria, a market that has developed fast over the past years and still shows plenty of potential for high-end magazines."

Conde Nast publishes 126 titles - including GQ, Vogue and Vanity Fair - in 23 markets around the world.