June 1950. Die-cut cover. Fifth Issue. Walker Evans, Roy Rogers, Gypsy Rose Lee. Cowboys, the sun, Summer travel. Some light wear, marking on cover (visible on cover).
from wikipedia:
Flair
Cowles founded Flair magazine in 1950, and it folded a year later. The magazine, which Time described at its launch as "a fancy bouillabaisse of Vogue, Town & Country, Holiday, etc.,"[13] was celebrated not only because of its design and editorial production by European art director Federico Pallavicini (né Federico von Berzeviczy-Pallavicini)[16] but also because of its lavish production. It was the resulting cost of production that killed the magazine, since the expensive special costs (for cover cut-outs for some issues, for example) could not be supported in the long run.