With a working title of Style Journal, the magazine is to be published by Howarth's contract publishing business, Show Media, and will be launched in April.
Howarth said: "Style Journal will unashamedly talk to executives who wear the best suits, drive the best cars and drink the best wines."
The 64-page launch issue will be distributed with The Wall Street Journal Europe with content focusing on fashion and accessories, fine food and wine, travel and motoring.
The launch sees the WSJ follow in the steps of rival the Financial Times, which has long published a similar title called How to Spend It.
Jon Housman, managing director of The Wall Street Journal Europe, denied that its attempts to attract luxury goods advertisers were linked to a drop in advertising from other areas such as IT, telecoms and financial services.
Housman said: "It's not that we're trying to compensate. In fact, our fourth-quarter numbers are way up. We just feel that we are in a unique position because our reader demographics boast a high concentration of senior management. Style Journal will provide luxury goods advertisers with a new platform to reach this highly desirable audience."
Housman said that Style Journal would be different from the FT's magazine by focusing on grown-up men's style rather than being a pure fashion magazine.
The grown-up approach will, according to Howarth, see men over 40 feature regularly on the front cover.
"It is one of only very few magazines in the world to feature men over 40 on the cover," he said.
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