As tipped by MediaWeek, IPC said it was relaunching the magazine because there is a market gap "for a more positive and aspirational weekly magazine for women aged 35-plus".
The new Woman, which will still sit within IPC's mass market division IPC Connect, has been repositioned to target an audience of mainstream and upmarket women.
For the first two weeks of its relaunch, Woman will be sold at the reduced price of 70p before returning to its usual price of 92p.
The new magazine will feature a new section called 'Have a Good Weekend', which will cover TV, music, films, food, going out and staying in.
It will have a focus on fashion and style with 12 pages of fashion and beauty every week. It will also include a new feature called 'Don't Tell Me I Can't', which is a first person account from real-life women.
The changes are informed by six months' in-depth research involving more than 120 women and led by Sue James, editorial director of another IPC magazine, woman&home, and Woman editor Karen Livermore.
IPC Connect is supporting the relaunch of Woman with ads in other IPC women's titles and websites. The new magazine will also be sampled at the Race For Life events at London and Glasgow.
Livermore said: "Women tell us they're constantly seeking ideas to keep their world fresh and interesting and the new-look Woman will deliver this every week.
"Real life and celebrities remain key and we're building on this with investment in fashion, beauty and lifestyle coverage, as well as features that make readers' lives better, easier, happier and healthier.
"Other key features in the new-look Woman include 'Supermarket Checkout', an edit of the best value supermarket shopping and treats and 'Be techno smart', which gives the low-down on the technology that matters to readers."
A feature called 'Bloke at the Back' also offers readers "a few minutes to spend with a gorgeous male celebrity".
Woman recorded an average circulation of 309,878 in the July to December period, falling 2% year on year, according to the Audit Bureau of Circulations.