Richard Saghian
Source: Getty

Richard Saghian founded Fashion Nova as a producer of fast fashion in 2006.

Richard Saghian’s Net Worth Is Significant Thanks to His Fast-Fashion Empire

By

Mar. 14 2022, Published 1:42 p.m. ET

Richard Saghian, the founder and CEO of Fashion Nova, has built a massive empire. The entrepreneur has used the power of social media to build a rapidly growing fashion brand that produces fast fashion at affordable prices. Cardi B is a famous brand ambassador for the company. What's Richard Saghian's net worth in 2022?

Article continues below advertisement

Richard Saghian

Fashion Executive

Net worth: $50 million

Richard Saghian founded Fashion Nova in 2006 following an education in the fashion industry from his father, a clothing store owner. Fashion Nova began as a chain of stores in the Los Angeles area selling low-priced apparel. In 2013, the online version of Fashion Nova launched and Instagram was instrumental in the brand’s success. The company is known for creating fashion for all body types and sizes.

Birthdate: January 31, 1982

Birthplace: California

Richard Saghian’s Fashion Nova brings current fashion to the masses.

Fashion Nova calls itself "the world’s leading quick-to-market apparel and lifestyle brand." The very definition of fast fashion, it introduces 1,000 or more items to the website weekly.

Article continues below advertisement

The company has five Los Angeles stores and a huge e-commerce business as well. Fashion Nova has over 25 million followers across all social media platforms.

Fashion Nova
Source: Fashion Nova Facebook

Fashion Nova clothing featured on its Facebook page.

Article continues below advertisement

Fashion Nova aims to “democratize” fashion, but workers may have paid the price.

Saghian claimed in Paper magazine, “We democratize the fashion that we bring,” referring to Curve, the extensive plus-size collection. The brand sticks to its style memo of tight-fitting and revealing clothing for larger sizes, unlike most brands.

In 2019, the New York Times published a piece on a Labor Department investigation into poor factory working conditions and illegally low pay for its workers. Though company leadership claimed no responsibility for the wages and conditions for factory workers, the department found $3.8 million in back wages was owed to workers making Fashion Nova apparel.

Article continues below advertisement

Fashion Nova partners with well-known rappers like Cardi B and Megan Thee Stallion.

The brand launched its first line with rapper Cardi B in 2018. The company also started its partnership with performer Megan Thee Stallion in 2020. TMZ reported the collection brought $1.2 million in sales in the first 24 hours.

Cardi B
Source: Getty

Cardi B is a brand ambassador for Fashion Nova. In 2019, she performed at an event put on by Fashion Nova.

Article continues below advertisement

Fashion Nova has grown so large thanks to a focus on social media marketing. In particular, the rise of Instagram coinciding with the e-commerce platform helped the brand increase its reach. Instagram influencers are paid hefty sums to promote Fashion Nova in their posts.

Richard Saghian recently placed the winning bid on a Los Angeles mansion.

Saghian’s net worth has been estimated at $50 million by WealthyPersons.com, but that’s a rather rough estimate. Considering that his recently confirmed bid on “The One” — the largest home in Los Angeles — was $126 million, his actual net worth is likely much higher.

Article continues below advertisement

Saghian’s cost to purchase the 105,000 square foot mansion will be closer to $141 million thanks to a 12 percent auction fee, the LA Times reported.

Speaking of the home, Saghian stated to Times, “As a lifelong Angeleno and avid collector of real estate, I recognized this as a rare opportunity that also lets me own a unique property that is destined to be a part of Los Angeles history.”

Advertisement

Latest Net Worth News and Updates

    Market Realist Logo

    © Copyright 2022 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.