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