Who is Richard Saghian?
Richard Saghian is a businessman well known as the founder and owner of the fast fashion company Fashion Nova.
He began the fashion company back in 2006 and slowly grew it through Instagram and the use of influencers.
A-list celebrities such as Kylie Jenner, Cardi B, Amber Rose, Blac Chyna, Nicki Minaj, and Kourtney Kardashian have worn or advertised Fashion Nova apparel a couple of times.
Fashion Nova became a go-to clothing brand for Instagram models around 2018 when the company suddenly maximized on using influencers to reach the young generation.
The company has since grown to have a separate children’s brand, plus size brand, and men’s brand. It also expanded to Nova Beauty in July 2022 where they sell lipstick, Eye Shadow palettes, skin care products, and Make-up products among others.
How did Richard Saghian start Fashion Nova?
Saghian began his company in 2006 after dropping out of college. He would open a number of stalls in malls around Los Angeles and sell his clothes at a lower price than the designer brands. He launched his first Fashion Nova shop at the Panorama Mall in California.
Soon after, Saghian moved his business to Instagram and other social media platforms. While he was still growing his business, he was able to get first-hand information about what his female customers wanted and decided to work on it.
Saghian realized early on that getting into the minds of his customers is what helped him grow. Before his brand grew on Instagram, he was a bit skeptical about taking it online since he only had around 60, 000 followers.
At that time, Instagram models and influencers with hourglass figures were growing and popular. He decided to create a fit-all fashion brand that would cater to the small, curvacious, and big girls at a lower price.
Fashion Nova then released new designs almost every week which made them even more popular. He also maximized on using Instagram models and influencers not forgetting big celebrities such as Cardi B and Kylie Jenner to popularise his brand.
In 2018, Fashion Nova was the most Googled fashion brand, beating out the likes of Louis Vuitton, Zara, Versace, and Gucci. As of 2022, Fashion Nova has grown to have plus size, men and children’s brands.
They also launched their beauty and makeup brand in July 2022. Fashion Nova Beauty has lipstick, Eye Shadow Palette, skin care products, and Make-up products among others.
What is Richard Saghian’s Net Worth?
Saghian has an estimated net worth of $2.1 billion according to his Forbes profile. This makes him the 2190th richest man in the world.
His company makes an average of $1 billion in annual sales.
Richard Saghian House 🏠
Saghian owns several properties in Los Angeles, including a sprawling hilltop estate in Bel Air that he purchased for $141 million.
In 2019, Saghian bought a Hollywood Hills mansion secretly off-market deal for $17.5 million which was sold to him by Tim Bergling’s (Avicci) Estate in a secret deal.
The house is located on Bird Streets street: Blue Jay Way, The Bird Street has long been the most desirable and most expensive area of the Hollywood Hills.
In March 2022, Saghian bought the famous ‘The One’ Bel Air Megamansion which was sold by Nile Niami.
The mansion which is located in has 21 bedrooms, 42 bathrooms, a 10,000-bottle wine cellar; multiple pools; a candy room; a hair salon; a spa; a bowling alley; a casino; and 7 powder rooms. It also has a 30-car garage enough to fit all his luxurious cars.
The One was initially listed at $500 million by developer Nile Niami. It took him more than 10 years to build and created huge debt for him. The property was put into bankruptcy in 2021 by his company.
The property became even more difficult to sell due to the lack of certificate of occupancy and foreclosure proceedings which many buyers shied from. The house was auctioned for $295 million but sold at $141 Million.
Richard Saghian Cars
Saghian owns a number of luxurious cars. He owns a Lamborgini, Maybach, and Rolls Royce among others. In late 2022, a runaway moving truck lost its brakes and accidentally hit Saghian’s house.
The truck hit his Maybach and completely flattened his white Rolls Royce and customized $800,000, Lamborghini.