Who owns fashion nova? Richard Saghian is an entrepreneur with a million dollars who started Fashion Nova, a fast-fashion empire.
Fashion Nova. Fashion Nova has received numerous endorsements from celebrities and has attracted millions of followers on social media. The company is known for its reluctance to be in the middle of the limelight Fashion Nova’s CEO and founder Richard Saghian made an unusually dramatic purchase this week by paying $141 million for a massive mansion located in Bel Air.
The sprawling hilltop property, that includes 21 bedrooms as well as a nightclub, and numerous pool, could be the sort of investment that could be the perfect choice for billionaires. According to Forbes estimations the fast-fashion businessman is worth $1.4 billion. The reason for his wealth is his ownership 100% of the business which generates over $1 billion in sales annually according to an individual who is familiar with the subject. He also has a large real estate portfolio, which includes numerous mansions situated in Los Angeles.
Saghian 40-year-old Saghian has made his money by selling fashions that are fast-fashion to the Instagram crowd, securing celebrities such as Cardi B, Kylie Jenner and Nicki Minaj to show off the hundreds of new trends that are posted every week.
“It’s crucial to have a variety of styles as our customers share numerous times on social media and are in need of new clothing. We don’t want women showing out to the club in the same clothes. We need 50 different denim jackets. Not the one.” Saghian wrote in Women’s Wear Daily in 2018.
In Los Angeles to Iranian parents He founded the retailer online in 2006 and began selling clothing to women sporting Coca-Cola bottle designs. He was looking to take the fashionable fashions and turn it more efficient, so he assigned the manufacturers from his hometown that are located in Los Angeles with quickly stitching the clothes. Instead of opening and stocking stores, he went online to showcase new styles and asked famous and influential people to share photos of them wearing the clothes through social media. In the year 2018, Fashion Nova was the most Googled fashion brand, beating the brands like Louis Vuitton, Versace and Gucci. Sales increased by 20% in 2018 as compared to 2019 as per Earnest Research. The company studies purchases made with credit cards.
Fashion Nova is part of an array of ultra-fast fashion brands such as Asos, Revolve and Shein which are frequented by young online shoppers who enjoy the continuous innovation and low cost. In contrast to H&M and Zara They don’t have the number of brick and mortar stores.
Who Is Richard Saghian?
- Richard Saghian is the chief executive officer of Fashion Nova. Born on January 31 1982. Saghian is now 40 years old.
- Fashion Nova is a fast-fashion company and social media phenomenon that has experienced rapid growth due to its partnership with influencers as well as its speed in delivering fashion-forward pieces.
- He established Fashion Nova in 2006 as an online store chain that sells affordable “clubwear” and apparel in Los malls around the city of Angeles.
- Saghian began the e-commerce website in 2013 when the site was launched.
- The business soon became an instant cult catering to every body type and ethnicity.
- Fashion Nova counts over 20million followers on their Instagram accounts.
- Around 2 000 influencers, including Cardi B Kylie Jenner, Khloe Kardashian as well as Nicki Minaj — produce approximately 6,000 pieces of content about the brand every month.
- On the 6th of March, 2022 The Los Angeles Times reported that Saghian bought “The One” mega-mansion in Los Angeles.
- The CEO himself has confirmed to the publication that he paid $141million on the luxurious LA mansion.
“The One Bel-Air is a once-in-a-lifetime property that can never be duplicated. There is nothing else like it. 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,” Saghian wrote in an email to the newspaper.
He also owns two houses situated in Southern California: a Malibu beach home that he bought at the request of Netflix Chief Executive Ted Sarandos last year for $14.7million and a house situated in the Hollywood Hills that he bought for $17.5million in the year 2018.
He Was Taught About Fashion By His Father
Iranian-American Saghian was introduced to fashion at the age of a child from his father, who ran retail stores for women, according to Women’s Wear Daily. He established Fashion Nova in 2006, which began as an assortment of stores that sell low-cost clothes and clubwear located in Los Angeles malls. Saghian has since established his own e-commerce site in 2013 along with the Instagram account. He is frequently referred to as among the very first entrepreneurs in fashion to understand the potential of purchasing through social media.
He Built His Empire On Instagram That İs Currently Worth $1 Billion
Saghian, 40, realized the potential of Instagram at an early stage. Before the debut of Fashion Nova’s online store, Saghian macro-influenced his own 60,000 followers right from the start and helped them grow into a loyal fan base for his newly-established brand. Many of them still regularly use the hashtag #NovaBabes from the brand. This has resulted in significant levels of engagement as well as trustworthiness of the brand among the younger generations.
In the words of The Business of Fashion, the brand’s signature bodycon will “set the Instagram aesthetic look into stone, characterised by affordable on-trend clothing endorsed by influencers and celebrities alike”.
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