Richard Saghian Biography
Richard Saghian is an Iranian-American famous CEO and Businessman, well-known as the owner of the American fast fashion retail company, “Fashion Nova”. His business has made him among the richest people in the world – he has been recognized even by Forbes. He has also invested in the real estate business.
Richard Saghian Age
Saghian was born on January 31, 1982, in the United States. He is therefore 41 years old as of 2023. He celebrates his birthday on the 31st of January every year.
Richard Saghian Height
Saghian stands at an approximate height of 5 feet and 7 inches.
Richard Saghian Family
Saghian was born to Iranian parents, who immigrated to America. He has managed to keep his personal life away from the limelight hence he has not disclosed the names of his parents. There is also no information regarding whether Saghian has any siblings.
Richard Saghian Wife
Rumors have it that Saghian is in a relationship with a woman by the name of Shannon Bream. However, he hasn’t confirmed the rumors yet, so they still remain to be rumors. Apparently, he is private about his personal life therefore it is unknown if he is in any relationship.
Richard Saghian Net Worth
According to Forbes, Saghian has an estimated net worth of $2.1 Billion as of 2023. He has earned all this money through his successful career as the CEO of Fashion Nova.
Richard Saghian Assets / Investments
Saghian is well-known for starting a successful fashion company called “Fashion Nova”. He founded it in 2006 after leaving college. The company sells trendy clothes and makes more than $1 billion each year. Saghian regularly introduces hundreds of new clothing styles every week, and famous people like Cardi B help promote them on Instagram.
Richard Saghian Home / House
He owns many properties in Los Angeles, including a large estate in Bel Air that he bought for $141 million. In 2023, he also bought a $40 million home in Malibu, which is located on a beach known as “Billionaire’s Beach.”
Not long before that, Saghian made headlines when he spent $126 million at an auction to buy a huge mansion in Los Angeles. This mansion is called “The One” and is the largest modern home in the US, covering 105,000 square feet. After considering the auction fees, he actually paid around $141 million for it.
Saghian expressed his excitement about owning “The One” mansion, saying it’s a unique property and a special opportunity to be part of Los Angeles history. As someone who loves real estate, he saw it as a once-in-a-lifetime chance.
Richard Saghian Fashion Nova
Saghian is the CEO of “Fashion Nova”. It is a popular American clothing store that sells trendy clothes quickly. They mostly sell their products online, but they also have five physical stores. Fashion Nova uses social media, especially Instagram, to advertise their clothes. They pay celebrities and models, as well as other people with free clothes to talk about their company and make it more famous.
Saghian started the company in the year 2006. Before that, he worked in his dad’s clothing shop in Los Angeles. The first Fashion Nova store opened in Panorama City, Los Angeles, inside the Panorama Mall. They sold affordable club-wear clothes there. Then, in the year 2013, Saghian launched the Fashion Nova website so people could buy their clothes online.
In the year 2016, Saghian with his company Fashion Nova started selling clothes for plus-size people, calling it the “Curve Collection.” Then, 2 years later, the company began selling clothes for men too, creating the “Fashion Nova Men’s” line.
In August 2020, Saghian’s Fashion Nova made some changes to the way they work with other companies. They did this to support a new proposed bill in California, called SB 1399. This bill says that the companies Fashion Nova works with, called contractors and subcontractors, have to agree to random checks by independent investigators. These checks make sure that the workers who make the clothes get paid at least the minimum wage. In Los Angeles, the minimum wage was going up to $15 an hour for all employers in 2021.
To help the workers even more, Fashion Nova set up a free hotline. If any worker feels mistreated or taken advantage of, they can call this number and report the problems. Fashion Nova also made a system of punishments for any company that doesn’t follow the new rules they put in place. This way, they are trying to make sure everyone gets treated fairly and with respect.
In October 2020, Fashion Nova introduced a new brand called Maven Beauty that sells affordable beauty products. However, in January 2022, the company faced some trouble. They had to pay 4.2 million dollars to the Federal Trade Commission (FTC) as a settlement. The reason was that Fashion Nova was caught artificially boosting its ratings by stopping negative reviews from appearing on its website.
Other than managing his company, Saghian also likes to buy properties and works in the real estate business. He has acquired homes that once belonged to famous people like Ted Sarandos (Netflix executive) and Avicii.
Richard Saghian Controversy
In December 2019, a problem occurred in Saghian’s company, “Fashion Nova”. The US Department of Labor investigated and found that some of the companies that made clothes for Fashion Nova didn’t treat their workers fairly. These workers were paid as little as $2.77 per hour, which is way too low. The companies owed these workers a total of $3.8 million in unpaid wages.
In response to some of the issues, in the year 2020, Fashion Nova promised to donate $1 million to help support social justice organizations. They gave money to groups like the NAACP Legal Defense and Education Fund, Know Your Rights Camp, and Black Lives Matter. This was their way of trying to help and make things right.
Richard Saghian Social Media Platforms
He is active on his social media accounts and posts on his Instagram, Facebook, and Twitter. He has over 117K followers on Instagram.