Richard Saghian
Overview
- Source of Wealth
- Fast fashion
- Industry
- Fashion & Retail
- Residence
- Los Angeles, California
- Education
- California State University Northridge (Drop Out)
- Marital Status
- Single
Biography
Richard Saghian is the founder and CEO of fast fashion company Fashion Nova, which generates some $2 billion in annual sales.
The son of Iranian immigrants, Saghian started the company in 2006 after dropping out of college.
He offered hundreds of new clothing styles a week, promoted on Instagram by influencers and celebrities like Cardi B.
In 2018, Fashion Nova was the most Googled fashion brand, beating out the likes of Louis Vuitton, Versace and Gucci.
Saghian owns several properties in Los Angeles, including a sprawling hilltop estate in Bel Air that he purchased for $141 million.
About
Three men attempted to rob Saghian outside his home in 2021. A confrontation with a security guard led to gunfire, resulting in one fatality. Saghian was uninjured.
In 2022, Fashion Nova agreed to pay $4.2 million to settle allegations by the FTC that it suppressed negative reviews online. Fashion Nova denies the allegations.