Who is Fashion Nova CEO Richard Saghian, new owner of LA’s biggest mansion? The fast fashion billionaire works with Kylie Jenner and Cardi B, and just dropped US$141 million on The One
- Saghian bought the US$141 million Bel-Air mansion called The One, but also owns Netflix CEO Ted Sarandos’ former Malibu beach house and late DJ Avicii’s home
- He works with celebrities such as Kylie Jenner, Cardi B, Khloe Kardashian, Megan Thee Stallion and Amber Rose – but what about his controversies with Kim K?
Fashion mogul Richard Saghian made headlines recently after making a splashy purchase of US$141 million for a mega mansion called The One in the posh Bel-Air area at an auction.
The CEO of privately-owned retailer Fashion Nova is a familiar name to fashion lovers everywhere. His brand is known as a fast fashion company that leverages social media buzz and has achieved a massive success through its work with influencers as well as its speed at delivering the latest trend pieces to consumers.
By Forbes’ calculations, Saghian’s wealth is valued at a net worth of US$1.4 billion that “stems from his 100 per cent ownership of the company”.
So, what else do we know about the fashion entrepreneur?
He learned about fashion from his father
Iranian-American Saghian learned about fashion from an early age from his father, who owned women’s retail stores, per Women’s Wear Daily. He founded Fashion Nova in 2006, which started out as a chain of stores selling lower price clubwear and other trendy apparel in Los Angeles malls. Saghian then launched his own e-commerce website in 2013 and an Instagram account; he is often dubbed as one of the first fashion entrepreneurs who understood the power of social media buying.