Meet Fashion Nova's billionaire CEO, who just bought a $40 million beach home after buying the biggest modern home in the US last year for $126 million
Richard Saghian is the founder and CEO of Fashion Nova.
Steve Granitz/WireImage/Getty Images
Richard Saghian is best known as the fashion mogul behind fast fashion brand Fashion Nova.
Saghian is also snapping up pricey real estate. He recently purchased a $40 million home on Malibu's exclusive "Billionaire's Beach."
But that isn't his first big real estate purchase in LA. Last year, he shelled out $126 million for a Bel-Air megamansion, the biggest modern home in the US.
Richard Saghian is best known as the founder and CEO of fast fashion company Fashion Nova, but he's also racked up some record-breaking real estate deals.
The billionaire exec recently shelled out $40 million for a 6,000-square-foot home on Malibu's exclusive "Billionaire's Beach," The Real Deal reported.
Less than a year prior, Saghian bid $126 million at auction for a Los Angeles megamansion. Nicknamed "The One," the 105,000-square-foot property is considered the biggest modern home in the US. Taking into account the auction premium and commission fees, he ended up paying closer to $141 million for the home.
"'The One' Bel-Air is a once in a lifetime property that can never be duplicated," Saghian said in a statement sent to Insider. "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."
Here's a look at Saghian's life and career:
According to Paper Magazine, Saghian was born in California to an Iranian-American family that operated a retail business.Richard Saghian and Meek Mill attend a Super Bowl party in 2022.
According to Saghian's LinkedIn, he founded Fashion Nova in 2006 and has served as the company's CEO since then. The first store opened in California's Panorama Mall.Lil Nas X performs at a Fashion Nova event in 2019.
Jerritt Clark/Getty Images for Fashion Nova/Getty Images
Fashion Nova is a fast-fashion brand based in Los Angeles. While the company manages a handful of brick-and-mortar stores, the business is largely based on social media-bolstered e-commerce sales.A model represents Fashion Nova at a show in Fredericksburg, Virginia.
Saghian told Paper that the business has been fueled by social media engagement with influencers, models, and other "Nova Babes," especially on Instagram.A model represents Fashion Nova at a show in Fredericksburg, Virginia.
"I realized early on, getting into the minds of my customers is what helped me grow," Saghian told Paper Magazine. "I don't think I would've been able to do it without all my retail experience from the brick and mortar days to the e-comm days."A model represents Fashion Nova at a show in Fredericksburg, Virginia.
The brand has also engaged in notable celebrity partnerships with rappers Cardi B and Megan Thee Stallion.Cardi B strikes a pose at a Fashion Nova event.
Tommaso Boddi/Getty Images for Fashion Nova/Getty Images
According to the Los Angeles Times, Fashion Nova enjoys annual sales of over $1 billion.A model represents Fashion Nova at a show in Fredericksburg, Virginia.
Saghian has spent some of his Fashion Nova fortune on eye-catching real estate. Last year, he bought a Los Angeles megamansion called The One for $126 million at auction. After the auction premium and commission fees, his total came out closer to $141 million.
The Los Angeles Times reported that buying The One could "make sense as a marketing tool for Fashion Nova, serving as a backdrop where its influencers could show off the company's affordable, of-the-moment designs."Inside "The One," a Los Angeles mega-mansion.
Allen J. Schaben / Los Angeles Times via Getty Images
In 2021, the Blue Jay Way home was the site of a deadly shooting during an early morning armed robbery gone wrong, according to local news channel ABC7. Several people were injured and one suspect was killed after a shootout with Saghian's private security employees. Saghian was not at the scene at the time of the incident.A view from the Hollywood Hills.
Saghian's latest addition to his real estate portfolio is a $40 million beach home on Malibu's exclusive "Billionaire's Beach." The 6,000-square-foot home originally listed for $69 million in June but was marked down first to $59 million in September, and then again to $49 million in December.Richard Saghian is the founder and CEO of Fashion Nova.
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