Richard Saghian is part of the BoF 500 (2024)

FAQs

What is Richard Saghian net worth? ›

2.1 billion USD (2023)

Richard Saghian / Net worth

Richard Saghian is the founder and CEO of fast fashion company Fashion Nova, which has over $1 billion in annual sales. The son of Iranian immigrants, he started the company in 2006 after dropping out of college.

He built his empire through Instagram and is now worth US$1 billion.

In the Fashion market in the United States, fashionnova.com is ranked #26 with > US$500m in 2021.

Cardi B specifically has said she's received as much as $20,000 monthly to wear Fashion Nova.

Fashion Nova is an American fast fashion retail company. The company primarily operates online, but it also has five brick-and-mortar locations.

The funny part about shopping on both sites is that they sell the same exact clothes. Although it is clear that both sites get clothes from the same vendor, SHEIN will always be a better pick when shopping for cute clothes. To begin, SHEIN is way cheaper than Fashion Nova. Shopping at Fashion Nova can be expensive.

Richard Saghian is the chief executive of privately-owned Fashion Nova, a fast-fashion company and a social media phenomenon that has achieved rapid growth through its work with influencers and its speed at delivering trend-led pieces.

How much does Fashion Nova spend on influencers? ›

In the second quarter of 2019, the fast fashion retail company Fashion Nova spent 5.5 million U.S. dollars on influencer marketing on Instagram, while the French vodka brand Ciroc ranked second, with expenditures on influencer marketing amounting to nearly 3.48 million dollars in the same period.

Micro-influencers (accounts with one thousand to ten thousand followers earn on average $1,420 per month, and mega-influencers (accounts with over one million followers) earn about $15,356 per month.

More than 3,000 high-profile celebrities and prominent Instagram influencers, including Kylie Jenner, Cardi B, Khloé Kardashian, Kourtney Kardashian, and Amber Rose, are partners with the company. Fashion Nova occasionally pays these celebrities $20,000 to wear its clothing.

In investigations conducted from 2016 through this year, the department discovered Fashion Nova clothing being made in dozens of factories that owed $3.8 million in back wages to hundreds of workers, according to internal federal documents that summarized the findings and were reviewed by The New York Times.

shī ēn. to confer a favor on sb to confer a benefit.

NANJING, China, June 17, 2015 /PRNewswire/ -- SheIn, former Sheinside, recently changed its brand name to SheIn and adopted "She In Shine Out" as its new slogan. Their domain name has altered to "www.shein.com" as well, which has sparked a rather heated discussion among e-commerce peers.

Shein launched an investigation after U.K. Channel Four documentary Untold: Inside The Shein Machine alleged that workers were subject to 16-hour-long days, got one day off a month, and earned wages of around 4,000 yuan ($572) per month to produce hundreds of garments for the online retailer each day.

Although OnlyFans has become a platform for creators to share explicit images and videos, Cardi offers Q&A sessions and personal life updates, holding up her “Bodak Yellow” line, “I don't dance now, I make money moves.” On OnlyFans, Cardi only charges fans a fee of $4.99 per month.

Cardi B has raised the bar for birthday gifts, gifting her husband Offset $2million on his 30th birthday. The 29-year old Money rapper posted a video on her Instagram story presenting Offset with a large check for $2 million.

Who owns Fashion Nova Kylie Jenner? ›

Saghian, the 40-year-old owner of the fashion brand, has prospered from associations with stars such as Kylie Jenner, Lil Nas X and Cardi B and the company now exceeds more than $1 billion in annual sales, the Times reported.

Find the perfect outfit for a night out from the Cardi B clothing line at Fashion Nova. Look as good as the star herself in our clothing line curated after Cardi B fashion fits.

Huge choice - 600,000 products for sale. At any one time, Shein has as many as 600,000 products for sale on its online platform. It relies on thousands of third-party suppliers, as well as about 200 contract manufacturers, near its headquarters in Guangzhou.

Fashion Nova has been based in Los Angeles, CA since 2006. With only 5 physical stores scattered across Southern California, its globally insane popularity is the result of its work with high-profile influencers and its speed at delivering trend-led pieces.

Shein relies on AI to predict consumer interest shifts

Using AI to create replicas of popular trends on a daily basis means that the customer always receives popular pieces. Many Shein garments have come under fire for copying designer brand pieces, young designer imagery and religious motifs.

Shein has told media that Xu is Chinese-born. Chinese media describes him as being an average student from a poor background, who had to work to support himself through college. He developed a skill with search engine optimisation (SEO) which would underpin his future success.

The estimated total pay for a Brand Ambassador at Fashion Nova is $3,706 per month.

The One cost Saghian far more than his other homes, but his winning bid was less than half the property's $295-million list price. “It's an incredible deal,” said Branden Williams, who listed the home with his partner, Rayni Williams, and Aaron Kirman of Compass. “No one understands until they get up there.

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.

How much is Shein worth 2022? ›

In the past five years, Shein has seen its valuation skyrocket, as it broke into the US and European market. It went from a $5 billion valuation in 2019 to $100 billion in early 2022, although that has since declined to $64 billion in 2023.

$3,706. The estimated total pay for a Brand Ambassador at Fashion Nova is $3,706 per month.

Earlier this year, Richard Saghian, owner of the fast-fashion business Fashion Nova, bought the Los Angeles mansion known as “The One” for $141 million. The One was one of the biggest U.S. homes to ever go up for auction.

The property known as "The One" had originally listed at $295 million, but recently sold at auction for close to $141 million. Richard Saghian, owner and chief executive of Fashion Nova, won the bidding war for the 105,000 square-foot home, according to The Los Angeles Times.

Average Fashion Nova Warehouse Worker hourly pay in the United States is approximately $15.89, which meets the national average.

Shein launched an investigation after U.K. Channel Four documentary Untold: Inside The Shein Machine alleged that workers were subject to 16-hour-long days, got one day off a month, and earned wages of around 4,000 yuan ($572) per month to produce hundreds of garments for the online retailer each day.

Shein's primary audience is Gen Z consumers, and it has focused much of its marketing efforts on social media influencers on platforms such as Instagram and TikTok.

However, Amazon has consistently generated more traffic to its Clothing, Shoes, & Jewelry category than Shein, rising from 73.0 million visits in January 2020 to 94.1 million today.

What clothing brand makes the most money? ›