From Kardashians to Amber Rose, Fashion Nova is a brand capturing every celebrity and every fashionista with its affordable and trendy designs. But the question is, who owns Fashion Nova- The brand which had captured celebrities?
If you are not a fast fashion lover and care about money, then don’t worry; this fast fashion brand is rolling in it.
Let’s get started on owning who owns Fashion Nova and how wealthy this brand owner is.
What Is Fast Fashion?
Fast Fashion is a very trendy term that describes clothing designs that move quickly from runaway shows to customers.
In Simple words, Fast Fashion is a fashion that allows consumers to purchase new fashionable clothes at significantly cheaper and affordable prices.
Some major players in the industry are Zara, Fashion Nova, GAP, Forever 21, Topshop, Primark, New Look, H&M Group, and UNIQLO.
About Fashion Nova
Fashion Nova is a brand catering to many celebrities for its fast fashion.
It’s an American fast fashion retailer that primarily operates online but also has physical stores and brick-and-mortar locations.
It allows customers to wear designs similar to what celebrities wear but at affordable prices.
The brand started in 2006 when it opened its first location in Panorama City, Los Angeles, inside Panorama Mall, selling club-wear attire.
In 2013 when the world was becoming accustomed to online shopping, this brand also launched its e-commerce website.
After the launch of its e-commerce website, Fashion Nova extended and launched its Curves Collection and expanded its hands to the men’s collection.
In 2018, the brand reached new heights by releasing its new line with rappers Cardi B, Saweetie, and Briana Perry.
This launch opened new routes for Fashion Nova, as since this collaboration, the brand has been endorsed by many celebrities like Blac Chyna, Teyana Taylor, and Christina Milian.
For its marketing strategy, it uses social media marketing, mainly Instagram
Who Owns Fashion Nova and What Is The Owner’s Net Worth?
Fashion Nova is owned by Richard Saghian. He is the founder and CEO of this fast fashion brand which has over $1 billion in annual sales.
Richard Saghian is an Iranian- American businessman who started his career in the retail industry by working in his father’s clothing boutique.
There he learned about all the basics and established his dream in the fashion sector.
He then attended a high school in California and decided to pursue a bachelor’s degree from the University of California.
After graduating, he then went on to pursue his dream as a businessman.
According to Forbes, in 2023, Richard Saghian’s net worth is $2.1 billion.
Richard Saghian not only owns Fashion Nova but also owns several pricey real estate in Los Angeles. One of which is the famous beach house in Malibu that he bought from Netflix CEO Ted Sarandos.
He also owns a well-known Bel-Air mansion called ‘The One’.
What Are Philanthropy Projects By Fashion Nova?
Besides making plenty of money, the brand also believes in helping other and have donated to various projects in past years.
1. In 2020, Fashion Nova donated $1 million to an array of justice organizations like Black Lives Matter, Know Your Rights Camp, and the NAACP Legal Defence and Education Fund.
2. It also launched a project named Fashion Nova Cares. This project focused on promoting social problems.
3. In 2021, Megan Thee Stallion and Fashion Nova collaborated for the rapper’s Woman On Top charity program, which motivated several women via scholarships, awards, and donations.
4. The Fashion Nova Cares program also donated $25000 or more to female business owners and students during Women’s History Month.
Is Fashion Nova Ethical & Sustainable?
First things first, Fashion Nova is not an ethical brand. It doesn’t produce it own collection, and it’s sourced from thousands of manufacturing units in Los Angeles.
These factories don’t have norms like child labor policy or worker exploitation. So, the workers are made to work under unsafe working conditions, and neither receives fair wages for their work.
However, Fashion Nova doesn’t maintain a transparent supply chain, so nobody knows what goes behind the factories it has partnered with.
Talking about sustainability, Fashion Nova is not a sustainable brand. Only a small section of the brand uses sustainable materials like organic cotton, hemp, linen, and other materials.
The majority of Fashion Nova’s collection is made from materials like nylon, polyester, and acrylic.
They also don’t disclose their use of water consumption levels, chemical release, and greenhouse gas emissions.
Some Facts About Fashion Nova
1. In 2020, Fashion Nova launched Maven Beauty, an affordable beauty brand.
2. During Covid-19, Fashion Nova Cares partnered with Cardi B to donate $1000 an hour for over 40 days to those affected by it. They donated a total of $1 million.
3. In 2019, The United States Department Of Labor launched an investigation against the brand for paying their workers as low as $2.77 an hour.
4. Fashion Nova has physical stores located in Burbank, Los Angeles, Montebello, Northridge, Santa Fe Springs, and Topanga of California.
5. The brand doesn’t have its own production units, it sources clothes from 1000 production units based in Los Angeles location.
Fashion Nova is a trending brand to get what celebrities are wearing at affordable prices.
It is neither ethical nor a sustainable brand. However, if you are a fashionista but want to wear clothes that are ethical and sustainable for the environment, then you can also choose collections from brands like CHNGE, Vetta, Quince, and Made Trade.
Who Is The Richest Person In Fashion?
The wealthiest person in the fashion industry is Bernard Arnault. His empire includes Louis Vuitton and Sephora.
How Much Does Fashion Nova Pay Influencers?
In the USA, the estimated average pay for influencers is $34,639 per year.
Where Do Fashion Nova Items Comes From?
Fashion Nova sources most of its items from manufacturers in Los Angeles, China, and California.
Amit Gupta is an experienced expert in digital marketing and co-founder of DrFranchises. With more than 11 years of knowledge in franchise digital marketing, SEO, email marketing, and social media marketing, Amit has helped many brands achieve incredible success online. As a passionate entrepreneur and owner of 7 franchises, he continues to study franchise models, looking at costs, revenue, and profitability to guide brands toward profitable growth. When he’s not working on digital marketing, Amit enjoys spending time playing with his beloved dog.