Early Life
Richard Saghian was born in Los Angeles, California, to Iranian immigrant parents who were in the retail business. He gained early experience in the fashion industry by working in his father's clothing boutique. Saghian was born on January 31, 1982.
Rise to Success
In 2006, Saghian founded Fashion Nova, initially as a chain of brick-and-mortar stores in the Los Angeles area. He later transitioned to an e-commerce model, launching an online platform in 2013. Saghian's success has been significantly driven by his savvy use of social media marketing and collaborations with influencers and celebrities such as Cardi B and Kylie Jenner. Fashion Nova rapidly gained popularity by offering a wide array of affordable, trend-setting clothing.
Key Business Strategies
Saghian's key business strategies include a focus on "ultra-fast fashion," delivering new styles rapidly. Fashion Nova introduces hundreds of new clothing styles weekly. The company has over 25 million followers across social media platforms. The business model is primarily online retail with a few physical stores in Southern California.
Philanthropy
In 2020, Saghian launched Fashion Nova Cares, a charitable organization supporting several social causes. In 2021, he partnered with Megan Thee Stallion on the philanthropic initiative "Women on Top," which donated $1 million to support women-led businesses and organizations.