Early Life
Richard Saghian, born on January 31, 1982, in Los Angeles, California, is the son of Iranian immigrants. His upbringing in the United States and his family's involvement in the retail business laid the foundation for his future career. As a young man, Saghian gained early exposure to the fashion industry, working in his father's women's retail stores. This experience ignited his passion for fashion and provided him with valuable insights into the industry's inner workings.
Rise to Success
Saghian's entrepreneurial journey began in 2006 when he founded Fashion Nova. Initially, the company operated as a chain of five brick-and-mortar stores in Southern California, offering affordable clubwear. However, Saghian recognized the potential of social media and e-commerce, leading to the launch of Fashion Nova's online store in 2013. This strategic move proved pivotal, as the brand leveraged Instagram and influencer marketing to connect with customers and quickly establish a global presence.
Key Business Strategies
Fashion Nova's success can be attributed to several key strategies. First, Saghian focused on providing a wide range of trendy, size-inclusive clothing at affordable prices. Second, he masterfully utilized social media, collaborating with influencers and celebrities to promote the brand and connect with its target audience. Third, Fashion Nova adopted a fast-fashion model, quickly delivering new styles to consumers, which kept the brand at the forefront of the latest trends.
Philanthropy
Saghian has supported several social causes through his charitable organization, Fashion Nova Cares. In 2021, he partnered with Megan Thee Stallion on a philanthropic initiative called "Women on Top," which donated $1 million to support education, women-owned businesses, and female-focused charities.