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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.
2024-09-03
The billionaire exec has 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 Business Insider at the time. "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:
Saghian was born in California to an Iranian-American family that operated a retail business.
Saghian's family was also in the retail business.Fashion Nova
He founded Fashion Nova in 2006 and has served as the company's CEO ever since. 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
Saghian has a net worth of $1.3 billion, according to Forbes estimates.
Fashion Nova's success has made Saghian a billionaire.Michael Allen Creative
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.Noam Galai/Getty Images for FTM Fashion Week
Saghian told Paper Magazine in 2018 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.Noam Galai/Getty Images for FTM Fashion Week
"I realized early on, getting into the minds of my customers is what helped me grow," Saghian said. "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."
The brand has also engaged in notable celebrity partnerships with figures like 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.Noam Galai/Getty Images for FTM Fashion Week
Saghian has spent some of his Fashion Nova fortune on eye-catching real estate.
Saghian has spent some of his wealth on real estate.Joe Bryant
In 2022, 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."
Designed by architect Paul McClean, The One boasts 21 bedrooms and 42 bathrooms.
An aerial view of "The One," a Bel Air mega-mansion Saghian purchased.Allen J. Schaben / Los Angeles Times via Getty Images
The home boasts features like a floating lounge ...
A look at the floating lounge situated in "The One."Allen J. Schaben / Los Angeles Times via Getty Images
... a private 50-seat movie theater ...
Inside the private movie theater in "The One."Allen J. Schaben / Los Angeles Times via Getty Images
Other amenities at the home include a 10,000-bottle wine cellar, a 30-car garage, five swimming pools, a putting green, and a private night club.
"The One" is the largest modern home in the US.Joe Bryant
Saghian has also bought a Hollywood Hills residence on Blue Jay Way in Los Angeles that McClean also designed.
One of Saghian's other properties was the site of a robbery gone wrong; Saghian was not injured.GRANDADAM/Gamma-Rapho 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.
Saghian has also purchased a $40 million beach home on Malibu's exclusive "Billionaire's Beach."
Saghian also owns property on "Billionaire's Beach" in Malibu and most recently spent $118 million on new office space for Fashion Nova.Fashion Nova
The 6,000-square-foot home originally listed for $69 million but was marked down first to $59 million, and then again to $49 million, according to The Real Deal.
Most recently, Saghian spent $118 million on a 175,000-square-foot building to serve as the new Beverly Hills headquarters for Fashion Nova.
"I've always viewed real estate as a long-term generational investment, especially architecturally significant buildings in world-class locations," Saghian told The Real Deal.
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Áine Cain was a senior reporter for Business Insider, covering Walmart, Target, Costco, Home Depot, Lowe's, and Ikea.She wrote about the changing nature of the retail business, the labor issues affecting retail employees, and the trends that consumers should know about. Occasionally, she delved into crime, multi-level marketing schemes, and weird history.Cain previously wrote about careers and business strategy for Business Insider.
