|Legal Name:||Fashion Nova|
|Headquarters Regions:||Los Angeles, California, United States|
|Number of Employees:||700+|
|Area served:||United States of America|
|Products of Company:||fast fashion retail company|
|Net Worth in 2022:||$450 million|
People love standing out and especially when it comes to attending functions with friends with a class. You also want to show them that you are also doing well financially and there is no other way of making this statement than by wearing designer clothes. For other people, the jobs they do demands that they go smartly dressed and looking sharp. This explains the reason why some companies will even go to extent of buying suits, shoes and bags for their employees.
If you are a lover of fashion and designer clothes, Fashion Nova is definitely not a new company to you. This company has been serving people from different parts of the world and many people are happy with their taste. Fashion Nova operates online and have appreciated the importance of social media and especially Instagram.
This is because, they are very active on Instagram in not only selling their products but also in interacting with their clients from different parts of the world. They create publicity of their products through celebrities, models and many other clients who are key in advertising their products.
Well, how well do you know about Fashion Nova? If not much, here is what we know about Fashion Nova to date.
It was back in 2006, when Richard Saghian who is the current CEO of Fashion Nova founded the company. The company didn’t flourish from nowhere, it is a work piece of patience and hard work. Initially, he was working in a retail clothing boutique that was located in Los Angeles and was owned by his father.
With time, he realized he could do better with his work and this is the time he decided to come up with Fashion Nova. The first location was inside the Panorama Mall, in Panorama City, Los Angeles and they majored in selling inexpensive “club-wear” attire.
Everyday meant new beginning for his company and his business and Richard was very wise and knew when to make a move and in which direction. In 2016, they managed to launch the Curve Collection and in 2018, they expanded the company to introduce men’s wear. This led to the release of Fashion Nova men’s line.
However, in December 2019, they went on the wrong side of the law after the United States Department of Labor realized that some of Fashion Nova’s clothes were being stitched together by a work force that is paid low wages illegally in the United States. One year later, they announced reforms to its contracting practices supporting the Californian labor laws.
Fashion Nova is not only much concerned with how much they are making in the business but by how well they are able to give back to the society. For this reason, in 2020, they pledged to donate 1 million USD to several social justice organizations. These include; Know Your Rights Camp, the NAACP Legal Defense and Education Fund and Black Lives Matter.
Some of the reforms they made to their contracting practices dictated that their contractors and subcontractors would be open to random independent audits. They also demanded good pay to their workers in accordance to the applicable minimum wages which is set to rise in Los Angeles in 2021 to a minimum $15 an hour for both small and large scale employers.
In November 2018, they held a major launch of their line with Cardi B (the rapper). The event was titled “Party with Cardi” and it was well organized and graced by performances by Cardi B, Brianna Perry and Saweetie. The launch was great and they record great sales within a very few hours. Since this launch, Fashion Nova has received sponsorship from influencers and celebrities like Blac Chyna, Teyana Taylor and Christina Milian.
They have a seasonal Halloween costume line that makes it possible for them to sell their products alongside other popular ambassadors at these Halloween events. In May 2019, they had another launch with Cardi B and this time, it involved performances from artists like Blueface, YG and Lil Nas X. This again was a great success and it was a great encouragement for them to continue doing more in marketing their different products.
Awards and Nominations
Fashion Nova is a young company that is growing in a very high rate. Although it was founded 15 years ago, it has seen a tremendous growth for the last three years since 2018. This means, although it has not been able to win any awards and nominations so far, the rate at which it is growing at, we can be sure they are going to receive great recognition soon.
Net Worth & Earnings of Fashion Nova in 2022
Richard Saghian is a great businessman who has managed to develop his company Fashion Nova from scratch. Today, the compsnu is worth hundreds of millions but he is not very free to discuss it in public. However, he was generous enough to reveal that the company has made a total of 600% increment in their sales. As of 2022, the company’s net worth is estimated to be around $450 million.
In April 2020, the company created Fashion Nova Cares which is an initiative whose main goal is supporting social causes. In the same month, they again partnered with Cardi B for the third time and this time, the idea was to donate $1,000 an hour. The campaign took more than 40 days and it was meant to support those affected by Covid-19. By the end of the campaign, they had managed to raise a total of $1 million.