Fashion Nova Billionaire Just Spent $118 Million on His Fourth Los Angeles Property

What’s hot right now? If you ask billionaire fashion business owner Richard Saghian, he’ll probably answer: Los Angeles real estate.

The 43-year-old founder and CEO of Fashion Nova just shelled out $118 million in cash for a new 175,000-square-foot headquarters for his trendy online retailer. The ultra-modern property — described in a company press release as resembling a “giant spaceship from a sci-fi movie” — is meant to pamper the company’s 500-plus employees with luxurious amenities like a fitness studio, wellness spa, yoga garden and micro-cosmetic treatment bar.

This is Saghian’s fourth major purchase in the Los Angeles area since the start of the COVID-19 pandemic, totaling some $300 million, with real estate making up an increasingly large portion of his estimated $1.3 billion fortune. “I am a strong believer in the resilience of the Los Angeles real estate market and am incredibly excited to add this property to my real estate portfolio,” Saghian said in a press release about Fashion Nova’s new headquarters.

In April 2021, the fashion mogul spent nearly $15 million to purchase a four-bedroom beach house on Malibu’s popular La Costa Beach from Netflix co-CEO and chief content officer Ted Sarandos.

In March 2022, the Fashion Nova founder made headlines after winning the auction to purchase the largest residential home in Los Angeles, dubbed “The One.” The sprawling mansion, the city’s largest residential property, spans some 105,000 square feet with 21 bedrooms and 42 bathrooms. Saghian spent $126 million to secure the trophy property, which was reportedly presented to more than 40 billionaires before Saghian swooped in to buy it. It cost him an additional $15 million in auction fees.

Saghian’s next big purchase came in January 2023, when he paid $40 million in cash for a 6,000-square-foot home on Malibu’s Carbon Beach. The property has since been renamed the “Fashion Nova Malibu Beach Club.” On Instagram, influencers have been posting photos and videos of the property.

Launched in 2006 by Saghian after dropping out of California State University, Northridge, Fashion Nova has generated an estimated $2 billion in sales. The fast-fashion brand, which releases hundreds of new clothing styles every week, relies heavily on Instagram influencers and celebrities for promotion.

According to a Fashion Nova press release, the new global headquarters will build on that idea with the “Nova Founder Lab,” described as an “incubator-accelerator for emerging brands and designers.” By invitation only, celebrities and influencers will be able to use amenities and collaborative spaces within the office, the press release states.

“Fashion Nova pioneered social media marketing, creating a digital platform for influencers and designers when the industry was in its infancy,” the press release said. “And now we’re pioneering a physical space for this community to connect, collaborate and engage with our brand. There’s nothing like it in the fashion industry right now, period.”