ALBAWABA - Richard Saghian, the American fashion billionaire, founder, and CEO of fast fashion company Fashion Nova, invested almost $300 million outside the fashion sector, primarily in real estate.
Richard Saghian invests in real estate
The 43-year-old billionaire recently paid $118 million in cash for a new 175,000-square-foot headquarters for the trendy online fashion retailer, Nova. The new headquarters is set to provide high-end services for the company's employees, featuring luxury facilities like a fitness studio, spa, yoga garden, and acupuncture treatment area.
It is worth mentioning that this marks Saghian’s fourth major real estate purchase in Los Angeles since the start of the COVID-19 pandemic. His total amount of real estate investments are estimated to be $300 million. The net worth of the billionaire is estimated by approximately $1.3 billion, according to Forbes.
The 43-year-old billionaire recently paid $118 million in cash for a new 175,000-square-foot headquarters for the trendy online fashion retailer, Nova. (AFP)
“I’ve always viewed real estate as a long-term, generational investment, and I just think it’s a great place to invest. And why not purchase when the market’s down, you know,” Saghian said commenting on the recent deal.
Previous investments for Saghian
The American billionaire previously bought a house for nearly $15 million in 2021 from Ted Sarandos, an American businessman and co-chief executive officer of Netflix. The house consisted of four-bedrooms and was located on Malibu's popular La Costa Beach.
In 2022, he won an auction to buy the largest residential home in Los Angeles, a mansion named: “The One.” Saghian spent nearly $141 million on the 105,000 square feet mansion that has 21 bedrooms and 42 bathrooms.
In 2023, Saghian purchased a 6,000-square-foot home on Malibu’s Carbon Beach for $40 million and he renamed the property: Fashion Nova Malibu Beach Club.
Saghian’s Nova brand
It is worth noting that the American billionaire founded Fashion Nova in 2006, the company has since grown with an estimated revenue of $2 billion.
