Richard Saghian is best known as the founder of the immensely popular fashion company, Fashion Nova. As chief executive of the company, Saghian has turned the business into a famous spot for the newest trends in fashion. But there are a few things you may not know about this fashion mogul. Take a look at what his net worth is, along with three facts about the man that you may not know.

Richard Saghian's Net Worth

Saghian has a true talent for discovering what fashion trends will explode on the scene next. He studied ecommerce and learned the best ways to run his fashion business to earn the most profit. This has helped him amass quite a fortune since he founded his company, Fashion Nova, in 2006. The 38-year-old Saghian is reportedly worth an estimated $50 million as of 2020.

His Father Introduced Him to the Fashion Industry

Every business executive has to start somewhere. Luckily for Saghian, his father owned a women's clothing store. This gave Saghian the perfect place to see what was selling and what lingered on the racks. He worked in his father's shop, as did other members of the family. He got to learn the business from his father and eventually went on to build a fashion empire of his own.

He Used Instagram to Launch His Business

It was Saghian's idea to use the social media platform, Instagram, to launch his new fashion business. This was not only a daring new idea, it was a brilliant one. Today, Fashion Nova is touted as one of the finest fashion businesses in the world. Thanks to Saghian's out of the box thinking early on, it looks as if Fashion Nova could stand the test of time, adapting to the ever changing fashion industry over the long haul.

Fashion Nova Started as a Low Price Clothing Outlet

What is now one of the best spots for high fashion started out as a low cost clothing outlet. Yes, that's right, Fashion Nova was a cheap clothing enterprise. However, through his hard work and inspired choices, Richard Saghian turned it into a fashion mecca for some of the most famous people in the world. This is definitely a case of the little acorn turning into the big oak tree.