Fashion Nova is a popular brand based in Los Angeles, California that was founded by Richard Saghian, who started the company with a small store in Panorama City, California in 2006. The company initially started as a local store that sold affordable clothes and accessories for women, but it later expanded its reach by launching its website in 2013.
Richard Saghian is the current CEO of Fashion Nova. He is a self-made entrepreneur who has been in the fashion industry for over 20 years. Saghian has been instrumental in the success of Fashion Nova, and he is known for his innovative marketing strategies and his focus on creating affordable and stylish clothing.
Fashion Nova is known for its fast-fashion business model, which allows the company to quickly produce and sell trendy clothing at affordable prices. The brand has a massive following on social media, with over 20 million Instagram followers.
It has become a popular destination for influencers and celebrities to showcase their style. Fashion Nova is also known for its collaborations with celebrities, including Cardi B, Megan Thee Stallion, and Kylie Jenner.
Fashion Nova has experienced incredible growth over the years. Without a doubt, there are reasons why Fashion Nova was the most Googled fashion brand in the year 2018 and 2020, and why it has over 21.4 million followers on Instagram.
The company has reported annual revenues of over $800 million, and it is estimated to be worth over $1 billion. Fashion Nova has over 2,500 employees, and it ships products to over 190 countries around the world. The company is also committed to sustainability and has launched initiatives to reduce waste and promote ethical manufacturing practices.
What makes Fashion Nova so successful?
Well, it all comes down to strategy. How is Richard Saghian able to make such an immense impact? While the fashion industry is trying to shift to a slower business model, Fashion Nova makes tremendous strides in the opposite direction. Its affordable and accelerated business model keeps its customers on their toes.
Fashion Nova’s strategy fits in just fine in a world dominated by trends. If you love the dress your favorite artist is wearing you can have it in a matter of hours – and for an affordable price. And with ever-changing fashion trends, their following keeps growing.
Here’s what makes Fashion Nova so successful.
1. Faster Production
Fashion Nova works with over 1000 manufacturers around Los Angeles who can put together samples within roughly 24 hours of receiving a design. They are then made available just a day later for in-house models for photography.
Fashion Nova further broadens its offerings by providing every style in several colors. With such efficiency, the volume of clothes released every week surpasses any of its major competitors. There is always something new to buy. Customers are kept satisfied and their wardrobes are on-point with the current fashion trends.
2. Social Media Marketing
Fashion Nova arguably has the best social media marketing strategy in the industry. No wonder Saghian refers to it as a viral brand. Not only do they post every 30 minutes, but they also comment and like every time a customer tags them in their posts.
Saghian exploits the need for the current generation to be seen and heard, most of them between the age of 16 to 35, and uses the platforms aggressively in advertising the business. He makes sure they are happy by engaging in conversations and acknowledging their posts together with catchy captions. At the same time, they also have independent accounts for their male brand and plus-size wearers to make sure everyone is involved.
Using a network of over 3000 influencers, most famously Cardi B and Blac Chyna, Fashion Nova gets its products out in the world. They either provide the influencers with free clothing or buy their sponsored posts. This way, they market their product to their millions of followers. For instance, in May 2019, they came up with an apparel brand together with Cardi B, and through her then over 68 million Instagram followers, it sold out in 9 days.
The fashion industry is notoriously exclusive when it comes to sizing, and Fashion Nova’s strategy to include a wide range of sizes, accommodating curvier women and broader hips, is an informed business decision. You can get clothes from XS to XXL – something you cannot say for all other major fashion retailers.
Fashion Nova has also created Fashion Nova Plus, a plus-size line to satisfy its growing market. They have also recently launched a men’s brand, providing affordable fast fashion and the latest trends for guys as well.
4. Friendly Prices
With 95 percent of products retailing for under 50 dollars, most Fashion Nova customers buy at full price. Other clothing like jeans and crop tops sell on average for under $35. With such affordable pricing for quality products, they make fashion accessible, fun, and approachable for people of all ages – and budgets.
5. Offering Value for Customers
Learning from his parents, who owned a women’s retail shop, founder Richard Saghian understands the importance of nurturing and valuing his customer relationships. Rather than focus on how to improve his profit margins, he focuses on providing the best products at the best prices. This way, all his customers feel valued – and want to keep coming back.