In an all-cash, $118 million deal, Fashion Nova founder Richard Saghian is flexing his power by securing a new headquarters for his fast-fashion business in Beverly Hills.
Purchased off-market from real estate company Tishman Speyer, the 4,400-square-foot building is located at 407 North Maple Drive. Fashion Nova will take over two floors and 175,000 square feet of the four-story property formerly housed by ticketing company Fandango. Saghian’s remaining tenants include talent management and production company Mosaic Media Group, Citi Private Bank and co-working space Studio by Tishman Speyer.
The billionaire chief executive officer has big plans for Fashion Nova — which has annual sales of approximately $2 billion.
The fast-fashion retailer will move its more than 500 corporate employees from Vernon to Beverly Hills, where it will also debut two new concepts. The first is Nova Social Club, a private, invitation-only space for VIPs, celebrities and influencers to mingle and collaborate. The area will include a show room, content and podcast production studios, a screening room, fitness gym, wellness spa and meditation garden.
The second concept is Nova Founders Lab, an incubator-accelerator for emerging brands, designers, creatives and founders across fashion, marketing and technology to become market-ready in a fashion-vertical setting, according to the company, which notes that chosen founders will have access to office space as well as Fashion Nova’s infrastructure across marketing, technology, production, sourcing, operations and fulfillment in its one-million-square-foot logistics network.
Fashion Nova’s new Beverly Hills headquarters.
Courtesy of Fashion Nova
The move unites the Fashion Nova community under one roof, and opens up the possibility of a new power center for fashion corporate offices in Beverly Hills, away from the traditional areas of downtown L.A. and Vernon.
Launching his e-commerce business in 2013, Saghian was an early adopter of influencer marketing, bringing trend-focused, size-inclusive apparel to market globally and amassing more than 25 million social media followers on Instagram and TikTok.
“Beverly Hills is a global address of fashion and creative — this campus will be a content-driven microcosm of hyper-creatives coming together in a collaborative space where digital and analog worlds are both embraced,” Saghian told WWD in an exclusive statement. “Fashion Nova’s Beverly Hills headquarters will be a prototype for our expansion to other key markets.”
Saghian said he’ll continue to expand with new offices in London, Hong Kong, Sydney and New York.
The new Beverly Hills headquarters — which will be unveiled in late 2024 — marks his third real estate purchase in the greater Los Angeles area. His $126 million home in Bel Air known as The One is reportedly the largest private residence in the United States at 105,000 square feet. The other purchase was Fashion Nova’s former headquarters, located just outside downtown L.A.
Richard Saghian
