Richard Saghian is the owner of the fashion company Fashion Nova. Almost everyone knows about Fashion Nova because almost everyone is rocking their pieces. From its modest beginnings as a small brick-and-mortar boutique in Los Angeles, Fashion Nova quickly became one of the most recognized names in the fashion industry.
GROWTH AS THE NEW TRENDSETTER IN THE FASHION INDUSTRY:
Fashion Nova is known for its trendy and affordable clothing, especially for young women. Its innovative marketing strategies have positioned him in the fast fashion industry to be valued at US$100 billion. This fast-fashion company has achieved massive development within a few years of being online. The success of the company is a result of the powerful and scalable digital strategy of Saghian. Everything they have ambled into under his guidance has worked out well for them.
TOP RANKING ON GOOGLE:
Fashion Nova became the most searched fashion brand on Google in 2018. It also became one of the top Instagram brands of the year. So it provides them with a huge internet presence than legacy brands and luxury titans like Gucci and Dolce and Gabbana.
In this article, we will take a look at how Fashion Nova CEO Richard Saghian has been able to make the right decisions that took his company to the top of its field.
EXPERIENCES THAT BOOSTED RICHARD SAGHIAN RESHAPE THE FASHION INDUSTRY:
In this article, we will take a look at how Fashion Nova CEO Richard Saghian has been able to make the right decisions that took his company to the top of its field. He used his experiences to build and boost his business.
RETAIL EXPERIENCE FROM HIS FATHER:
Saghian already had some experience in the fashion industry before working at Fashion Nova. His father was the owner of women’s clothing stores. During the summers, he worked with his father. He watched how his father was making decisions to run the company. He observed his father’s interaction with customers. He also watched dealing with the downsides of managing a retail store. Therefore, he became able to get first-hand experience of what it means to be the CEO of a fashion company.
OPENING OF BRICK-AND-MORTAR STORE:
Richard Saghian did not start with an online store in 2013. First of all, he built one retail store at the Panorama Mall in Panorama City, Los Angeles, California. Some people think that he started his business with an online store but it is not true. Before Fashion Nova he opened the brick-and-mortar store which blew up and became the top internet brand that it is today as there is consistency and hardworking behind every success.
In his physical store, he was able to communicate directly with customers by running a retail store. In this way, he became able to understand what women wanted. He also knows about people’s choices.
RESHAPING OF BUSINESS:
In 2013, he noticed that online stores are earning more than him with the same products. Therefore, he decided to use Instagram to sell his products. He also built momentum and advertisement before launching the first Fashion Nova products online. He posted reviews of his happy customers with their pictures. As he got 60,000 followers on Instagram, he launched his website. He sold out every product over the weekend when he opened the Fashion Nova store. This step was the start of his successful business. Afterwards he kept this up and used every available online platform as discussed below.
1. E-COMMERCE:
While some brands are still selling predominantly through traditional brick-and-mortar retail, Saghian focuses on online sales. He has only five retail stores in Los Angeles, California. He has virtually no plans to open more stores in the future because his online store is going well. The majority of its customers order from the Fashion Nova website. Their goods are delivered to them. That’s why all the customers are satisfied with it.
The world has been experiencing retail devastation since 2010 and many retail companies have gone into liquidation due to factors such as the rise of e-commerce and the turndown of the middle class. It made shopping a less enjoyable and affordable experience due to poor retail management among others.
On the other hand, Fashion Nova was not affected by the retail apocalypse because he reshaped his business with changing trends. It is an ‘Instagram brand’ which makes them immune from issues concerning local inventory or store mismanagement. The company used social media to promote sales and unveil brand-new styles. It also shows off its most recent collections by using Instagram. As Fashion Nova runs many brand campaigns on social media through advertising now to promote its products and increase sales.
2. ULTRA-FAST FASHION:
Richard Saghian always talks about his view that there is ‘fast fashion and then there’s ultra-fast fashion.’ Fashion Nova does extreme-fast fashion. There are more than 1,000 manufacturers in the design team at Fashion Nova that works in Los Angeles. Once a social media team receives a trending design, they send it to the design team and the samples are produced within 24 hours. That is much faster than any other brand working at this level. The fashion items are ready to be styled and shot on the mode in just 48 hours.
Fashion Nova releases more than 600 new styles each week. That’s why there is a steady supply of new pieces for customers to buy. It keeps its internet presence consistently engaging.
3. EXCELLENT SOCIAL MEDIA TECHNIQUES:
Fashion Nova has become a powerful brand by using an excellent social media strategy. Fashion Nova has used Instagram as a major source of traffic since 2013 since the brand was launched.
Fashion Nova increases its customer base and magnifies its sales by collaborating with fashionistas and top celebrities like Kylie Jenner and Nicki Minaj. They also used the strategies like using the right hashtags, posting engaging content and stories, and chatting with their followers in the comment section. The customers who upload their pictures on their pages are also featured on the brand’s official page.
4. GLOBAL REACH:
Through its e-commerce store, Fashion Nova can reach clients all over the world, not just those who live nearby. Whether they live in Sydney, London, or New York, they can order the latest trends from Fashion Nova and receive at their doorstep.
5. CREATING BUZZ AND FOSTERING CONNECTIONS THROUGH EVENTS:
Additionally, online marketing strategies, Fashion Nova has embraced events as a way to generate interest and connection among people. It builds relationships with consumers and influential members of the industry to promote its products. It also initiates conversations about the company and its products, the fashion brand organizes fashion shows and product launches
Fashion Nova actively participated in the event as the main stage sponsor of Rolling Loud NYC 2022 and used the platform to launch its hoodie line.
6. PERSONALIZATION:
Fashion Nova also customizes the shopping experience and makes special recommendations using information about customer interests and activity.In this way, consumers are more likely to find a style that suits their specific tastes and fashion preferences. So it enhances and benefits the shopping experience.
7. CONVENIENCE:
Due to the online business model of Fashion Nova, customers can select their favourite items from their comfort zone. Customers can shop at Fashion Nova’s online store at their convenience without having to deal with the mall crowds or terrible weather to reach a physical location.
8. TARGET AUDIENCE:
The most of Fashion Nova’s target market consists of women between the ages of 18 and 35 who are looking for trendy yet affordable clothes.
9. PLACEMENT OR DISTRIBUTION STRATEGY:
Fashion Nova focuses completely on its e-commerce model with its 5 physical stores.
10. PROMOTIONS:
Fashion Nova promotes the new fashion and products with attractive presentation as it engages the celeberities and models to publicise the products.
11. BUILDING CUSTOMER’S LOYALTY:
Fashion Nova interacts a lot with their followers. its team keeps its customers happy with quick responses to queries and comments, promoting user-generated content that features its products, and using hashtags.
12. SIZE INCLUSIVITY:
Fashion Nova is one of the few brands that produces the same kind of clothes for both people. There are so many people in the United States who are plus-sized. So it becomes very difficult for them to find clothes so that they look sexy and smart. Brands that produce goods for them release shapeless pieces at times. However, Fashion Nova focused on what the people needed. It started producing the same clothes popular with slim women and also for leaner in larger sizes (from XS to 4X). it differentiated them from their competitors to astounding results.
13. AFFORDABLE PRICES:
The times are gone when people have to spend a lot to get high-quality fashion items.
Fashion Nova produces superb items at affordable prices. No one will spend $500 on designer shoes when they can get similar shoes from Fashion Nova for $40. The pricing list of Fashion Nova is even lower than other fast fashion brands like Forever 21 and Boohoo. You can get great clothes for as little as $30, making it easy to add something glamorous and fun to your wardrobe.
CONCLUSION:
Fashion Nova has revealed to us that direct-to-customer online sales are not going away anytime soon. Fashion Nova will always be there for their customers who are likely to choose affordable pieces that make them look – and feel – great. Saghian adopted new business trends and boosted his business as a successful businessman.
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