[2][3][4] Fashion Nova was founded in 2006 by its CEO Richard Saghian,[5] who started his career in the retail industry by working at his father's clothing boutique located in Los Angeles.

[8] In August 2020, Fashion Nova announced reforms to its contracting practices in support of California's proposed bill, SB 1399, that includes a mandate that its contractors and subcontractors agree to random independent audits and that their workers are paid the applicable minimum wage, which in Los Angeles is scheduled to rise to $15 an hour for employers of all size in 2021.

[11] Founder Richard Saghian rarely speaks with reporters but is known to collect real estate, including homes previously owned by Avicii and Netflix executive Ted Sarandos.

[18] In June 2020, Fashion Nova pledged to donate $1 million to a number of social justice organizations, including Black Lives Matter, Know Your Rights Camp, and the NAACP Legal Defense and Education Fund.

[19] In November 2020, Fashion Nova released a line with Megan Thee Stallion, including statement pieces and an assortment of crafted denim for those 5 feet 9 inches (1.75 m) and taller.

[27] In January 2022, Fashion Nova settled with the Federal Trade Commission for $4.2 million after the company was found to have artificially inflated its ratings by deliberately blocking negative reviews on its site.