Peter Nygard a Former Fashion Executive and founded the International company Nygård International that makes Women Clothing in 1967.
Peter Nygard’s Net Worth
Peter Nygard is the 70th richest Canadian according to Canadian Business Magazine in 2009 when his net worth was $817 million. But it has grown since. His current net worth is $900 million.
He has earned the majority of his fortune from his clothing empire of Nygard International. Peter Nygard is said to be the owner of two Boeing 727’s jets.
Peter Nygard was charged with Sex Trafficking of multiple women
Peter Nygard has been taken into custody by Canadian police and US authorities are seeking his extradition. The charges were announced in New York on Tuesday by acting US Attorney Audrey Strauss, the FBI, and New York City police. The 79-year-old has denied allegations of wrongdoing.
He is accused of trying to control his victims “through threats, false promises of modeling opportunities and another career advancement, financial support, and by other coercive means, including constant surveillance, restrictions of movement, and physical isolation”.
He resigned as chairman in February 2020 after the FBI raided company headquarters in its investigation of sex trafficking accusations against him by multiple women. Even the multimillion-dollar empire is about to collapse due to the allegations. But sex trafficking is the only thing he is accused of.
Nygård has been accused of abusive labor practices, tax evasion, sexual harassment, sex trafficking including child sex trafficking, conspiring to murder, and rape.
How did Peter make his career in fashion?
Peter Nygard was born on the 24th of July, 1941,in Helsinki, Finland which makes him 79 years old as of 2020. His parents were Eeli and Hilkka Nygard, bakers who immigrated to Canada in 1952, settling at first in Deloraine, Manitoba. They moved shortly after to Winnipeg.
It was in 1964 that he graduated from the University of North Dakota with a business degree. It was on December 1, 1967, that Peter Nygard started working as sales manager for a new jeans line of a woman’s clothing manufacturer Jacob Fashions.
A few weeks later Nygard used his life savings of $8,000 and an additional loan to purchase 20% of the company from the founder Nathan Jacob. A few years later, the former executive bought the rest of the company from Jacob’s daughters and renamed it, Tan Jay. Tan Jay was later included as a brand for Nygard International.
Its Canadian headquarters is located on King Street in Toronto, with its world headquarters in Times Square, New York. Peter Nygard’s fashion concept retail store opened in Times Square in Manhattan on Friday, November 6, 2009. It reportedly had 169 stores.
Peter Nygard has seven children from four different women.