Disgraced CEO Peter Nygard: What Is His Net Worth?
Peter Nygard was born in Finland at the beginning of the ’40s and moved to Canada in 1952. He became an internationally famous fashion mogul. His current estimated net worth is $900 million. However, his empire and reputation have suffered a hit from allegations of his involvement in sex trafficking and sexual assault allegations.
In 1967 Peter Nygard founded Nygard International in Canada, a design, manufacturing, and supply business. The company expanded to the US in the following years. It achieved international success and quickly grew into one of the largest women’s clothing manufacturers and suppliers in the world.
After the 2020 FBI raid of his Los Angeles home and New York company headquarters, Nygard stepped back from being the chairman of his business. At the beginning of the year, Nygard International filed for bankruptcy both in the US and Canada.
Peter Nygard is currently under investigation regarding sex trafficking and rape charges. Several women stepped forward with accounts of being assaulted by him. Many of the incidents occurred on his Bahamas estate while the women were still in their teens. The seaside mansion shaped like a Mayan temple was a true pleasure dome.
Nygard’s alleged sexual abuse has been going on for decades and stretches across the globe. The unsealed indictment specifies Nygard has relied on his companies influence and funds to recruit female victims. They were put on payroll at Nygard International as “assistants” or “models”. These actions could date back to at least 1995.
The women targeted by the operation were usually minors and coming from disadvantaged backgrounds. These women were sexually assaulted by Nygard himself, his associates, or his friends. Victims were controlled through different means, including surveillance, restriction of movements, isolation, financial support, threats, and promises of career advancement. Some of the women, including minors, were drugged to subdue them.
Nygard referred to some of these women as his “girlfriends”. Some of these “girlfriends” were employed in recruiting new victims at the lavish parties organized at his Bahamas estate. Other “girlfriends” were traded off with Nygard’s friends or associates without their prior knowledge. They were coerced into consent through intimidation and manipulation.
Nygard has firmly denied all allegations related to a sex trafficking ring. According to the lawsuit, when Nygard found out of the investigation, he attempted to silence the victims through bribery, payoffs, intimidation, and acts of violence.
While Nygard’s spokesperson, Ken Frydman, stated he is cooperating with the investigation. However, he also faces other charges, including tax evasion, abusive labor practices, and a strange ongoing feud with his billionaire Bahamas neighbour.
Since then, more women have stepped forward with similar accounts and continue to do so. Lawyers are encouraging victims to speak out and tell their stories. Qualified attorneys can offer assistance with legal measures. Contact a personal injury law firm to find out more about how dedicated lawyers can help victims find justice.
In 2015, Peter Nygard made the top 100 list of richest people in Canada. A net worth of $857,623,325 has secured him the number 85 spot. Nygard International had reported yearly sales of over $105 million through wholesale partners and almost $110 from the retail and e-commerce platforms. Peter Nygard’s current net worth is estimated at $900 million. He also has at least two private jets.
Over the years, Nygard has contributed some of his wealth to support charities, including the Canadian Breast Cancer Foundation. Also, he contributed donations to the Amateur Boxing Federation’s Bahamas team.
With an exorbitant wealth built over decades, amounting to millions of dollars, a lavish Bahamas mansion, and private jets, it remains to be seen how the resolution of a lawsuit will affect his lifestyle. According to the allegations, Peter Nygard ran an elaborate action spanning over many years. Victims continue to be encouraged to step forward, share their stories, and unite in bringing their aggressor to justice.