A Finnish-Canadian businessman and former fashion executive, Peter J. Nygård was born Pekka Juhani Nygård on July 24, 1941. He started Nygård International in 1967, a Winnipeg-based firm that made sportswear at first and then women’s clothing. With an estimated net worth of C$900 million in 2017, he was ranked as the 70th wealthiest Canadian by Canadian Business Magazine in 2009, when his net worth was C$817 million.
Peter Nygard Net Worth
Canadian-Finnish fashion executive Peter Nygard is worth an estimated $500 million. Peter Nygard amassed his wealth as the brains behind the Canadian womenswear maker Nygard International, which he co-founded and now chairs. A 2009 estimate from Canadian Business Magazine put his wealth at $750 million. At that time, he was the 70th wealthiest Canadian in the world. We estimate that Mr. Nygard is worth $500 million now.
Several offenses, including sex trafficking and racketeering, led to the December 2020 arrest of Peter Nygard. Several women had accused Nygard of sexual misbehavior throughout the years; some claimed he had enticed them to his home in the Bahamas and then assaulted them there.
Some of the accusations against Nygard included bribery of government officials and the use of his riches and power to silence anybody who dared to accuse him. After his arrest, Nygard entered a not guilty plea, denying the accusations.
His fashion business, which comprised labels like Alia, TanJay, and Nygard, collapsed due to the scandal surrounding his alleged misbehavior. The corporation allegedly declared bankruptcy in March of 2020, stating that the COVID-19 epidemic had a negative effect on their operations.
Peter was sentenced to pay billionaire hedge funder Louis Bacon $203 million in May 2023 in relation to a property dispute in the Bahamas. Peter was convicted on four charges of sexual assault in November 2023.
He had been incarcerated for two years prior to the reading of the verdict. At the trial, five women testified that Peter sexually assaulted them after luring them to his bedroom suite at his Toronto corporate headquarters. When the claimed attacks happened, the victims were anywhere from sixteen to twenty-eight years old.
Peter Nygard Early Life
He was born in Helsinki, Finland, Peter Nygard. Nobody agrees on when he was born. Either 1941 or 1943 would do. While Peter was a little boy, his baker parents, Eeli and Hikka, came to Canada in 1952. Winnipeg was their last destination. In 1964, Nygard earned a bachelor’s degree in business from the University of North Dakota.
After finishing college, he began his career at Jacobs Fashions, where he worked as the sales manager for a women’s denim brand. Peter borrowed about $8,000 from his savings and took out a life insurance policy to buy a 20% ownership in the company in 1967 from its founder, Nathan Jacob. Peter rebranded the company as Tan Jay and bought out Nathan completely within a few years.
Peter Nygard Achieving Success
“Nygard” was the name of his clothing manufacturing company that he established in 1967. Initially, they produced athletic apparel. The firm began to grow in the United States in 1978. Their current headquarters are in Times Square in Manhattan, and they go by the name “Nygard International” these days.
It is now one of the biggest suppliers and producers of women’s apparel in the world. Each year, the business brings in more than $500 million. With 200 locations in the US and 12,000 employees worldwide, Nygard International is a major player in the retail industry. Distributors include Dillard’s, Walmart, Costco, and many more.
The Canadian Breast Cancer Foundation has received substantial contributions from Peter, who is a staunch advocate for breast cancer research. He was an ally of the Bahamas Olympic boxing team and helped them win the gold medal. From eight different mothers, he has a brood of about ten children.
Peter Nygard Nygard Cay
After acquiring his Bahamian estate, which he subsequently dubbed “Nygard Cay” in 1987, Nygard began to develop it. In the ten years that followed, he constructed a decadent resort, complete with a 32,000 square foot grand hall and a glass ceiling weighing 100,000 pounds.
A fire in 2009 destroyed some of the property. In retrospect, Nygard would say that his neighbor Bacon was the one who started the fire. Just months after the fire, he unveiled a two-year, fifty million dollar reconstruction plan. The plans were rejected by the Bahamian Prime Minister’s Office. Nygard and Bacon have been feuding for more than ten years about the fire and the derailed repair plans.
Disputes involving over 25 lawsuits filed in various foreign countries have cost the parties involved tens of millions of dollars. Many famous people have stayed at the resort throughout the years, including Prince Andrew, Michael Jackson, Robert DeNiro, Oprah Winfrey, and many more.
On the set of “Into the Blue” in 2004, Jessica Alba allegedly went to a “gross” party at Nygard Cay. “These girls are like 14 years old in the Jacuzzi, taking off their clothes…” Alba, who was 23 years old at the time, recalled her experience at Nygard’s mansion on a subsequent press tour.
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