Peter J. Nygrd[a] (born Pekka Juhani Nygrd; July 24, 1941) is a businessman and former fashion executive of Finnish and Canadian descent. He started the Winnipeg-based womenswear manufacturer Nygrd International in 1967. In 2009, with a net worth of $817 million, Canadian Business Magazine ranked him as the 70th richest Canadian. As of 2017, sources placed his wealth at $900 million.
Peter Nygard Net Worth
Canadian-Finnish fashion executive Peter Nygard has a net worth of $500 million. Peter Nygard became wealthy as the leader of Nygard International, a Canadian company that makes apparel for women. Canadian Business Magazine put his wealth at $750 million in 2009. That made him the 70th wealthiest person in Canada at the time. We estimate Mr. Nygard’s wealth at $500 million as of right now.
In December of 2020, Peter Nygard was apprehended on charges of sex trafficking, racketeering, and other offenses. Several women had accused Nygard of sexual misbehavior over the years; some claimed that he had lured them to his Bahamas house in order to abuse them there.
There were suspicions that Nygard had bribed government officials and exploited his riches and power to stifle his critics. After his arrest, Nygard vehemently disputed the claims against him and entered a not guilty plea. Nygard’s fashion empire, which includes labels like Nygard, TanJay, and Alia, has collapsed due to the scandal surrounding his alleged misbehavior.
According to reports, the firm declared bankruptcy in March of 2020, blaming the effects of the CoviD-19 epidemic on its operations as the primary reason. Peter was fined $203 million by a Bahamian court in May 2023 over a property dispute with hedge fund billionaire Louis Bacon.
Peter was convicted on four charges of sexual assault in November 2023. He had been in jail for two years by the time the verdict was read. At his trial, five women testified that Peter had sexually assaulted them in his bedroom suite at his Toronto headquarters. When the alleged assaults took place, the victims ranged in age from 16 to 28.
Peter Nygard Earlier Years
Finnish birthplace Peter Nygard. The year of his birth is up for debate. Sometime between 1941 and 1943. When Peter was a little boy, he and his baker parents, Eeli and Hikka, moved to Canada from Finland. They moved to Winnipeg in the end. Nygard earned a business degree from the University of North Dakota in 1964.
After graduating from college, he worked as a sales manager for Jacobs Fashions’ new line of women’s jeans. Peter borrowed about $8,000 and used his life savings of about the same amount to buy a 20% ownership in the company from its founder Nathan Jacob in 1967. After only a few years, Peter had completely bought out Nathan and rebranded the company as Tan Jay.
Peter Nygard Success
He also started his own clothing company in 1967; it was called “Nygard.” There was a time when it specialized on sportswear. The American branch of the company opened in 1978. Current day “Nygard International” is headquartered in the heart of New York City’s bustling Times Square.
The business has expanded to become a major global player in the women’s apparel industry. The firm’s annual revenue is greater than $500 million. Nygard International has 200 locations in North America and employs 12,000 people across the globe. Retailers including Dillard’s, Walmart, Costco, and more stock its products.
Peter has contributed significantly to the Canadian Breast Cancer Foundation’s research fund because of his passion for the cause. Additionally, he has helped the Bahamas Amateur Boxing Federation squad succeed and qualify for the Olympics. In all likelihood, he fathered ten kids with eight different moms.
Peter Nygard VIP Planes
Peter has at least two private Boeing 727s, both of which bear his name in large letters across the fuselage.
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