As a Finnish-Canadian fashion and business magnate, Peter Nygard (born as Pekka Juhani Nygard on July 24, 1941) was once considered one of the richest men in Canada. However, starting from early 2020, with allegations of sexual assault, racketeering conspiracy, and sex trafficking that even involved minors, he began to fall from grace. Peter turned from a notable designer to an accused predator, which is examined on ‘Dateline NBC: The Secrets of Nygard Cay.’ So now, let’s find out more about his profession, earnings, and net worth, shall we?
How Did Peter Nygard Earn His Money?
Although Peter Nygard and his family had emigrated to Manitoba, Canada, from Finland in 1952 for different possibilities, he completed his education with a business degree from the University of North Dakota in 1964. He then moved back to his hometown of Winnipeg and managed to establish Nygard Apparel Manufacturing Company, a woman’s clothing brand, within three years. Peter seemingly worked hard for his success, which is why he was able to expand into the United States of America in 1978. The firm was later rebranded to Nygard International and continued to do wonders.
Nygard International purportedly generates at least $500 million in annual revenue, mainly owing to its 165 retail stores across North America and its distribution agreements with Dillard’s, Walmart, Costco, and more. Apart from this organization, Peter also managed other apparel brands such as SLIMS, TanJay, ALIA, and Allison Daley, among others, to really be known as a fashion mogul. His headquarter in New York, where he first came up with his concept retail store idea, also helped his approach in the industry. In other words, he is a self-made man through and through.
With that said, Peter’s supposed actions caused a lot of controversy throughout his career, especially when his Bahama estate got added into the mix. He had bought a modest beach bungalow at Lyford Cay for $1.76 million in 1984, only to turn the space around it into a lavish 150,000 sq ft compound by 1987. The massive estate became known as Nygard Cay shortly after, and officials now believe it to be one of the main bases of Peter’s alleged sex trafficking ring for young and vulnerable women. The site’s value has likely only gone up despite the many troubles surrounding it.
After the FBI raided Peter Nygard’s New York headquarters, the courts in Manitoba, Canada, ordered nine of his companies into receivership to clear liabilities. They were supposed to be liquidated relatively quickly, but the covid-19 pandemic slowed down the process. It later came to light that Peter’s companies owe around $50 million to nearly 350 creditors across the globe, a financial situation that only worsened when the lockdown forced all his 165 stores to shut down temporarily.
What is Peter Nygard’s Net Worth?
Despite his resignation, the liquidation of his assets, the federal charges against him, the personal and professional feuds he has had, and the class-action lawsuit wherein 57 women have accused him of sexual assault, Peter Nygard’s net worth stands at an astounding $900 million. This amount is simply the culmination of his different estates in North America, his Boeing 727 private jet, and his 5-decade long career in the fashion industry as a designer, manufacturer, and entrepreneur.
Read More: Where is Peter Nygard Now?