Peter Nygard Net Worth

Peter Nygard, the Finnish-Canadian fashion mogul, once had an estimated net worth of $500 million. As the founder and chairman of Nygard International, a leading women’s apparel manufacturer, Nygard built an empire that made him one of the wealthiest Canadians. At his peak in 2009, Canadian Business Magazine placed his net worth at $750 million, ranking him as the 70th richest Canadian. However, his fortunes have since plummeted due to legal issues and the collapse of his company.

Early Life

Peter Nygard was born in Helsinki, Finland, in either 1941 or 1943. His family immigrated to Canada in 1952, settling in Winnipeg. Nygard graduated from the University of North Dakota in 1964 with a business degree and began his career as a sales manager for a women’s denim line at Jacobs Fashions. In 1967, using his savings and a loan, Nygard bought a 20% stake in the company, eventually taking full control and renaming it Tan Jay. He then launched Nygard International, which would later dominate the global women’s clothing market.

Rise to Success with Nygard International

Nygard founded Nygard International in 1967, initially focusing on sportswear for women. Over the years, the company expanded to the United States and became one of the largest manufacturers of women’s clothing, generating over $500 million in annual revenue. Nygard International employed around 12,000 people and operated 200 retail stores across North America. Its products were sold at major retailers such as Walmart, Costco, and Dillard’s.

Nygard was also a notable philanthropist, particularly supporting breast cancer research and amateur boxing in the Bahamas. Despite his professional achievements, he faced a series of controversies that ultimately led to his downfall.

Collapse of His Empire

In 2020, Peter Nygard was arrested on charges of sex trafficking, racketeering, and other serious crimes. Multiple women accused him of sexual misconduct, claiming he lured them to his estate in the Bahamas, where the alleged abuse took place. The accusations led to a class-action lawsuit, in which 10 women alleged that Nygard had operated a sex trafficking ring. Nygard denied the accusations and claimed they were part of a smear campaign orchestrated by his longtime neighbor and rival, hedge fund billionaire Louis Bacon.

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Despite his defense, the allegations severely damaged Nygard’s reputation and business. His company, Nygard International, filed for bankruptcy in 2020, citing financial difficulties exacerbated by the COVID-19 pandemic.

In May 2023, Nygard was ordered to pay $203 million to Louis Bacon following a defamation lawsuit related to their ongoing property feud in the Bahamas. The animosity between the two had spanned decades and involved more than 25 lawsuits in multiple countries.

In November 2023, Nygard was found guilty of four counts of sexual assault by a Toronto jury. Five women testified that Nygard had lured them to his Toronto business headquarters, where they were sexually assaulted. The victims were between the ages of 16 and 28 at the time of the incidents. Following the guilty verdict, Nygard, who had already spent two years in jail, was sentenced in September 2024 to 11 years in prison.

Nygard Cay

Nygard’s infamous Bahamas estate, known as Nygard Cay, was acquired in 1987. The estate, which featured a 32,000-square-foot grand hall and a 100,000-pound glass ceiling, became a hub for his lavish lifestyle and hosted numerous celebrities, including Michael Jackson, Oprah, Prince Andrew, and Robert DeNiro.

However, Nygard Cay was also the site of many of the alleged crimes for which Nygard was charged. The estate’s hedonistic reputation was cemented by the New York Times investigation, which revealed details of Nygard’s parties and alleged exploitation of women.

Philanthropy

Despite his legal troubles, Peter Nygard has been an avid supporter of breast cancer research and contributed to the success of the Bahamas Amateur Boxing Federation. He is also the father of an estimated 10 children from eight different women.