The international window shut on Monday night, with Nuno Espirito Santo having added Fabio Silva, Fernando Marcal, Vitinha, Ki-Jana Hoever, Nelson Semedo and Rayan Ait-Nouri to his squad.
Matt Doherty and Diogo Jota were the high-profile departures for Tottenham and Liverpool respectively, but Richards – who scored 194 goals in 485 games for Wolves – said: “I think it’s very exciting. The way things went was quite unexpected, with Doherty going.
“That was a bit of a surprise for a lot of people as he was a regular in the team.
“You have to give Nuno credit, though, as he’s always been good with signings. I just think it’s exciting.
“The challenge with six new signings is getting them to blend. But once these lads have settled in, I think it’ll be Wolves back up there and competing with the top boys.
"They just need a little time to adjust to the English game and Nuno’s style.”
Richards was particularly impressed with the capture of Semedo from Barcelona for £27.5million before add-ons.
He added: “Who’d have thought not so many years ago that Wolves would be able to bring someone in from Barcelona, and that some from Barcelona would want to come here?
“Top players look at Wolves as an opportunity and aren’t reticent in coming.
“It’s not bad business. In football, you have to sell as well as sign. I think, overall, it’s still going to be very exciting.”