Patagonia owner is giving company away to help fight climate change
The founder and owner of the Patagonia outdoor clothing brand is giving the company away to a trust and non-profit organisation so that all profits can be used to help fight climate change.
Yvon Chouinard has announced that instead of selling the business or taking it public, 100% of the company’s voting stock will transfer to the Patagonia Purpose Trust. In addition, 100% of the nonvoting stock has been given to the Holdfast Collective, a non-profit organisation dedicated to fighting the environmental crisis and defending nature.
Chouinard said: “It’s been nearly 50 years since we began our experiment in responsible business, and we are just getting started. If we have any hope of a thriving planet—much less a thriving business—50 years from now, it is going to take all of us doing what we can with the resources we have. This is another way we’ve found to do our part.”