Founder Yvon Chouinard Is Giving Away Patagonia to Fight Climate Change
Yvon Chouinard founded Patagonia almost 50 years ago, building a billion-dollar business that’s always been serious about protecting our environment for future generations. Now, at 83, he‘s vowed to give away the company to assist in fighting the ongoing climate crisis.
Patagonia and Chouinard issued a statement today titled ‘Earth is now our shareholder’ with an Instagram caption reading ‘We’ve always been dead serious about saving our home planet – and now we’re putting the entire business where our mouth is.’
While assessing the options of what to do with the company, including going public or selling Patagonia, Chouinard ultimately decided there weren’t any good choices. Instead, as he put it, he created his own, deciding on ‘going purpose’ rather than ‘going public’.
Basically, all profits generated by Patagonia, estimated at $100 million a year, that aren’t reinvested into the company will be given to the Patagonia Purpose Trust and not-for-profit organisation Holdfast Collective.,
Thank you, Yvon Chouinard, for stepping up against the climate crisis. To read his full statement, head here.
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