Founder is turning ownership of the company after nearly 50 years into two entities (实体) that will help fight the climate crisis.
Patagonia is a private company based in Ventura, California, which sells outdoor clothing and equipment, and was founded in 1973. Patagonia's founder Yvon Chouinard, who has previously expressed his unwillingness at gathering wealth, is giving away his company. The outdoor clothing company will now be in the hands of a trust and a nonprofit organization. All future profits will be donated to help fight climate change, the company announced Wednesday.
"It's been a half-century since we began our experiment in responsible business," Chouinard said. "As the business leader In ever wanted to be, I am doing my part" He added, "Instead of taking value from nature and turning it into wealth, we are using the wealth Patagonia creates to protect the resources. We're making Earth our only shareholder. I am dead serious about saving this planet."
Chouinard and his family will be turning over their entire ownership share into two newly created entities. Those entities will ensure that the company's values will continue to be upheld—and that Patagonia's profits are used to combat climate change.
"If we have any hope of a thriving planet 50 years from now it demands that all of us should do all we can with the resources we have. We want to both protect the purpose of the business and immediately and continuously release more funding to fight the environmental crisis. We believe this new structure delivers on both and we hope it will inspire a new way of doing business that puts people and the planet first." Chouinard said in a statement Wednesday.
This nonprofit organization will make sure that the company's annual profits, about $100 million per year, will be used to protect nature and biodiversity, support thriving communities and fight the environmental crisis.
