Yvon Chouinard, the founder of outdoor gear and clothing brand Patagonia, has announced he’s giving away his multi-billion dollar company to help fight the climate crisis.
In an open letter published on the brand’s website, Chouinard explains ownership is being shifted to two entities: the Patagonia Purpose Trust to protect the company’s values, and the Holdfast Collective, a nonprofit dedicated to defending the planet:
“One option was to sell Patagonia and donate all the money. But we couldn’t be sure a new owner would maintain our values or keep our team of people around the world employed. Another path was to take the company public. What a disaster that would have been…. Truth be told, there were no good options available. So, we created our own. Instead of ‘going public,’ you could say we’re ‘going purpose’.”
What this means is that each year, profits made after re-investing in the business will be “distributed as a dividend to help fight the crisis.”
Chouinard adds, “Despite its immensity, the Earth’s resources are not infinite, and it’s clear we’ve exceeded its limits. But it’s also resilient. We can save our planet if we commit to it.”
(Feature Image Credit: Terry Straehley/Shutterstock)