Patagonia Owner Donates $6.5 Billion Company To Combat Climate Change

Patagonia Owner Donates $6.5 Billion Company To Combat Climate Change
By



    Yvon Chouinard (lead image), founder of outdoor apparel brand Patagonia, has made the shock decision to hand off the company to a non-profit organisation in a bid to spur on climate action.

    The business, which started almost 50 years ago, is currently worth around US$4.4 billion (AU$6.56 billion) and will be transferred to a trust and a non-profit organisation. Members of Chouinard’s family, including his wife and two sons, will oversee both groups.

    The newly formed Patagonia Purpose trust will retain existing finances for the company while the non-profit arm (Holdfast Collective) will convert profits generated by the company into climate action.

    The outdoor brand itself will continue to run as a for-profit organisation, however 1 per cent of profits made through sales will be donated to non-profit groups working towards environmental change.

    In an interview with The New York Times, Chouinard said the goal was to use the money made by Patagonia to “protect the source of all wealth”, rather than profiting investors.

    “It’s been nearly 50 years since we began our experiment in responsible business, and we are just getting started,” Chouinard added.

    “If we have any hope of a thriving planet, much less a thriving business, in 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.”




    Please login with linkedin to comment

    climate crisis Patagonia Yvon Chouinard

    Latest News

    SBS Audio Campaign Tells The Stories Of New Australians, With Multilingual Content Offerings To Assist Migrants
    • Advertising
    • Campaigns

    SBS Audio Campaign Tells The Stories Of New Australians, With Multilingual Content Offerings To Assist Migrants

    SBS Audio has launched a new marketing campaign for its ‘Australia Explained’ service which supports new migrants to successfully navigate life in Australia and achieve a greater sense of belonging and social cohesion. SBS’s flagship service for new migrants, Australia explained, has launched a multi-platform marketing campaign that reaches into the heart of the migrant […]

    Tracker App Launches, Promising Consumers A Read On Brand’s & Products Sustainability Chops
    • Advertising

    Tracker App Launches, Promising Consumers A Read On Brand’s & Products Sustainability Chops

    Shoppers can now get access to sustainability information at their fingertips through Tracker, a first-of-its-kind mobile app. The Tracker app centralises sustainability data into a single, easy-to-understand format, helping shoppers make informed choices about the brands and products they support. Shoppers can simply scan the barcode of their favourite supermarket, chemist or department store item […]