Heritage outdoor wear brand Patagonia and its founder, Yvon Chouinard, have announced that the multi-billion dollar company will be given away in an attempt to aid the climate crisis.
In a statement made via the company’s website, Yvon Chouinard, who formed the company back in 1984, announced that the company was set to be given away in order to aid the fight for climate change. Instead of making the company public or selling the iconic label, Chouinard has instead decided to give Patagonia away and surrender his ownership, which will see all profits made being put towards the Patagonia Purpose Trust and nonprofit organisation, Holdfast Collective, both of which look to tackle climate issues. With this decision, the organisations stand to make roughly $100 million per year.
In the statement made via the Patagonia website, Chouinard stated the following about his decision:
“While we’re doing our best to address the environmental crisis, it’s not enough. We needed to find a way to put more money into fighting the crisis while keeping the company’s values intact. […] 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.”