![]() Some accused Chouinard of virtue signalling, others deemed the move as “a rich dude trying to assuage his guilt of being a capitalist.” Others criticized the company for its higher-end price point (ignoring the fact that it generally costs more to create durable garments using more sustainable practices). Now I could die tomorrow and the company is going to continue doing the right thing for the next 50 years, and I don’t have to be around.” In Chouinard’s words, “I didn’t want to be a businessman. and the other near Patagonia’s headquarters in Ventura, Calif.-and doesn’t even own a cellphone or computer. I don’t drive Lexuses.” According to the outlet, he “drives a beat-up Subaru and splits his time between two modest homes”-one in Jackson, Wyo. As he told the NYT, “I was in Forbes magazine listed as a billionaire, which really, really pissed me off. It’s also not entirely surprising, given the fact that Chouinard never fit the billionaire stereotype. ![]() The company has previously used ads to urge consumers to buy less. The decision was also heavily lauded by social media users-at least a decent amount of the ones on my feed.īut this isn’t the first time Patagonia and its founder have sacrificed profits in favour of more noble objectives, from promising one per cent of annual profits to environmental initiatives to prioritizing employee well-being through flexible work policies and on-site child care, to its Worn Wear program, which sells used Patagonia items and offers customers credits for sending in worn gear. “Yvon Chouinard-the ‘existential dirtbag’ who founded and gifted Patagonia,” from The Guardian. Some of the headlines that followed the announcement? “Patagonia founder to give apparel company to trust, direct profits toward climate crisis,” from CBC News. The Chouinards will continue to guide the company through family members’ seats on the Trust’s board of directors. ![]() The remaining two per cent of total shares, representing the family’s voting stock, were permanently transferred to a new Patagonia Purpose Trust last month. Now, 98 per cent of Patagonia shares belong to Holdfast Collective, a newly formed non-profit that will direct the company’s profits to protecting the environment. “Truth be told, there were no good options available. “Even public companies with good intentions are under too much pressure to create short-term gain at the expense of long-term vitality and responsibility,” he continued. “What a disaster that would have been,” Chouinard wrote. “We’ve always been dead serious about saving our home planet-and now we’re putting the entire business where our mouth is.”Ĭhouinard went on to say he had considered selling the company and donating 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,” he explained-or taking the company public. “Earth is now our only shareholder,” the letter read, in part. The 83-year-old climber and business owner (who, fun fact, was born in Maine to a French-Canadian father before the family packed up and moved to Southern California) shared the news with staff and customers in a letter posted to Patagonia’s website on Wednesday, Sept. The move ensures the approximately $100 million in annual profits Patagonia earns from approximately $1 billion in annual sales will now be used to fund environmental initiatives-not build familial wealth-while keeping Patagonia an independent, for-profit entity. More specifically, Chouinard has transferred his ownership of the company, valued at about $3 billion, to a new, specially designed trust and non-profit organization. ![]() Patagonia made headlines last week when the outdoor apparel brand’s billionaire founder Yvon Chouinard announced his decision to, as the New York Times and Washington Post phrased it, give the company away. ![]()
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