Patagonia’s ‘reluctant billionaire’ owner gives away company to fight climate crisis

Patagonia will continue to operate as a private, for-profit corporation based in Ventura, California, selling more than $1 billion worth of jackets, hats and ski pants each year. But the Chouinards, who controlled Patagonia until last month, no longer own the company.

The Chouinards then donated the other 98 per cent of Patagonia, its common shares, to a newly established non-profit organisation called the Holdfast Collective, which will now be the recipient of all the company’s profits and use the funds to combat climate change. The structure, the company statement said, was designed to avoid selling the company or taking it public, which could have meant a change in its values.

In the 1980s, the company began donating 1 per cent of its sales to environmental groups, a program formalised in 2001 as the “1% for the Planet Scheme”. The program has resulted in $140 million in donations for preservation and restoration of the natural environment, according to the company.

Source: News Formal (newsformal.com)

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