"Instead of "going public," you could say we're "going purpose," Patagonia founder Yvon Chouinard said of his decision to give away the multi-billion dollar company
Patagonia has a new owner –– Earth.
Yvon Chouinard – the founder of the well-known outdoor retailer – announced via an open letter on the company's website that he and his family have given away Patagonia to a non-profit organization and specially developed trust to help combat climate change. Patagonia is worth around $3 billion.
In his message titled "Earth is now our only shareholder," Chouinard, 83, confessed, "I never wanted to be a businessman."
Instead, he began his career as a craftsman and created "climbing gear for my friends" before entering the apparel industry with Patagonia.
He went on to note the company's mission to help prevent "global warming and ecological destruction" by creating eco-friendly clothing and annually donating 1 percent of its sales. It later earned B Corp certification and garnered California benefit corporation status.
Patagonia has since been "in business to save our home planet."
Patagonia Founder Gives Away the $3 Billion Company (people.com)
Patagonia has a new owner –– Earth.
Yvon Chouinard – the founder of the well-known outdoor retailer – announced via an open letter on the company's website that he and his family have given away Patagonia to a non-profit organization and specially developed trust to help combat climate change. Patagonia is worth around $3 billion.
In his message titled "Earth is now our only shareholder," Chouinard, 83, confessed, "I never wanted to be a businessman."
Instead, he began his career as a craftsman and created "climbing gear for my friends" before entering the apparel industry with Patagonia.
He went on to note the company's mission to help prevent "global warming and ecological destruction" by creating eco-friendly clothing and annually donating 1 percent of its sales. It later earned B Corp certification and garnered California benefit corporation status.
Patagonia has since been "in business to save our home planet."
Patagonia Founder Gives Away the $3 Billion Company (people.com)
