Patagonia

Moving forward, Patagonia's profits that are not re-invested into the business will be donated to a group of nonprofit organizations fighting climate ...

Patagonia expects to generate and donate about $100 million annually depending on the health of the business. After informing its employees on Wednesday about this move, the company updated its website to state that "Earth is now our only shareholder." It will be overseen by members of the family and close advisors. 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. Another path was to take the company public. One option was to sell Patagonia and donate all the money.

Yvon Chouinard will give all of the fashion company's profits to a charity fighting climate change.

Mr Chouinard is not the first entrepreneur to give wealth away. Instead, the Chouinard family, which always owned the company, has transferred it to two new entities. But he said both options would have meant giving up control of the business.

The company will continue to produce outdoor clothing, camping supplies, and other goods, but now all profits will go to organisations to fight the climate ...

We can save our planet if we commit to it." "As we began to witness the extent of global warming and ecological destruction, and our own contribution to it, Patagonia committed to using our company to change the way business was done. The non-voting stock will go to Holdfast Collective, a non-profit that will use the company's profits each year for environmental action. This is another way we've found to do our part. I know it can sound flippant, but they really embody this notion that every billionaire is a policy failure." But it's also resilient.

The founder of US outdoor retailer Patagonia, 83-year-old Yvon Chouinard, known for his environmental stances, has given away his company in an effort to ...

Instead of extracting value from nature and transforming it into wealth for investors, we’ll use the wealth Patagonia creates to protect the source of all wealth.— Patagonia (@patagonia) He added: "As we began to witness the extent of global warming and ecological destruction, and our own contribution to it, Patagonia committed to using our company to change the way business was done." Mr Chouinard could have sold the brand, valued at €3 billion according to The New York Times, or taken it public but instead, he and his family agreed to transfer all of Patagonia's voting shares in the company to a trust in charge of ensuring the brand's environmental values are respected.

The billionaire founder of the outdoor fashion retailer Patagonia says he has given away his company to a charitable trust. Yvon Chouinard said that under a ...

Mr Chouinard is not the first entrepreneur to give wealth away. Instead, the Chouinard family, which always owned the company, has transferred it to two new entities. But he said both options would have meant giving up control of the business.

Patagonia founder Yvon Chouinard says he will give his company over to a trust, with future profits being donated to causes fighting climate change.

"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." The other option was to become a publicly traded entity. He added, "Instead of extracting value from nature and transforming it into wealth, we are using the wealth Patagonia creates to protect the source.

The founder of Patagonia, Yvon Chouinard, and his family, have given away the $3 billion company to an environmental trust and non-profit.

Patagonia has even earned the nickname “Pata-Gucci” for its coveted, high-priced goods. “We ask you to buy less and to reflect before you spend a dime on this jacket or anything else,” the ad read. In 1970, after a climbing trip to Scotland, he started importing the rugged rugby shits he encountered there and selling them to climbers. The corporate tax structure means the collective can spend directly on political advocacy and lobby to influence policy. The ad, despite its message, was a boon for the company’s sales. The non-voting stock will go to Holdfast Collective, a non-profit that will use the company’s profits each year for environmental action.

Instead of selling the company or taking it public, Chouinard, who became famous for alpine climbs in Yosemite National Park and has a net worth of $1.2 billion ...

The trust will be overseen by members of the family. While rich individuals often make financial contributions to causes, the New York Times said the structure of the Patagonia founder's action meant he and his family would get no financial benefit - and in fact would face a tax bill from the donation. Yvon Chouinard, the billionaire founder of the outdoor apparel brand Patagonia, said on Wednesday he is giving away the company to a trust that will use its profit to fight the climate crisis.

Yvon Chouinard expects outdoor clothing group to give $100mn a year to environmental causes.

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Yvon Chouinard, the billionaire founder of outdoor apparel maker Patagonia, is giving his $3 billion company away for a greater cause: fighting climate ...

[recognized Patagonia](https://www.unep.org/news-and-stories/press-release/us-outdoor-clothing-brand-patagonia-wins-un-champions-earth-award) for its commitment to environmental sustainability and advocacy. The company, which Chouinard founded in 1973, is worth $3 billion, [according to the New York Times.](https://www.nytimes.com/2022/09/14/climate/patagonia-climate-philanthropy-chouinard.html) "Despite its immensity, the Earth's resources are not infinite, and it's clear we've exceeded its limits," Chouinard wrote on Wednesday. As part of those efforts, Patagonia sources eco-friendly clothing materials and annually donates 1% of its total sales to grassroots activists. [net worth](https://www.forbes.com/profile/yvon-chouinard/?list=rtb/&sh=2a3f5d474fb5), as of Thursday morning. He was also a craftsman who made climbing gear and apparel for himself and his friends. In the 1960s, he was a pioneering rock climber in California who lived out of his car and ate damaged cans of cat food he purchased for 5 cents apiece, the Times reported. We needed to find a way to put more money into fighting the crisis while keeping the company's values intact." We can save our planet if we commit to it." "The Patagonia Purpose Trust ... The two entities will ensure that all of Patagonia's profits go toward combating the climate crisis and protecting undeveloped land across the world, the company announced on Wednesday. [expects](https://www.patagoniaworks.com/press/2022/9/14/patagonias-next-chapter-earth-is-now-our-only-shareholdera) to generate and donate roughly $100 million in profits annually, depending on the health of the business, the company said.

Self-proclaimed craftsman built outdoor clothing company to help climbers and offer 'enjoyable' working conditions.

We all had to come to work on the balls of our feet and go up the stairs two steps at a time. We wanted to have a job where we would be allowed to do that. He kept wearing the top – which was azure blue with two red and one yellow stripes – when back in the US, and his climbing friends asked where they could get one. Some years he spent more than 200 nights sleeping outside, and claims not to have owned a tent until he was almost 40. One year he spent weeks in the Rockies surviving on a case of 5¢ cans of tuna cat food mixed with oatmeal, potatoes, “ground squirrel, blue grouse, and porcupines assassinated à la Trotsky, with an ice axe”. While many people daydream of achieving a nine-zero fortune, for Chouinard it was a sign he had failed in his life’s mission to make the world a better and fairer place. Refusing to let it go, the reporter tried again saying Chouinard was a “very successful businessman” and “somewhere along the way you must have wanted to be a businessman”. All I ever wanted to be was a craftsman.” “I almost always got my limit of 10 lobsters and five abalone.” “Earth is now our only shareholder,” Chouinard, 83, said in a message to staff and customers. The pitons proved very popular with his friends and other climbers. “Being a dirtbag is a matter of philosophy, not personal wealth.

Also everything at Twitter is securities fraud, SPAC buyback tax and a Rick's Cabaret insider sale.

Founder Yvon Chouinard structured the transfer of his firm in a way that keeps control within the family and avoids taxes.

If there were more Yvon Chouinards, humans might be doing a better job of battling global warming. Such sentiments are doing the rounds on social media ...

As part of the deal, Chouinard and his family have transferred all stock with voting rights to the Patagonia Purpose Trust. As a result, all company profit will go to a non-profit entity which will spend it to fight climate change. But behind it is a more responsible approach to managing a business than forcing ESG issues into unneeded siloes. [New York Times](https://nam02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.nytimes.com%2F2022%2F09%2F14%2Fclimate%2Fpatagonia-climate-philanthropy-chouinard.html&data=05%7C01%7CThomas.Shum%40thomsonreuters.com%7Cca957e5b0b794b02ef9e08da97857df9%7C62ccb8646a1a4b5d8e1c397dec1a8258%7C0%7C0%7C637988896862882635%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=0soxmY0eahtxllxcIxdEw1qqfhTOKk57QNzUJvcQHYg%3D&reserved=0). Chouinard, for example, wants to steer more money towards protecting the planet. [gaining](https://nam02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.breakingviews.com%2Fconsidered-view%2Fesg-acronym-is-due-for-a-spin-off-of-its-initials%2F&data=05%7C01%7CThomas.Shum%40thomsonreuters.com%7C12ba5feb1f94448ec17e08da97855fa6%7C62ccb8646a1a4b5d8e1c397dec1a8258%7C0%7C0%7C637988896342764716%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=7rGTOGnZMQMotgzwKe3Vsm%2BhNlA6YXAEGAdHStxluv8%3D&reserved=0) [traction](https://nam02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.economist.com%2Fleaders%2F2022%2F07%2F21%2Fesg-should-be-boiled-down-to-one-simple-measure-emissions&data=05%7C01%7CThomas.Shum%40thomsonreuters.com%7Cca957e5b0b794b02ef9e08da97857df9%7C62ccb8646a1a4b5d8e1c397dec1a8258%7C0%7C0%7C637988896862882635%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=Te8EliFCg8qAY83FBgJ%2BmOstFIGBZHhsqT9%2FLhV3ncc%3D&reserved=0). Forcing companies to pick between the three concepts would also create unnecessary dilemmas. In practice, all three should form an integral part of a fund manager’s overall analysis. Sustainable Investment Forum, sit in funds run by managers from BlackRock [(BLK.N)](https://www.reuters.com/companies/BLK.N) to AllianceBernstein that claim to include ESG considerations in their investment decisions. Yet he could have built a bigger war chest more quickly by selling the company. [revealed](https://nam02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.patagonia.com%2Fownership%2F&data=05%7C01%7CThomas.Shum%40thomsonreuters.com%7Cca957e5b0b794b02ef9e08da97857df9%7C62ccb8646a1a4b5d8e1c397dec1a8258%7C0%7C0%7C637988896862882635%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=oFsaLV8F8tAQXVWGAD3cBopoY%2F8rZNSFRYYG0du0pR4%3D&reserved=0) on Wednesday that he has ceded control of his outdoor clothing firm. MELBOURNE, Sept 16 (Reuters Breakingviews) - If there were more Yvon Chouinards, humans might be doing a better job of battling global warming.

Patagonia's billionaire founder has been praised for giving the company away to help fight climate change. Yvon Chouinard, who founded the outdoor apparel ...

This means shares can’t be sold at a profit or owned by people outside the firm, and no profits can be taken out of the company. Now I want to know, which companies will be next to step up?” adds fellow director Dr. “Patagonia has been breaking the mold for decades, and now they have shattered it. Employees were first to hear of the change at a global town hall event on 14 September. [Ecosia](https://www.euronews.com/green/2021/09/01/how-to-tell-the-difference-between-tree-planting-schemes-and-scams), Christian Kroll, welcomed the “fantastic news” from Patagonia. In fact, the Chouinards will face a tax bill from the donation. “I believe this plan that he and his family helped create is tectonic. [fire](https://www.euronews.com/green/2022/08/07/death-divorce-and-depression-firefighters-on-the-frontline-of-europes-climate-crisis),” said chair of the board Charles Conn. [capitalism](https://www.euronews.com/green/2022/02/28/today-s-ipcc-report-proves-green-capitalism-doesn-t-work-says-climate-expert) can work for the planet. It will continue to give this percentage to ‘grassroots activists’. [biodiversity](https://www.euronews.com/green/2022/01/25/biodiversity-loss-is-as-big-of-a-threat-as-climate-change-but-90-of-brits-don-t-see-it), support thriving communities and fight the environmental crisis.” [Yosemite](https://www.euronews.com/green/2022/07/11/worlds-oldest-trees-threatened-by-huge-wildfire-ripping-through-yosemite-national-park) National Park.