Patagonia founder gives away company to help fight climate change

by Priyanka Kabra 15.09.2022

Yvon Chouinard, the founder of Patagonia, along with his wife and two grown children, are donating their ownership of the clothing brand.

The company's non-voting stock, valued at close to $3 billion, will be owned by a Trust.

The Trust will utilise all profits that aren't reinvested in the company to combat climate change.

Depending on how well the company does, it plans to give roughly $100 million annually.

Yvon Chouinard, transformed his love of rock climbing into one of the most well-known sportswear companies in the world, over 50 years back.

According to the New York Times, which first reported the change earlier on Wednesday, Patagonia will continue to run as a private, for-profit organisation.

 but the Chouinard family, which had previously managed the business, no longer owns it.

You could say that we are "going purpose" rather than "going public," suggested Chouinard.