The wealthy founder of the fashion brand Patagonia, Yvon Chouinard, is donating his entire company to a nonprofit to combat climate change. The 83-year-old philanthropist built the firm into an internationally successful sportswear brand, inspired by his passion for rock climbing
According to The New York Times, the company’s current net worth is $3 billion. On September 14, Yvon Chouinard made a statement about Patagonia on the brand’s website. According to the website, the company’s mission was changed in 2018 to “We’re in business to conserve our home planet.”
The message continued:
“While we are doing everything possible to address the environmental crisis, it is not enough.” We needed to figure out how to put more money into fighting the problem while still upholding the company’s values. One option would be to sell Patagonia and donate the proceeds. But we couldn’t be sure that a new owner would uphold our values or keep our global workforce employed.”
The message continued:
“Another option was to take the firm public. That would have been a disaster. Even well-meaning public corporations are under excessive pressure to maximize short-term profits at the expense of long-term vitality and responsibility. To be honest, there were no other options. So we created our own.”
Yvon Chouinard is considering developing a method for the sportswear company to generate revenue that will help with environmental operations. The benefactor is collaborating with his wife, Malinda Pennoyer, his two children, Claire Chouinard and Fletcher Chouinard, and a group of business attorneys.
Yvon Chouinard, a millionaire, founded Patagonia in 1973
Patagonia was founded in 1973 by Yvon Chouinard, who was born in Maine on November 9, 1938. According to Celebrity Net Worth, the company’s annual retail sales are $1 billion, and Yvon Chouinard’s net worth is $100 million. In his statement about giving the firm away, Chouinard disclosed that the Patagonia Purpose Trust and the Holdfast Collective would hold the fashion clothing shares. The former is a climate-focused nonprofit, whereas the latter is a non-governmental organization coalition.
This is incredible. Rather than selling his company, Patagonia founder Yvon Chouinard is giving it away. It is worth $3 billion and will be distributed to trusts and nonprofits that will ensure that all of its annual profits of $100 million will be used to combat climate change. pic.twitter.com/yQnD2Nav7d
September 14, 2022 — Mike Sington (@MikeSington)
The transfer on September 14th will have no effect on the company’s board members. Ryan Gellert will remain CEO of Patagonia, and the Chouinard family will remain on the board in light of the founder’s growing altruism. Yvon Chouinard and his company are well-known for their dedication to environmental activism and employee well-being.
The company began donating 1% of its profits to environmental organizations in the 1980s. The campaign has raised $140 million in contributions for environmental preservation and restoration, according to the organization.
Currently, the company sells new and used outdoor clothing, camping and fishing equipment, as well as food and beverages made from sustainable sources. In 1971, he married Malinda Pennoyer, a student at California State University, Fresno. As previously stated, they have two children, Clair and Fletcher.
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