Billionaire Yvon Chouinard, the founder of outdoor fashion retailer Patagonia announced he has donated his company to a charitable trust. Under the new ownership order, any profit not reinvested in operating the company would go to combating climate change.
This will amount to approximately $100 billion every year, Yvon Chouinard said.
Yvon Chouinard’s Patagonia was founded in 1973 and it sells hiking and other outdoor clothing in more than 10 countries. According to a BBC report, the company’s estimated revenue was $1.5 billion in 2022, while the net worth of Yvon Chouinard is said to be $1, 2 billion.
A letter, written by Yvon Chouinard, titled “Earth is now our only shareholder,” was posted on the company’s website on Wednesday explaining his decision to give away his company.
“Despite its immensity, the Earth’s resources are not infinite, and it’s clear we’ve exceeded its limits. Instead of extracting value from nature and transforming it into wealth, we are using the wealth Patagonia creates to protect the source,” Yvon Chouinard said.
“Truth be told, there were no good options available. So, we created our own,” he added.
In 2021, Hut Group’s Matthew Moulding, which owns a wide variety of online beauty and nutrition brands, donated £100 million to a charitable foundation.