Yvon Chouinard, the wealthy creator of the fashion brand Patagonia, is donating his whole company to a nonprofit to combat climate change. Inspired by his enthusiasm for rock climbing, the 83-year-old philanthropist built the firm into an internationally successful sportswear brand. The company’s current net value is $3 billion, according to The New York Times. Yvon Chouinard made the statement regarding Patagonia on the brand’s website on September 14. In 2018, the company’s mission was modified to “We’re in business to conserve our home planet,” according to the website.
The message went on to say:
“While we are doing all we can to solve the environmental situation, it is not enough.” We needed to figure out how to invest more money into battling the problem while maintaining the company’s ideals. One possibility was to sell Patagonia and give the proceeds. But we couldn’t be certain that a new owner would uphold our ideals or keep our global team of employees employed.”
The message went on:
“Another option was to go public with the firm. That would have been a tragedy. Even well-intentioned public corporations are under too much pressure to maximize short-term profits at the price of long-term vitality and responsibility. To be honest, there were no viable alternatives. So we made our own.”
Yvon Chouinard is considering establishing a method for the sportswear company to produce income that will assist environmental operations. The benefactor is working alongside his wife, Malinda Pennoyer, and his two children, Claire Chouinard and Fletcher Chouinard, as well as a group of business attorneys.
Patagonia was created in 1973 by millionaire Yvon Chouinard.
Yvon Chouinard, who was born in Maine on November 9, 1938, created Patagonia in 1973. The business has annual retail sales of $1 billion, and Yvon Chouinard’s net worth is $100 million, according to Celebrity Net Worth. Chouinard disclosed that the Patagonia Purpose Trust and the Holdfast Collective would hold the fashion clothing shares in his statement about giving the firm away. The former is a climate-focused nonprofit, whereas the latter is a coalition of non-governmental organizations.
This is amazing. Rather than selling his company, Yvon Chouinard, the founder of Patagonia, is giving the company away. Valued at $3 billion, it’s going to trusts and nonprofits that will ensure all of its annual profits of $100 million a year will go to combat climate change. pic.twitter.com/yQnD2Nav7d
— Mike Sington (@MikeSington) September 14, 2022
The company’s board members will be unaffected by the September 14th transfer. Ryan Gellert will continue as CEO of Patagonia, while the Chouinard family will stay on the board following the founder’s increasing altruistic attitude. Yvon Chouinard and his organization are well-known for their commitment to environmental advocacy and employee well-being. In the 1980s, the firm started donating 1% of its profits to environmental organizations. According to the organization, the campaign has raised $140 million in contributions for environmental preservation and restoration.
The company presently provides new and used outdoor clothing, camping and fishing equipment, as well as food and drinks made from sustainable sources. He married Malinda Pennoyer in 1971 when she was a student at California State University, Fresno. They have two children, Clair and Fletcher, as previously stated.