Patagonia founder donates his company to defend the planet

The founder of the outerwear brand Patagonia, known for its pro-environmental stance, wants to do more for the planet and decided, at the age of 83, to simply donate his company. Yvon Chouinard could have sold the brand, which is valued at $3 billion according to The New York Times (in English)or make it public.

In agreement with his wife and two children, he decided instead to transfer 100% of their stake in the company into a trust responsible for ensuring that its values ​​are respected, and into an association that combats the environmental crisis and protects nature. To whom the profits will be donated. “Earth is now our only shareholder”He wrote in a letter posted on the Patagonia website.

“I never wanted to be an entrepreneur. I started as a craftsman, making climbing gear for my friends and myself before moving on to clothes”He remembers. Founded nearly fifty years ago, the Patagonia brand quickly made a commitment to protecting nature, meticulously selecting raw materials or donating 1% of its sales each year to environmental NGOs.

But that was not enough, as its founder judged. “One option was to sell Patagonia and donate all the money. But we weren’t sure the new owner would maintain our values ​​or retain all of our employees.”As he says in his letter. And taking Patagonia to the public would have been “disaster”pridect: “Even well-intentioned listed companies are under great pressure to make short-term gains at the expense of long-term vitality and responsibility.”.

Patagonia will remain a company that cares about its financial health and will work with a board of directors and a general manager. The Chouinard family will continue to do so “Instructs” The work of the Secretariat and the Assembly.