The owner of the Patagonia brand has donated his company: $ 3,000 million to environmental protection

The founder of the American clothing brand Patagonia, Yvon Chouinardannounced this Wednesday that has decided to devolve its business to environmental protectionby transferring its property to a trust and a non-profit organization that will dedicate all profits generated to the defense of the planet.

valued at about 3,000 million dollarsPatagonia has a profit of approximately $ 100 million a year and since its creation it has always linked its brand to the conservation of nature.

Chouinard, a climbing lover who became a billionaire thanks to the business he founded in 1973he explained in a statement that he had chosen this route as a way to devote more money to the climate crisis and keep “the company’s values ​​intact”.

“If we have any hope of a thriving planet – and a thriving business – in 50 years, it will take it alls we do what we can with the resources we have. This is another way we have found to do our part. “

“Earth is now our sole shareholder,” he wrote in a letter posted on the Patagonia website.

“I never wanted to be a businessman. I started out as a craftsman, making climbing gear for me and my friends, before moving on to clothing, “she recalls.

“One option was to sell Patagonia and donate all the money. But we couldn’t be sure that a new owner would uphold our values ​​and retain all of our employees. “

Y making Patagonia public would have been a “disaster”he predicts. “Even well-meaning listed companies are under too much pressure to generate short-term profits at the expense of long-term viability and responsibility.”

Patagonia will continue to be a financially conscious company and will function with a board of directors and a CEO.

As detailed, 100% of the Possession of Patagonia voting shares were transferred to a trust created to protect the values ​​of the company – controlled by the Chouinard family – and 100% of the non-voting shares were held by the Holdfast Collective, a non-profit organization dedicated to the protection of nature. “Every year, the money we earn after reinvesting in the company will be distributed as a dividend to help fight the crisis,” she added.

Chouinard, 83, and his family, rthus states the control of the California-based companya, which constitutes the bulk of his fortune.

In turn, the current CEO, Ryan Gellert, will continue to lead the operations and Patagonia, which mainly sells clothing and equipment for outdoor activities, will maintain its policy of donating 1% of its sales to environmental organizations.