Yvon Chouinard, the wealthy founder of fashion brand Patagonia, is donating his entire company to a climate change nonprofit. Inspired by his passion for climbing, the 83-year-old philanthropist built the company into a successful sportswear brand worldwide. The company’s current net worth is $3 billion, according to The New York Times. Yvon Chouinard made a statement regarding Patagonia on the brand’s website on September 14. In 2018, the company’s mission was changed to “We are in business to save our planet” , according to the company’s website.
The message continues:
“While we are doing everything we can to address the environmental situation, it is not enough.” We had to find a way to put more money into solving the problem while maintaining the ideals of the company. One possibility is to sell Patagonia and give the proceeds. But we cannot be certain that the new owner will support our cause or retain our global staff.”
Message read:
“Another option is to list the company. That would be a tragedy. Even well-intentioned public companies are under too much pressure to maximize short-term profits at the expense of strength. long life and accountability. To be honest, there were no viable alternatives. So we created our own.”
Yvon Chouinard is looking at establishing a way for a sportswear company to generate revenue that benefits environmental causes. The philanthropist works alongside his wife, Malinda Pennoyer, and his two children, Claire Chouinard and Fletcher Chouinard, as well as a team of business lawyers.
Patagonia was founded in 1973 by millionaire Yvon Chouinard.
Yvon Chouinard, born in Maine on November 9, 1938, founded Patagonia in 1973. The business has annual retail sales of $1 billion and Yvon Chouinard’s net worth of $100 million, according to Celebrity Net Worth. Chouinard revealed that the Patagonia Purpose Trust and Holdfast Collective will hold a stake in the fashion apparel in his statement of the company’s gift. The first is a climate-focused nonprofit, while the second is a coalition of NGOs.
That’s great. Instead of selling his company, Yvon Chouinard, the founder of Patagonia, gave it away. Valued at $3 billion, it goes to foundations and nonprofits that will ensure that all of its $100 million a year profits go to fighting climate change. . pic.twitter.com/yQnD2Nav7d
– Mike Sington (@MikeSington) September 14, 2022
The September 14 transfer will not affect the company’s board members. Ryan Gellert will continue as CEO of Patagonia, while the Chouinard family will remain on the board following the founders’ increasingly selfless stance. Yvon Chouinard and his organization are known for their commitment to environmental protection and employee welfare. In the 1980s, the company began donating 1% of profits to environmental organizations. According to the organization, the campaign has raised $140 million in contributions to environmental conservation and restoration.
The company currently offers new and used outdoor clothing, camping and fishing equipment, as well as sustainably sourced food and beverages. He married Malinda Pennoyer in 1971 while she was a student at California State University, Fresno. They have two children, Clair and Fletcher, as mentioned earlier.
Categories: Entertaintment
Source: HIS Education