Patagonia

Moving forward, Patagonia's profits that are not re-invested into the business will be donated to a group of nonprofit organizations fighting climate ...

Patagonia expects to generate and donate about $100 million annually depending on the health of the business. After informing its employees on Wednesday about this move, the company updated its website to state that "Earth is now our only shareholder." It will be overseen by members of the family and close advisors. Even public companies with good intentions are under too much pressure to create short-term gain at the expense of long-term vitality and responsibility. Another path was to take the company public. One option was to sell Patagonia and donate all the money.

Yvon Chouinard and his family are transferring ownership of the apparel company to a trust and nonprofit instead of pursuing a sale.

All future Patagonia profits that aren't reinvested into the company will go toward combating climate change, the company said, stripping founder Yvon ...

[as a billionaire](https://www.nytimes.com/2022/09/14/climate/patagonia-climate-philanthropy-chouinard.html?), he told the New York Times. “We are going to give away the maximum amount of money to people who are actively working on saving this planet.” He is no longer a billionaire. [Billionaire No More: Patagonia Founder Gives Away the Company](https://www.nytimes.com/2022/09/14/climate/patagonia-climate-philanthropy-chouinard.html?) (New York Times) [From Climber To Billionaire: How Yvon Chouinard Built Patagonia Into A Powerhouse His Own Way](https://www.forbes.com/sites/danielasirtori/2017/03/20/from-climber-to-billionaire-how-yvon-chouinard-built-patagonia-into-a-powerhouse-his-own-way/?sh=143c6a12275c) (Forbes) [Patagonia’s Billionaire Founder To Give Away The Millions His Company Saved From Trump's Tax Cuts To Save The Planet](https://www.forbes.com/sites/angelauyeung/2018/11/29/patagonias-billionaire-founder-to-give-away-the-millions-his-company-saved-thanks-to-tax-cuts/?sh=361c5e681d6f) (Forbes) His inclusion on the list “ [really pissed me off](https://www.nytimes.com/2022/09/14/climate/patagonia-climate-philanthropy-chouinard.html?),” he said, because he didn’t have $1 billion in the bank and doesn’t “drive Lexuses.” Forbes first included Chouinard in its lists in 2017 based on the value of Patagonia, not the cash in his bank account. [New York Times](https://www.nytimes.com/2022/09/14/climate/patagonia-climate-philanthropy-chouinard.html?), which first reported the news. [already donated $50 million](https://www.nytimes.com/2022/09/14/climate/patagonia-climate-philanthropy-chouinard.html?)). [$1.2 billion](https://www.forbes.com/profile/yvon-chouinard/?sh=88d49324fb5d) before he relinquished control of the company. [$100 million](https://www.patagoniaworks.com/press/2022/9/14/patagonias-next-chapter-earth-is-now-our-only-shareholder)—the organization hasn’t specified how it plans on using the money. [the company says](https://www.patagoniaworks.com/press/2022/9/14/patagonias-next-chapter-earth-is-now-our-only-shareholder) will “enshrine Patagonia’s purpose and values” and “demonstrate as a for-profit business that capitalism can work for the planet.” [an open letter](https://www.patagonia.com/ownership/) that he considered selling the company and donating the proceeds or even going public, but he decided to transfer its ownership to keep the company’s workers employed and maintain Patagonia’s values. [10-figure fortune](https://www.forbes.com/profile/yvon-chouinard/?sh=88d49324fb5d) from his outdoor outfitter empire—have relinquished their ownership of the 49-year-old company, transferring it to trusts and nonprofit organizations and pledging Wednesday to redirect Patagonia’s future profits toward [fighting climate change](https://www.patagoniaworks.com/press/2022/9/14/patagonias-next-chapter-earth-is-now-our-only-shareholder).

Yvon Chouinard, the billionaire founder of the outdoor apparel brand Patagonia, said on Wednesday he is giving away the company to a trust that will use its ...

The trust will be overseen by members of the family. Register now for FREE unlimited access to Reuters.com

The billionaire founder of the outdoor fashion retailer Patagonia says he has given away his company to a charitable trust. Yvon Chouinard said that under a ...

Mr Chouinard is not the first entrepreneur to give wealth away. Instead, the Chouinard family, which always owned the company, has transferred it to two new entities. But he said both options would have meant giving up control of the business.

Yvon Chouinard, the billionaire founder of the outdoor apparel brand Patagonia, said on Wednesday (Sep 14) he is giving away the company to a trust that ...

Patagonia founder Yvon Chouinard says he will give his company over to a trust, with future profits being donated to causes fighting climate change.

"Even public companies with good intentions are under too much pressure to create short-term gain at the expense of long-term vitality and responsibility." The other option was to become a publicly traded entity. He added, "Instead of extracting value from nature and transforming it into wealth, we are using the wealth Patagonia creates to protect the source.

BENGALURU - Mr Yvon Chouinard, the billionaire founder of the outdoor apparel brand Patagonia, said on Wednesday he is giving away the company to a trust ...

Now, buying one of Patagonia's T-shirts could mean contributing a small part in funding climate action. The founder of the American outdoor gear and clothing ...

[Telegram](https://t.me/mothershipsg) to get the latest updates. OK, it’s more nuanced than that, but we’re closed today to celebrate this new plan to save our one and only home. [Youtube](https://www.youtube.com/watch?v=t_4mWsxI7gQ) [advocacy](https://www.patagonia.com/activism/), particularly in the US. [started](https://www.patagonia.com/company-history/) by Chouinard and his friend in the 1950s, when they sold handmade outdoor equipment. Hey, friends, we just gave our company to planet Earth. [campaign](https://www.patagonia.com/stories/dont-buy-this-jacket-black-friday-and-the-new-york-times/story-18615.html) in NYT, urging people to think twice before buying its jackets ahead of Black Friday sales that year. [announced](https://www.bloomberg.com/news/articles/2019-04-03/sorry-wall-streeters-you-now-need-to-earn-your-patagonia-vests?sref=Q3Gw7BiP) that it would be more selective with which companies get to print their logos on its vests. [popularity](https://www.npr.org/2022/03/31/1089994672/patagonia-vest-tech-workers-san-francisco) beyond outdoor enthusiast circles with finance and technology companies. [New York Times](https://www.nytimes.com/2022/09/14/climate/patagonia-climate-philanthropy-chouinard.html) (NYT) reported. [website](https://www.patagonia.com/ownership/). Shares of the company will be divided between a new purpose-built entity, the Patagonia Purpose Trust, and a non-profit organisation, the Holdfast Collective, according to the letter.

Rather than selling the company or taking it public, Yvon Chouinard and his family have transferred their ownership of the $3 billion brand to a specially ...

Yvon Chouinard, the billionaire founder of the outdoor apparel brand Patagonia, said on Wednesday (Sep 14) he is giving away the company to a trust that ...

Yvon Chouinard expects outdoor clothing group to give $100mn a year to environmental causes.

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Yvon Chouinard, the billionaire founder of outdoor apparel maker Patagonia, is giving his $3 billion company away for a greater cause: fighting climate ...

[recognized Patagonia](https://www.unep.org/news-and-stories/press-release/us-outdoor-clothing-brand-patagonia-wins-un-champions-earth-award) for its commitment to environmental sustainability and advocacy. The company, which Chouinard founded in 1973, is worth $3 billion, [according to the New York Times.](https://www.nytimes.com/2022/09/14/climate/patagonia-climate-philanthropy-chouinard.html) "Despite its immensity, the Earth's resources are not infinite, and it's clear we've exceeded its limits," Chouinard wrote on Wednesday. As part of those efforts, Patagonia sources eco-friendly clothing materials and annually donates 1% of its total sales to grassroots activists. [net worth](https://www.forbes.com/profile/yvon-chouinard/?list=rtb/&sh=2a3f5d474fb5), as of Thursday morning. He was also a craftsman who made climbing gear and apparel for himself and his friends. In the 1960s, he was a pioneering rock climber in California who lived out of his car and ate damaged cans of cat food he purchased for 5 cents apiece, the Times reported. We needed to find a way to put more money into fighting the crisis while keeping the company's values intact." We can save our planet if we commit to it." "The Patagonia Purpose Trust ... The two entities will ensure that all of Patagonia's profits go toward combating the climate crisis and protecting undeveloped land across the world, the company announced on Wednesday. [expects](https://www.patagoniaworks.com/press/2022/9/14/patagonias-next-chapter-earth-is-now-our-only-shareholdera) to generate and donate roughly $100 million in profits annually, depending on the health of the business, the company said.

Eastman's enhanced-sustainability fiber will be used in a limited run of shirts for the outdoor apparel retailer. KINGSPORT, Tenn., Sept.

With the purpose of enhancing the quality of life in a material way, Eastman works with customers to deliver innovative products and solutions while maintaining a commitment to safety and sustainability. It's a future-focused fiber made with the next generations in mind — one that doesn't compromise on the quality of the garment or the health of our planet." Naia™ Renew ES is made from a combination of molecularly recycled waste material (40%), recycled cellulose (20%) and renewable wood pulp (40%). Patagonia's Workwear line is a Fair Trade line of apparel made for people who work hard daily to make the planet a better place to live, perform and produce. Founded in 1920, Eastman is a global specialty materials company that produces a broad range of products found in items people use every day. Furthermore, Eastman has partnered with Canopy to demonstrate its ongoing commitment to sustainable forestry management. "Patagonia has always been a company that chooses its fibers carefully and responsibly," said Ruth Farrell, Eastman textiles general manager. Eastman has aligned its entire forestry supply chain with Forest Stewardship Council® (FSC®) sourcing standards, including controlled wood procedures. The remaining 40% recycled content* comes from Eastman's cutting-edge molecular recycling technology that breaks down hard-to-recycle waste materials like plastic packaging and old carpet into fundamental building blocks to produce the acetic acid used to make cellulose acetate yarn and fiber. Eastman holds FSC® (C140711) and PEFC™ Chain of Custody certifications, and all its suppliers hold internationally recognized forestry certifications as well. This innovation is made possible through Eastman's continuous efforts to collaborate with eco-conscious partners throughout the value chain. Named for its enhanced sustainability, Naia™ Renew ES is made with 60% recycled content.

Also everything at Twitter is securities fraud, SPAC buyback tax and a Rick's Cabaret insider sale.

Self-proclaimed craftsman built outdoor clothing company to help climbers and offer 'enjoyable' working conditions.

We all had to come to work on the balls of our feet and go up the stairs two steps at a time. We wanted to have a job where we would be allowed to do that. He kept wearing the top – which was azure blue with two red and one yellow stripes – when back in the US, and his climbing friends asked where they could get one. Some years he spent more than 200 nights sleeping outside, and claims not to have owned a tent until he was almost 40. One year he spent weeks in the Rockies surviving on a case of 5¢ cans of tuna cat food mixed with oatmeal, potatoes, “ground squirrel, blue grouse, and porcupines assassinated à la Trotsky, with an ice axe”. While many people daydream of achieving a nine-zero fortune, for Chouinard it was a sign he had failed in his life’s mission to make the world a better and fairer place. Refusing to let it go, the reporter tried again saying Chouinard was a “very successful businessman” and “somewhere along the way you must have wanted to be a businessman”. All I ever wanted to be was a craftsman.” “I almost always got my limit of 10 lobsters and five abalone.” “Earth is now our only shareholder,” Chouinard, 83, said in a message to staff and customers. The pitons proved very popular with his friends and other climbers. “Being a dirtbag is a matter of philosophy, not personal wealth.

Capitalism typically works on a system of performance driven by profits, but the Patagonia founder Yvon Chouinard and his family are challenging the ...

It brought attention to the impact of consumerism on the environment. Since its creation and throughout the growth of its product line, Patagonia has searched for ways to make positive changes to the environmental impact of consumerism. The surprising goal was to reduce the number of products customers purchased from the company. Patagonia could also have sold the company and used the proceeds to support environmental change. It would be hypocritical for us to work for environmental change without encouraging customers to think before they buy.” But going even beyond the environmental effects of manufacturing, production and retailing, the company became a tremendous advocate for saving the environment and its natural resources. The Chouinard family could have taken the company public, but it stated, “What a disaster that would have been. Selling the company was deemed too big of a risk. [earth its only shareholder](https://www.patagonia.com/ownership/) in a bold move but perhaps not a surprising one, considering what the world has come to know about the socially responsible brand. Capitalism typically works on a system of performance driven by profits, but Patagonia is challenging the long-standing notion that only profits drive progress. Purpose alongside profits will win in the long run. Even public companies with good intentions are under too much pressure to create short-term gain at the expense of long-term vitality and responsibility.” Public companies become controlled by Wall Street and strategies can vary based on who is sitting on the board of directors.

Founder Yvon Chouinard structured the transfer of his firm in a way that keeps control within the family and avoids taxes.

Chicago Crypto Capital violated various securities laws by illegally selling unregistered securities to unsophisticated buyers between August 2018 and November ...

If you do not want a lot of money (because you find it embarrassing to be rich, etc.), or if you want to give money to good causes rather than spending it on yachts, you can get your check — a dividend or profit share or whatever — from the company each quarter, and then hand the money over to charity. If you own a business and it is a big successful business and makes a lot of money, you will end up getting a lot of money. Programming note: Money Stuff will be off tomorrow, back on Monday.

(AP) -- Outdoor gear company Patagonia says "the earth is now our only shareholder" after transferring the company's ownership from founder Yvon Choui.

Patagonia makes outdoor clothing, gear and accessories for everything from skiing to climbing and camping. Brian Mittendorf, a professor of accounting at Ohio State University who focuses on nonprofit organizations and their financial statements, said the new Patagonia structure is similar to the one Paul Newman created for his salad dressing company, Newman's Own. "We believe this new structure delivers on both and we hope it will inspire a new way of doing business that puts people and planet first." "It shows that somebody who has substantial wealth is responding with the kind of scale needed to address the problem," he said. "The very wealthy are also faced with the fact that their net worths are growing faster than they can conceive of giving it away. "Business owners are often faced with fraught decisions on the future of their company when it's time to sell," said Nicolette, who also co-hosts the "Giving Done Right" podcast.

If there were more Yvon Chouinards, humans might be doing a better job of battling global warming. Such sentiments are doing the rounds on social media ...

As part of the deal, Chouinard and his family have transferred all stock with voting rights to the Patagonia Purpose Trust. As a result, all company profit will go to a non-profit entity which will spend it to fight climate change. But behind it is a more responsible approach to managing a business than forcing ESG issues into unneeded siloes. [New York Times](https://nam02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.nytimes.com%2F2022%2F09%2F14%2Fclimate%2Fpatagonia-climate-philanthropy-chouinard.html&data=05%7C01%7CThomas.Shum%40thomsonreuters.com%7Cca957e5b0b794b02ef9e08da97857df9%7C62ccb8646a1a4b5d8e1c397dec1a8258%7C0%7C0%7C637988896862882635%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=0soxmY0eahtxllxcIxdEw1qqfhTOKk57QNzUJvcQHYg%3D&reserved=0). Chouinard, for example, wants to steer more money towards protecting the planet. [gaining](https://nam02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.breakingviews.com%2Fconsidered-view%2Fesg-acronym-is-due-for-a-spin-off-of-its-initials%2F&data=05%7C01%7CThomas.Shum%40thomsonreuters.com%7C12ba5feb1f94448ec17e08da97855fa6%7C62ccb8646a1a4b5d8e1c397dec1a8258%7C0%7C0%7C637988896342764716%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=7rGTOGnZMQMotgzwKe3Vsm%2BhNlA6YXAEGAdHStxluv8%3D&reserved=0) [traction](https://nam02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.economist.com%2Fleaders%2F2022%2F07%2F21%2Fesg-should-be-boiled-down-to-one-simple-measure-emissions&data=05%7C01%7CThomas.Shum%40thomsonreuters.com%7Cca957e5b0b794b02ef9e08da97857df9%7C62ccb8646a1a4b5d8e1c397dec1a8258%7C0%7C0%7C637988896862882635%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=Te8EliFCg8qAY83FBgJ%2BmOstFIGBZHhsqT9%2FLhV3ncc%3D&reserved=0). Forcing companies to pick between the three concepts would also create unnecessary dilemmas. In practice, all three should form an integral part of a fund manager’s overall analysis. Sustainable Investment Forum, sit in funds run by managers from BlackRock [(BLK.N)](https://www.reuters.com/companies/BLK.N) to AllianceBernstein that claim to include ESG considerations in their investment decisions. Yet he could have built a bigger war chest more quickly by selling the company. [revealed](https://nam02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.patagonia.com%2Fownership%2F&data=05%7C01%7CThomas.Shum%40thomsonreuters.com%7Cca957e5b0b794b02ef9e08da97857df9%7C62ccb8646a1a4b5d8e1c397dec1a8258%7C0%7C0%7C637988896862882635%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=oFsaLV8F8tAQXVWGAD3cBopoY%2F8rZNSFRYYG0du0pR4%3D&reserved=0) on Wednesday that he has ceded control of his outdoor clothing firm. MELBOURNE, Sept 16 (Reuters Breakingviews) - If there were more Yvon Chouinards, humans might be doing a better job of battling global warming.