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The owner of the clothing brand Patagonia gave up the company for free to tackle the climate crisis

The owner of the clothing brand Patagonia gave up the company for free to tackle the climate crisis

Chouinard, best known for his heights in Yosemite National Park and a net worth of $1.2 billion, would transfer the family’s ownership of Patagonia to a trust and nonprofit.

Yvonne Chouinardthe 83-year-old billionaire and founder of the outdoor sportswear brand Patagonia You can 3 billion dollars according to him The New York Times , This Wednesday, it announced that it will hand the company over to a trust fund that will use its profits for it Fighting the climate change crisis.

Instead of selling the company or going public, Chouinardwho is famous for his travels in Yosemite National Park With a net worth of $1.2 billion, he will transfer the Patagonian family’s ownership to a non-profit trust.

Patagonia makes about $100 million annually Since its establishment, it has been distinguished by its special focus on nature conservation.

ChouinardA climber who became a billionaire thanks to the business he founded in 1973, explained in a statement that he chose this path as a way to allocate more money to the climate crisis and to keep “company values ​​intact.”

“If we have any hope of a thriving planet and thriving business 50 years from now, it will require all of us to do the best we can with the resources we have. This is another way we have found to do our part,” the entrepreneur said.

as detailed, 100% of Patagonia’s voting shares have been transferred to a trust created to protect the company’s values – Controlled by the Chouinard family – 100% of the non-voting titles remained in the hands of Holdfast groupIt is a non-profit organization dedicated to protecting nature

Meanwhile, the current CEO, Ryan Gilert, will continue to lead operations and Patagonia - which sells clothing and equipment primarily for outdoor activities - will maintain its policy of donating 1% of its sales to environmental organizations.
Meanwhile, the current CEO, Ryan Gilert, will continue to lead operations and Patagonia – which sells clothing and equipment primarily for outdoor activities – will maintain its policy of donating 1% of its sales to environmental organizations.

“Every year, the money we make after reinvesting in the company will be distributed as dividends to help fight the crisis,” he added.

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Consequently, Chouinard and his family relinquished control of the company headquartered in Californiawhich constitutes the bulk of his wealth.

Meanwhile, the current CEO, Ryan GellertOperations Management and Patagonia – which sells clothing and equipment primarily for outdoor activities – will continue its policy of donating 1% of its sales to environmental organizations.

American Yvonne Chouinard I fell in love with Patagonia after climbing Mount Fitz Roy And he decided to name the mountaineering equipment project that way.

But the whole world of Patagonia, the company he founded is inspired by the region, is all about sustainability. His company emerged as a pioneer in the corporate movement of With a focus on reducing its environmental impact.

(with information from the EFE and AFP)

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