The billionaire owner of Patagonia has given the company away to environmental causes in a bid to help fight the climate crisis.
Standing by the morals the sportswear and outdoors fashion brand has always aligned with, and in a move that is no doubt setting the standard when it comes to environmental corporate leadership, Patagonia founder Yvon Chouinard and his family are giving away the entire company valued at $3 billion to a uniquely-structured trust and non-profit.
The move is designed to put all of the company’s profits into saving the planet.
Previously, Patagonia had given away 1% of its sales each year, and 2018, it said it was in “business to save our home planet” – but now, reluctant billionaire Mr Chouinard has said he feels this is “not enough”.
“I never wanted to be a businessman,” Mr Chouinard explained.
“I started as a craftsman, making climbing gear for my friends and myself, then got into apparel [but] as we began to witness the extent of global warming and ecological destruction, and our own contribution to it, Patagonia is committed to using our company to change the way business was done.
“If we could do the right thing while making enough to pay the bills, we could influence customers and other businesses, and maybe change the system along the way.”
Kicking off the next 50 years, Patagonia says it’s “going purpose” instead of “going public”.
All ownership has been transferred to two new entities – Patagonia Purpose Trust and the Holdfast Collective.
Most significantly, every dollar that is not reinvested back into Patagonia will be distributed as dividends to protect the planet.
The Patagonia Purpose Trust now owns all the voting stock of the company, and exists to create a more permanent legal structure to “enshrine Patagonia’s purpose and values”, and will help ensure that there is never deviation from the intent of the founder.
It will facilitate what the company says it continues to do best – “demonstrate as a for-profit business that capitalism can work for the planet.”
The Holdfast Collective now owns all the non-voting stock, and will use every dollar received from Patagonia to “protect nature and biodiversity”, support thriving communities, and ultimately, work on tackling and preventing climate change.
Each year, profits that are not reinvested back into the business, will be distributed by Patagonia as a dividend to help fight the climate crisis.
Announcing the transfer of the company, Mr Chouinard: “It’s been a half-century since we began our experiment in responsible business, but if we have any hope of a thriving planet 50 years from now, it demands all of us doing all we can with the resources we have.
“As the business leader I never wanted to be, I am doing my part.
“Instead of extracting value from nature and transforming it into wealth, we are using the wealth Patagonia creates to protect the source.
“We’re making Earth our only shareholder – I am dead serious about saving this planet.”
Featured Image – Patagonia
A ‘lost town’ in Yorkshire has been discovered 650 years after being ‘swallowed by the sea’￼
The sunken town is dubbed ‘Yorkshire’s Atlantis’.
Britain’s lost Atlantis is thought to have finally been discovered after falling into the North Sea 650 years ago.
Historians believed it lay at the bottom of the ocean around a mile off from the Yorkshire coast.
The search team hope to find the footprint of the town including its sea wall, harbour and foundations.
This will allow them to map it all out and create a 3D map which divers could then use to explore the site.
Scientists say they now have all the data needed and will be analysing the area under the sea in the coming weeks.
After all this, they should be able to confirm whether the findings are infact the lost Yorkshire town of Ravenser Odd.
Hit Christmas market stall opens permanently at Piccadilly Gardens
Crunch Korean Gansig has become a must-try foodie stall at the Manchester Christma Markets, now it’s pulled up at Picadilly Gardens permanently.
The hit Korean hot dog stall has wowed visitors over the past few years with its cheese, potato and meat-filled creations.
Deep-fried in a crispy waffle coating and then lightly rolled in sugar, these sausages on a stick come drizzled in sweet ketchup and mustard.
Incredibly moreish if we do say so ourselves, since first making their appearance at the 2021 Manchester Christmas Markets they’ve consistently been ranked one of the event’s best food traders.
Now, thanks to a new permanent stall popping up where it all began for the team, Manc foodies can enjoy their hot meaty and cheesy Korean goodies all year long.
Popular flavour choices include all-cheese, all-sausage and half-and-half versions, with a vegetarian-friendly cheese-filled version wrapped in a potato waffle coating, and halal-friendly options that are made using separate batter and fryers.
This really is a hot dog stand that caters to everyone. With owners having previously said they would work on a vegan hot dog once they got their own permanent stand, we don’t expect the plant-powered gang will be left waiting too much longer.
Sharing the news to Instagram, the Crunch Korean Gansig team wrote: “Hey guys, we’ve got exciting news to share! We are launching a new market stall in the Piccadilly garden street food market from tomorrow.
“After two years of successful Christmas trading, we are ready to take on a new challenge, and love to serve our hotdogs to you guys again!
“So come on down to the market and say hi, we love to see you there! See you soon!”
Fans of the Korean hot dog stall have responded to the news with enthusiasm, flooding into the comments to share their excitement.
One person wrote: “So excited we will have to go!!”
Another person said: “Nooooo stop!!! I’m so happy I could cry”