Yvonne Chouinard, the billionaire founder of outdoor fashion retailer Patagonia, said he has given his company to a charitable trust. Under the new ownership structure, any profit not reinvested in running the company will go to combating climate change.
This would amount to about $100 billion each year, Yvonne Chouinard said.
Yvon Chouinard’s Patagonia which was founded in 1973 sells hiking and other outdoor clothing in more than 10 countries. According to a BBC report, the company’s estimated revenue this year was $1.5 billion, while Yvon Chouinard’s net worth is reported to be $1.2 billion.
Titled “Earth is now our sole shareholder,” Yvon Chouinard wrote a letter, which was posted on the company’s website on Wednesday explaining his decision.
“Despite its vastness, Earth’s resources are not infinite, and it is clear that we have exceeded its limits. Instead of extracting value from nature and turning it into wealth, we use the wealth Patagonia created to protect the source. are using,” said Yvonne Chouinard.
“Frankly, there was no good alternative available. So, we made our own,” he said.
Last year, Matthew Molding of the Hutt Group, which owns a range of online beauty and nutrition brands, donated £100 million to a charitable foundation.