Billionaire boss of fashion retailer gives company away
Yvon Chouinard, the billionaire founder of the outdoor fashion retailer Patagonia says he has given away his company to a charitable trust.
Under a new ownership structure, any profit not reinvested in running the business would go to fighting climate change.
That’s roughly around $100bn a year, depending on the health of the company.
Patagonia was founded in 1973 and sells hiking and outdoor clothing in over 10 countries. Its estimated revenue was $1.5bn this year, while Mr Chouinard’s net worth is expected to be around $1.2bn.
“Despite its immensity, the Earth’s resources are not infinite, and it’s clear we’ve exceeded its limits,” he said of his decision to give up ownership.
“Instead of extracting value from nature and transforming it into wealth, we are using the wealth Patagonia creates to protect the source.”