Patagonia, the famous outdoor apparel brand, is taking a rather unexpected turn after its founder Yvon Chouinard announced his decision to give up the firm in order to combat climate change.
Chouinard is transferring his ownership of the company to a non-profit organization. According to The New York Times, Chouinard could have sold the brand, currently valued at $3 billion, or taken it public. However, the entrepreneur’s family decided to transfer Patagonia’s voting shares to the company dedicated to fighting climate change for the planet’s protection.
“We’ve always been dead serious about saving our home planet—and now we’re putting the entire business where our mouth is,” reads the brand’s announcement caption on Instagram. Check it out below.
The announcement begins with Chouinard explaining how he never wanted to be a businessman and believed he was always a craftsman at heart, which is precisely why he started off making climbing gears for his friends and family and turned into an apparel retail business later on.
“As we began to witness the extent of global warming and ecological destruction, and our own contribution to it, Patagonia 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,” he wrote in the statement.
He further continued, “It’s been nearly 50 years since we began our experiment in responsible business, and we are just getting started. If we have any hope of a thriving planet—much less a thriving business—50 years from now, it is going to take all of us doing what we can with the resources we have. This is another way we’ve found to do our part. Despite its immensity, the Earth’s resources are not infinite, and it’s clear we’ve exceeded its limits. But it’s also resilient. We can save our planet if we commit to it.”
The Chouinard family will not receive any money from future operations but will remain on board to oversee the trust.