The founder of outdoor apparel and gear company Patagonia announced Wednesday that he is giving his company away after 50 years to groups that advocate climate change mitigation.
Yvon Chouinard, 83, said in a statement Wednesday that rather than selling Patagonia, which is valued at roughly $3 billion, his family has decided to transfer it to public trusts and nonprofit groups specifically designed to ensure all revenue not reinvested back into the business is funneled into fighting climate change and protecting the environment. Patagonia estimates that its annual profits will be about $100 million, meaning that the contributions could significantly increase environmental activist funding.
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“Truth be told, there were no good options available. So, we created our own,” Chouinard said of his family’s decision to create both the Patagonia Purpose Trust and the Holdfast Collective nonprofit organization as recipients of the company’s profits.
Chouinard made the decision alongside his wife and his two adult children.
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The Holdfast Collective is a 501(c)(4) nonprofit group that can advocate political causes and candidates.
