Founder of Patagonia, an outdoor fashion retailer, Yvon Chouinard states that he has given his company and firm to a charitable trust. He said that any profitable revenue will straightly go to the cause of climate change. The label is already known for its following of sustainable practices and providing reasonable repair prices. The website of the brand now says “Earth is now our only shareholder.”
The billionaire’s worth is estimated to be of $1.2 million and the company’s sales worth in this year alone was $1.5 million. Although he has stated in the past that he was always horrified to be seen as a billionaire.
Mr. Chouinard says “ Despite its immensity, the Earth’s resources are not infinite, and it’s clear we’ve exceeded its limits.” One of the marketing campaigns of Patagonia was ‘Only buy what you need’ and ‘Don’t buy this jacket’. Despite what it looks like, this campaign only helped the firm to raise itself and its name. Patagonia was already doing donations out of its revenues but the entrepreneur said that he always wanted to do more and to make a significant difference.
All ownership is now in the hands of two entities. The Patagonia Purpose Trust which is led by the family will hold only 2% of the total stock.
Mr. Chouinard was initially having thoughts about selling the company and donating all the money altogether but that would ater mean giving up control over the business. He said “Truth be told, there were no good options available. So, we created our own.” He himself is very much connected to nature and a rock climbing fanatic who got successful in the fashion business.
Yvon Chouinard is now one of the big names in the billionaire list amongst personalities like Bill Gates and Julian Richer.
Published By: Sandipan Dutta
