The owner of the renowned clothing brand Patagonia, Yvon Chouinard, announced that he will donate the company, valued at three billion dollars (about 3,008 million euros), for the fight against climate change.
In an open letter posted on the official website, the 83-year-old tycoon revealed that he, his wife and two children had sold their shares and that the company is now being run by a non-governmental organization (NGO) and a dedicated fund. . .stay the course set by the family.
The move has been widely praised by America’s philanthropic community, at a time when billionaires’ bountiful earnings are coming under increasing scrutiny, requiring them to donate their fortunes to social and environmental causes.
“Despite their vastness, the Earth’s natural resources are not limited and we have clearly exceeded them. But the planet is also resilient. And if we compromise, we can save it,” Chouinard wrote in the letter, titled “The Earth is now our sole shareholder.”
After exploring various plans, which included the possibility of selling the company or turning it into a public company through an Initial Public Offering (IPO), the family finally came to the conclusion that “There was no good option.” The solution was made easy: “so we decided to create our own option”.
Voting shares [2% das ações da empresa] they will be transferred to the Patagonia Purpose Trust, a fund created to protect the company’s values; Non-voting shares [os restantes 98%] It will be donated to the Holdfast Collective, an NGO dedicated to fighting climate change and defending nature. The funds will come directly from Patagonia, and each year the profits that we obtain after reinvesting in the company will go to the fight against the climate crisis”, explained Chouinard.
Since 1979, the Ventura, California-based company has been selling athletic apparel and equipment, and today makes nearly $1 billion in sales. At the same time, Patagonia has stood out over the years for promoting initiatives aimed at combating excess waste and climate change. In 2012, the brand even placed an ad asking customers not to buy its products on Black Friday.
Chouinard, who told The New York Times he “never wanted to be a businessman,” started out by handcrafting the brand’s products. A climber since the 1970s, he has embraced various causes related to the defense of nature. “I hope I can influence a new form of capitalism, that doesn’t end up with half a dozen rich people and the rest poor,” he said.
Source: Observadora
