Outdoor company Patagonia makes around $100 million in profits a year, according to US media. A not inconsiderable part of this should benefit nature and climate protection in the future. Founder Yvon Chouinard sells his company.
The founder and previous owner of outdoor company Patagonia Yvon Chouinard has donated his company to charitable foundations. He wants to make his assets available for environmental protection – especially for measures to combat climate change.
The 83-year-old, who is also a pioneer in big wall climbing, and his wife and two children have agreed to a transfer of all voting shares in the company to a foundation that aims to ensure that the company’s ecological values are respected. All other shares also go to an environmental protection organization, which will also benefit from the company’s profits in the future.
“Earth is now our only shareholder,” Chouinard wrote in an open letter posted on Patagonia’s website Wednesday. “We had to find a way to put more money into fighting this crisis while keeping the company’s values intact.”
Patagonia’s profits are reported to be $100 million a year
According to the “New York Times”, Patagonia’s company value amounts to around 3.0 billion dollars (3.01 billion euros). All profits – according to the report about 100 million dollars a year – that are not reinvested in the company are to be used in the future via specially established foundations for the fight against global warming and for nature conservation.
“Hopefully this will influence a new form of capitalism that doesn’t end up with a few rich people and a bunch of poor people,” Chouinard told the newspaper.
Source: Stern
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
