International: Fashion retailer Patagonia to use all profits to fight climate crisis
2:30 pm on September 16 2022
The billionaire founder of the outdoor fashion retailer Patagonia, Yvon Chouinard, says he has given away the company to "planet earth".
Chouinard announced this week that all of Patagonia's non-voting shares had been transferred to a trust that will use its profits to fight the climate crisis.
He claims this will amount to around $166 billion NZD a year.
"Earth is now our only shareholder," Chouinard shared in an open letter on Wednesday posted to Patagonia's website.
Chouinard says he considered selling Patagonia and donating the money to charity or taking the company public.
But he says both options would have meant giving up control of the business.
"Even public companies with good intentions are under too much pressure to create short-term gain at the expense of long-term vitality and responsibility."
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