VENTURA – The billionaire owner of outdoor clothing brand Patagonia says he has given away the company to a charitable trust which will plough any profits not reinvested in the company into fighting climate change.
Yvon Chouinard, 83, who founded the company in 1973, says the new ownership structure would see around US$100m a year being given away to environmental causes at current business levels.
However, the Chouinard family and existing executives will continue to run the business which sells hiking and other outdoor clothing in more than 10 countries around the world.
Already have an account? Log In
Recommended
Most Popular
Latest Magazine
Features
Why China’s new wastewater standard is only one part of a broader shift spanning environmental law
As Brussels switches on its product passport registry, fashion’s supply chain data gaps threaten a bumpy rollout
As green claims face closer regulatory scrutiny liability no longer sits solely with the brands
News
Preview of our Textile Standards & Legislation Guide
China’s strengthened rules make officials personally accountable for serious environmental damage
New process to strip reactive dyes from cotton could benefit textile-to-textile recycling
Opinion
European factory closures show costs, geography and demand decide which materials survive
Other publications from MCL News & Media
