Patagonia posts progress report on new business model

VENTURA – Three years after Patagonia's billionaire owner handed over the reins to a charitable trust, the company has published a progress report on its work to address its environmental impacts.

Octogenarian Yvon Chouinard, who founded the company in 1973, transferred company ownership to the Patagonia Purpose Trust and the Holdfast Collective, promising that all profits, beyond those reinvested in the business, would go to environmental nonprofits.