Earth is now our only shareholder.
"If we have any hope of a thriving planet—much less a business—it is going to take all of us doing what we can with the resources we have.
This is what we can do.
I never wanted to be a businessman. I started as a craftsman, making climbing gear for my friends and myself, then got into apparel. As we began to witness the extent of global warming and ecological destruction, and our own contribution to it, Patagonia committed to using our company to change the way business was done. If we could do the right thing while making enough to pay the bills, we could influence customers and other businesses, and maybe change the system along the way."
Words from founder Yvon Chouinard.
Up until now Patagonia gave away 1% of sales each year to save our home planet. Instead of now selling Patagonia and donating all the money, not being able to guarantee that the new owners would share the same values Yvon Chouinard and the Patagonia Board decided to donate 98% of the company to the Holdfast Collective, a nonprofit organization dedicated to fighting the environmental crisis and defending nature. 2% of the company will stay as a voting stock in the Patagonia Purpose Trust.
"We needed to find a way to put more money into fighting the crisis while keeping the company’s values intact."
Each year the money made after reinvesting in the business will be distributed as a dividend to help fight the crisis.
You can read Yvon Chouinard's letter here.
Instead of “going public,” you could say we’re “going purpose.”
Needless to say we are proud Patagonia children wear stockist.