Patagonia's founder is transferring ownership of the company after nearly 50 years into two entities that will help fight the climate crisis.
Patagonia is a private company based in Ventura, California, that sells outdoor apparel and equipment. Yvon Chouinard founded the company in 1973.
"If we have any hope of a thriving planet 50 years from now, it demands all of us doing all we can with the resources we have," Chouinard said in a statement Wednesday. "Instead of extracting value from nature and transforming it into wealth, we are using the wealth Patagonia creates to protect the source."
"Two years ago, the Chouinard family challenged a few of us to develop a new structure with two central goals," said Patagonia CEO Ryan Gellert in the press release. "They wanted us to both protect the purpose of the business and immediately and perpetually release more funding to fight the environmental crisis. We believe this new structure delivers on both and we hope it will inspire a new way of doing business that puts people and planet first.
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