Patagonia: Billionaire boss of fashion retailer gives company away

The billionaire founder of the outdoor fashion brand Patagonia has given away his company to a charitable trust.

Yvon Chouinard said any profit not reinvested in running the business would go to fighting climate change.

The label has amassed a cult following due to sustainability moves like guaranteeing its clothes for life and offering reasonably priced repairs.

It is famous for an advert titled “Don’t buy this jacket” asking shoppers to consider costs to the environment.

The brand’s website now states: “Earth is now our only shareholder.”

Founded in 1973, Patagonia’s estimated revenue was $1.5bn this year, while Mr Chouinard’s net worth is thought to be $1.2bn.

He claimed that profits to be donated to climate caused will amount to around $100m (£87m) a year, depending on the health of the company.

“Despite its immensity, the Earth’s resources are not infinite, and it’s clear we’ve exceeded its limits,” the entrepreneur said of his decision to give up ownership.

“Instead of…

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This article was written by and originally published on www.bbc.co.uk