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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.
Patagonia said in a press release on Wednesday that, effective immediately, Chouinard and his family will transfer their entire ownership stake into two newly created entities. Those entities will ensure that the company’s values will continue to be upheld — and that Patagonia’s profits are used to combat climate change.
“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 the statement. “Instead of extracting value from nature and transforming it into wealth, we are using the wealth Patagonia creates to protect the source.”
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📷: Fabian Marelli/AP
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