Patagonia, a company started in 1973 by Yvon Chouinard, sells hiking and other outdoor clothing in more than 10 nations.
The billionaire founder of outdoor fashion retailer Patagonia, Yvon Chouinard, claimed that he had donated his business to a trust for humanitarian purposes. Any profit that is not used to manage the business under the new ownership structure will go toward addressing climate change.
According to Yvon Chouinard Patagonia, this will amount to almost $100 billion annually.
Patagonia, a company started in 1973 by Yvon Chouinard, sells hiking and other outdoor clothing in more than 10 nations. According to the BBC, the company’s estimated annual revenue was $1.5 billion and Yvon Chouinard net worth is $1,2 billion.
Yvon Chouinard sent a statement titled “Earth is now our only shareholder” that was published on the business’ website on Wednesday to explain his choice.
“Despite its vastness, the Earth’s resources are finite, and it is obvious that humans have reached their limitations. We are using the income Patagonia generates to conserve the source, not extracting value from nature and turning it into wealth, stated Yvon Chouinard.
“Truth be told, there were no viable alternatives. Thus, we developed our own, “Added he.
Hut Group’s Matthew Moulding, who owns several online nutrition and beauty firms, gave £100 million to a charitable foundation last year.
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