Last week, Yvon Chouinard, founder of the multi-billion-dollar clothing brand Patagonia, announced he was doing something different with his company: giving it away.
Chouinard and his family transferred the entirety of their ownership of the company to both a newly designed trust and a newly created nonprofit. The Patagonia Purpose Trust will maintain the company’s “socially responsible business” approach, while the Holdfast Collective, a new nonprofit, will use company profits to fight climate change.
