Patagonia: Billionaire donates fashion firm to fight climate change

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 Patagonia: billionaire donates fashion firm to fight climate change< /p>

Yvon Chouinard founded Patagonia in 1973. The billionaire founder of outdoor clothing brand Patagonia donated his company to a charitable foundation.

Yvon Chouinard said that any profits not reinvested in running the business will go towards fighting climate change.

The label has gained a cult following for sustainability steps such as a lifetime warranty on clothing and repairs at reasonable prices.

It is known for its “Don't Buy This Jacket” ad campaign, which asks customers to consider the cost of environment.

The brand's website now says, “The earth is now our sole shareholder.”

Mr. Chouinard always said he “never wanted to be a businessman.” ;.

A rock climbing fanatic, he began by making metal climbing spikes for himself and his friends to wedge into rocks before branching into clothing and eventually creating a hugely successful sportswear brand that became a cult hit.

Sales Patagonia , founded in 1973, is worth about $1.5 billion this year, while Mr. Chouinard's net worth is estimated at $1.2 billion.

But he has always shied away from his wealthy status, telling the New York Times that he was “terrified of being considered a billionaire.”

He said that the profits that would be donated to the fight against climate change would be about $100 million (87 million pounds sterling) a year, depending on the health of the company.

“Despite the immensity, the Earth's resources are not limitless, and it is clear that we have exhausted their limits,” — said the entrepreneur about his decision to give up the property.

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