Just prior to their 50th year in business, owner and Patagonia founder Yvon Chouinard took a bold step. He didn’t bet the farm, but instead gave it away.
“Truth be told, there were no good options available. So, we created our own.”
“Instead of “going public,” you could say we’re “going purpose.” Instead of extracting value from nature and transforming it into wealth for investors, we’ll use the wealth Patagonia creates to protect the source of all wealth.” - Yvon Chouinard, Patagonia founder
As of today, Patagonia now gives 100% of profits to saving our home planet. Guided by the Patagonia Purpose Trust, all excess profits from the company are put into a Trust controlled by the Holdfast Collective. This Collective has been created to make grants and investments that fight the climate crises, protect nature and biodiversity, and support thriving communities.
A tenant of the Patagonia experiment is that purpose and profit are inextricably linked. Profiteering without consideration of the impact a business has upon people and planet only further fuels the extractive capitalism that has got us in this mess. Patagonia is a proud B Corp and remains committed to setting the example of a responsible company. By working with third party standards certification bodies, Patagonia will continue to ensure that its products are part of a social and environmental solution. 1% of each Patagonia sale also funds their support of grassroots environmental activism though their 1% for the Planet grants. Patagonia remain committed to demonstrating that doing the right thing, makes for good and profitable business.
“If you want to go fast, go alone. If you want to go far, go together.”
So, in their 50th year, both everything and nothing has changed at Patagonia. Instead of resting on their laurels they’re looking ahead and asking What’s Next?