Just before the 50th anniversary of Patagonia, currently valued at about $3 billion, is under new ownership. Patagonia was founded by Yvon Chouinard in 1973, and has successfully been one of the most innovative and ethical outdoor corporations on the market.
Until now, Patagonia has been operated by the Chouinard family, but they announced today that the company has restructured and control of the business has been transferred to two new private entities. The entities include a trust that owns all Patagonia’s voting stock and a nonprofit organization called the Holdfast Collective, which owns all nonvoting stock and oversees Patagonia’s environmental work. The two entities were created to ensure the company’s profits, roughly $100 million a year, are used to combat climate change and protect land around the world. Read more.
