New York: The billionaire founder of the outdoor fashion retailer Patagonia says he has given away his company to a charitable trust.
Yvon Chouinard said that under a new ownership structure, any profit not reinvested in running the business would go to fighting climate change.
This will amount to around $100m ($86m) a year, he claimed, depending on the health of the company.
Patagonia sells hiking and other outdoor clothing in over 10 countries.
Founded in 1973, its estimated revenue was $1.5bn this year, while Mr Chouinard’s net worth is thought to be $1.2bn.
The Californian firm was already donating 1% of its annual profits to grassroots activists and committed to sustainable practices. But in an open letter to customers, the apparently reluctant businessman said he wanted to do more.
