Billionaire boss gives fashion firm away to fight climate change

The billionaire founder of the outdoor fashion brand Patagonia has given away his company to a charitable trust.

Yvon Chouinard said any profit not reinvested in running the business would go to fighting climate change.

The label has amassed a cult following due to sustainability moves like guaranteeing its clothes for life and offering reasonably priced repairs.

It is famous for an advert titled “Don’t buy this jacket” asking shoppers to consider costs to the environment.

The brand’s website now states: “Earth is now our only shareholder.”

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

Founded in 1973, Patagonia’s sales were worth around $1.5bn this year, while Mr Chouinard’s net worth is thought to be $1.2bn.

But he has always shied away from his wealthy status, telling the New York Times he was “horrified to be seen as a billionaire”.

“Despite its immensity, the Earth’s resources are not infinite, and it’s clear we’ve exceeded its limits,” the entrepreneur said of his decision to give up ownership.

“Instead of extracting value from nature and transforming it into wealth, we are using the wealth Patagonia creates to protect the source.”