Patagonia: family sells it to non-profit, 'save the planet'

(ANSA) - WASHINGTON, 15 SEPT - Revolution in the name of philanthropy for Patagonia, the iconic outdoor brand.

83 / year owner, American mountaineering legend YvonChouinard, and his family sold the company by transferring their shares, valued at about 3 billion dollars, to an ad hoc fund and a non-profit organization: both were created to preserve independence of the company and ensure that all of its profits - around 100 million a year - are used to combat climate change and protect undeveloped lands around the world.

The New York Times writes it.

   "Hopefully this affects a new form of capitalism that doesn't end with a few rich and a lot of poor, we are giving the maximum amount of money to people who are actively working to save this planet," Chouinard explained.

Patagonia will continue to operate as a privately held profit-making company based in Ventura, California, selling over $ 1 billion in jackets, hats and ski pants each year.

But the Chouinards, who controlled Patagonia until August, will no longer own the company.

The family irrevocably transferred the voting shares, equal to 2% of the total, to a new entity called Patagonia Purpose Trust.

The fund, which will be overseen by family members and their close advisors,

aims to ensure that Patagonia lives up to its commitment to run the business in a socially responsible manner and yields profits.

Due to this donation, the Chouinards will pay 17.5 million in taxes.

   The family also donated the remaining 98% of the common shares to a new non-profit called Holdfast Collective, which will receive all of the company's profits and use them to combat climate change.

An operation, the latter, which does not involve any tax benefit.

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