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☆ Patagonia's Restructuring Has Led to Employee Fallout
▼ + stars: | 2024-11-27 | by ( Polly Thompson | ) www.businessinsider.com time to read: +11 min

Patagonia's sales soared during the pandemic. A Patagonia spokesperson told BI that it uses less air freight now than it did before the pandemic. Related storiesThe Patagonia spokesperson said it had been tricky to navigate the demand for instant gratification. Adams recalled that at an event in about 2013 in Idaho, Chouinard seemed shocked at how large Patagonia's sales representatives' trucks were. Several people said the 72-hour deadline for CX employees was insufficient to make such a major life decision.

Persons: Yvon Chouinard, Chouinard, It's, Vincent Stanley, Alan Adams, Adams, Robert F, Campbell Brewer, —, Stanley, Nick Helmreich, Helmreich, who's Organizations: Patagonia, AP, Workers, Patagonia's, BI, Washington Post Locations: Patagonia, Montana , Wyoming, Alaska, California, Freeport , Maine, AP Patagonia, Idaho, Ventura , California, Reno , Nevada, Patagonia's Reno

☆ Patagonia's profit giveaway sought to turn capitalism upside down — but it hasn't been stress-free
▼ + stars: | 2024-11-06 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +1 min

A landmark decision from outdoor clothing brand Patagonia to dedicate its profits to fight the climate crisis didn't surprise its employees — but that's not to say the process has been stress-free. The move, which made headlines for being a novel marriage of capitalism and charity, prompted some to question whether the transformation would encourage others to follow suit. "They didn't want to sell the company because at the end of the day, yes, they could take the profits out but then it is a one-off situation," Hajikhanian said. "What it was really all about was to create a new way of capitalism, you know, to turn capitalism upside down and inspire other businesses to do things differently — and it felt like a real natural step," she added. "It may have been a really big moment, but for us, it was quite normal."

Persons: Yvon Chouinard, Nina Hajikhanian, Hajikhanian Organizations: Patagonia EMEA, CNBC Locations: Patagonia

☆ Patagonia lays off staff and launches a 'business transformation' to set it up for the next 50 years
▼ + stars: | 2024-10-01 | by ( Polly Thompson | ) www.businessinsider.com time to read: +7 min

Patagonia laid off 41 members of staff on Monday as part of a major business transformation. AdvertisementPatagonia laid off 41 members of staff on Monday and announced a major business transformation aimed at preparing the company for the next 50 years. The CEO told staff that the layoffs were "a sad and difficult decision" but were part of the company's transformation for the "next chapter." New roles are being created, some are being eliminated and many are evolving," Gellert told staff in the internal email. Gellert told staff to expect more details over the coming days, weeks, and months.

Persons: Ryan Gellert, —, Gellert, Diego Donamaria, Yvon Chouinard, Chouinard, Campbell Brewer, Vincent Stanley, Stanley Organizations: Service, BI, Walmart Locations: Patagonia, Ventura, Reno

☆ Patagonia boss shares the No. 1 responsibility all CEOs have right now—it takes 'courage' to pull off
▼ + stars: | 2023-09-20 | by ( Ashton Jackson | ) www.cnbc.com time to read: +3 min

Patagonia CEO Ryan Gellert has a simple message for other leaders across corporate America: Start taking your responsibility to the environment seriously. "I think common sense tells us that the climate ecological crisis is one of the biggest threats facing humanity." Thousands of CEOs across the world say evolving to more environmentally-conscious business models is essential for the longevity of their companies, the 26th annual PwC Global CEO Survey found. CEOs with the "courage" and "consistent willingness to do the work" could reap similar benefits, Gellert said. DON'T MISS: Want to be smarter and more successful with your money, work & life?

Persons: Ryan Gellert, Gellert, Yvon Chouinard, aren't, Axios Harris Organizations: PwC Global, Survey, Harvard, McKinsey & Co, Costco, Apple, CNBC Locations: Patagonia, America

☆ Patagonia accuses Nordstrom of selling 'thousands' of fake Patagonia sweatshirts and T-shirts at its Rack stores
▼ + stars: | 2023-05-31 | by ( Ben Tobin | ) www.businessinsider.com time to read: +3 min

Patagonia filed a lawsuit against Nordstrom in California federal court on Tuesday accusing the retailer of selling 'counterfeit' Patagonia products. Patagonia had a "years-long dealer relationship" with Nordstrom, but after Patagonia chose to end the agreement Nordstrom sold "counterfeit" Patagonia items in its off-price Nordstrom Rack stores in 2023, according to the suit filed Tuesday in the US District Court for the Central District of California. An alleged counterfeit Patagonia clothing item claiming to be both 100% polyester and made of organic cotton. A tag attached to an alleged counterfeit Patagonia clothing item showing a typographical error. Additionally, Patagonia is asking a judge to immediately prevent Nordstrom from manufacturing, producing, sourcing, importing, and selling any products that resemble Patagonia's products and trademark.

Persons: Nordstrom, —, Defendant, Ben Tobin Organizations: Nordstrom, Service, Seattle, Court, Central, Central District of, Patagonia Inc, Nordstrom Inc Locations: Patagonia, California, Central District, Central District of California, Nordstrom

☆ These are the 7 most loved brands in America—Apple and Amazon just missed the cut
▼ + stars: | 2023-05-31 | by ( Ashton Jackson | ) www.cnbc.com time to read: +3 min

They then asked respondents to rank those brands across nine reputation-gauging categories. 1 among all listed companies in the "trust," "culture" and "growth" categories. John Deere rounded out the top three, ranking second among all listed companies in the "products and service" and "culture" categories. Tech giants Amazon and Apple barely missed the cut, respectively ranking eighth and 10th — but both still obtained an "excellent" overall score, the highest tier possible on the report. Apple rose 11 spots, most significantly improving in the "culture" and "trust" categories.

Persons: Joe's, Axios Harris, pollsters, Yvon Chouinard, Richard Galanti, John Deere, Tim Cook, Cook, Kelly Evans Organizations: Costco, Patagonia Costco, Deere, Toyota Motor Corporation Samsung Quality, Patagonia Purpose Trust, Holdfast, Tech, Amazon, Apple, CNBC Locations: U.S, Patagonia

☆ 2 questions that helped Patagonia's CEO go from packing boxes for $6 an hour to leading a $3 billion brand
▼ + stars: | 2023-03-18 | by ( Jennifer Liu | ) www.cnbc.com time to read: +4 min

Patagonia CEO Ryan Gellert is seen on stage during the "Earth Is Now Our Only Shareholder" keynote session during 2023 SXSW Conference and Festival on March 12, 2023 in Austin, Texas. Patagonia CEO Ryan Gellert is the first to admit that he's "the last person anybody should ask career advice," he said in conversation with Katie Couric at the South by Southwest conference in Austin, Texas, recently. "And they said, 'No, we'd love to offer you $6 an hour to come pack boxes in the warehouse.' What he learned from Patagonia's founderGellert became Patagonia's CEO in 2020 in the midst of the Covid-19 pandemic and racial justice protests erupting around the country. Step by step, Gellert says, Chouinard will ask himself: "What did I learn?

☆ Patagonia's founder, who gave his company to a non-profit, loves saving money. From eating cat food to living in beach shacks, here are some of the wackiest examples.
▼ + stars: | 2022-12-26 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

Patagonia founder Yvon Chouinard has had a frugal lifestyle since his early days as a climber and surfer. This includes eating cat food and taking soda bottles from trash cans to redeem for money. Even now, Chouinard still wears old clothes and drives a rundown Subaru, The NY Times reported. Before founding Patagonia, Chouinard made a living selling climbing equipment from the back of his car. In 1966, Chouinard set up a base for his equipment business, Chouinard Equipment, in a rented tin boiler room of an abandoned packing company slaughterhouse in California.

☆ Fast-Fashion Brands Like Zara, Shein Create Mountains of Waste From Holiday Shopping, Returns
▼ + stars: | 2022-12-22 | by ( Gad Allon | ) www.businessinsider.com time to read: +12 min

A report by the Ellen MacArthur Foundation found that, globally, less than 1% of used clothing is actually recycled into new clothes. Recycling clothes is expensive, and the existing technology isn't adequate to handle the volume needed to make a difference for the planet. While recycling clothing can be expensive, there are some companies that have figured out a way to limit waste by recycling. Time to be honestIn order to fix fast fashion, companies need to start being more transparent about their sustainability practices. It also ensures that the waste companies produce is out in the open.

☆ Conservationists move to permanently protect areas around proposed Alaskan mine
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +2 min

Dec 22 (Reuters) - The United States' top environmental non-profit and a regional land trust have raised $20 million to permanently protect 44,000 acres at an Alaskan watershed, that could be another major roadblock for a controversial proposed mine. The proposed Pebble Mine, being developed by a unit of Canada-based Northern Dynasty Minerals Ltd (NDM.TO), has been through a roller coaster of regulations for the past 15 years. "Notably, this effort will restrict development of an access road critical for the proposed Pebble Mine," said the Fund's spokesperson, Valerie Keefer. read moreThe fundraiser counted Patagonia's Holdfast Collective among its donors, along with The Wyss Foundation and Alaska Venture Fund. Reporting by Sourasis Bose, Ruhi Soni and Arshreet Singh in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Argentina's YPF could raise debt in 2023 to back Vaca Muerta push, source says
▼ + stars: | 2022-12-02 | by ( Eliana Raszewski | ) www.reuters.com time to read: +2 min

Companies Ypf Sa FollowBUENOS AIRES, Dec 2 (Reuters) - Argentina's YPF (YPFD.BA) could make a return to debt markets next year, a company source said on Friday, as the state energy firm looks to spur growth in the country's huge Vaca Muerta shale region. YPF leads development of Vaca Muerta, a Belgium-sized formation in Patagonia's Neuquen province, which could in a few years help the country reverse a multi-billion dollar energy deficit and become a net energy exporter, analysts say. YPF is likely to invest a bit over $5 billion next year, up from $4.1 billion this year, according to the source. Looking to benefit from gas exports, YPF in September signed a deal with Malaysia's Petronas to advance a new pipeline set to link Vaca Muerta with a liquefied natural gas (LNG) plant. "Once the law is in place, the confidentiality agreement ends and the two parties will meet with the Vaca Muerta gas producers."

☆ Patagonia is suing Gap, claiming the retailer copied its fleece pullover and is hoping to trick shoppers into thinking it's a collab
▼ + stars: | 2022-11-29 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +3 min

Patagonia filed a lawsuit against Gap, claiming that Gap copied the clothing brand's snap-front fleece pullover. The suit says that Gap's product could fool shoppers into thinking it's a Patagonia collaboration. The outdoors retailer says Gap's Arctic Fleece pullover for men and kids uses "look-a-like" design elements of Patagonia's Snap-T Fleece. A close-up of the front pocket of Gap's fleece, left, and the front pocket of Patagonia's fleece, right. Gap pulled Yeezy products from its stores in October, and the company said during its third-quarter earnings this month that it sustained a $53 million write-down related to Yeezy Gap merchandise.

☆ Stores like Uniqlo, Timberland, and Arc'teryx will reward you for dropping off your unwanted clothes — they may even repair them
▼ + stars: | 2022-11-20 | by ( Jordan Hart | ) www.businessinsider.com time to read: +6 min

Uniqlo's Manhattan flagship store offers low-cost repairs to worn clothes from the brand. PatagoniaWorn Wear is Patagonia's way of extending the life of its garments by allowing customers to trade in old clothes for store credit. According to the site, the old jeans are repurposed as part of a collaboration with Cotton's Blue Jeans Go Green, another recycling program. ReformationReformation's clothes recycling program, RefRecycling, has operated since 2015. LululemonLululemon's "Like New" section offers customers the option of gently used activewear at a cheaper price than the brand's new clothing.

☆ Is Patagonia the end game for profits in a world of climate change?
▼ + stars: | 2022-11-20 | by ( Trevor Laurence Jockims | ) www.cnbc.com time to read: +5 min

As far back as 1985, Patagonia deployed portions of its profits to the environment, via an "Earth tax." "The Patagonia model is a little more sophisticated." It often is very attractive from a corporate tax perspective, too, which has been noted of both the Ikea and Patagonia business models. One hundred percent of Patagonia profits are now committed to its new non-profit Holdfast Collective — which owns all of the company's non-voting stock (98% of the total stock). "What people fail to understand about Patagonia, both the past and the future, is that we are unapologetically a for-profit business, and we are extremely competitive," Ryan Gellert said.

☆ The 10 people transforming sustainability - from Patagonia's founder to the CEO of BlocPower
▼ + stars: | 2022-11-17 | by ( Business Insider | ) www.businessinsider.com time to read: 1 min

Donnel Baird, CEO and Founder, BlocPowerDina Averuk/InsiderSince 2014, Baird's BlocPower — which contracts with local governments, utilities, and building owners to replace fossil fuels in buildings with cleaner alternatives like heat pumps and solar panels — has retrofitted more than 1,200 buildings in New York City and now has citywide electrification projects with Ithaca, New York, and Menlo Park, California. "Greening buildings creates a quadruple bottom line," Baird told Insider. "It creates jobs for local people, saves building owners and residents money on their utility bill, improves health by reducing pollution and reduces emissions. The question was, could you make money while doing it?"

☆ 16 of the biggest controversies in Hobby Lobby's 50-year history — from denying contraceptives for employees to illegally smuggling ancient tablets
▼ + stars: | 2022-10-21 | by ( Bethany Biron | Heather Schlitz | ) www.businessinsider.com time to read: +2 min

We took a closer look at Hobby Lobby's biggest controversies over its nearly 50-year history. The arts-and-crafts store — led by the conservative Christian founder and CEO David Green and his family — has a long history of scandals. Most recently, this included the DOJ confiscating an ancient tablet from Hobby Lobby that had been smuggled into the US. In its most prominent incident, Hobby Lobby faced scrutiny for its battle against paying for insurance coverage of contraceptives for employees, culminating in a high-profile and divisive Supreme Court case. We took a closer look at Hobby Lobby's scandals over the years, including accusations of discrimination, illegally smuggling artifacts, and endangering employees during the coronavirus pandemic.

☆ Patagonia's founder just gave the company away — the latest unusual step in a history of corporate innovations, from being an early adopter of paid parental leave to donating $145 million to the envir
▼ + stars: | 2022-09-22 | by ( Grace Dean | ) www.businessinsider.com time to read: +6 min

It gives 1% of sales to environmental causes and was an early adopter of organic cotton and paid parental leave. Staff can take time off to surf and nurse their babiesSince he founded the company, Chouinard has wanted staff to enjoy their jobs. "We encourage our parents to interact with their child by breast-feeding, having lunch together, or visiting at any time," Chouinard wrote. In 1991, Chouinard started leading weeklong seminars where corporate employees would camp out together and learn about Patagonia's business and environmental values. "Our mission statement says nothing about making a profit," Chouinard wrote in his autobiography.

☆ Patagonia's founder, who just gave his company to a non-profit, loves saving money. From eating cat food to living in beach shacks, here are some of the wackiest examples.
▼ + stars: | 2022-09-21 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

Patagonia founder Yvon Chouinard has had a frugal lifestyle since his early days as a climber and surfer. This includes eating cat food and taking soda bottles from trash cans to redeem for money. Sign up for our newsletter to receive our top stories based on your reading preferences — delivered daily to your inbox. Before founding Patagonia, Chouinard made a living selling climbing equipment from the back of his car. In 1966, Chouinard set up a base for his equipment business, Chouinard Equipment, in a rented tin boiler room of an abandoned packing company slaughterhouse in California.

☆ Patagonia's bold move to donate the entire company to fight climate change only works if it stays competitive in business, CEO says
▼ + stars: | 2022-09-21 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +6 min

But that does not mean the company is going to become any less competitive or aggressive in meeting its business objectives. related investing news KeyBanc says buy Diamondback Energy, which can rally 25% as U.S. struggles to meet oil demand "We are extremely competitive. Ryan Gellert, now the CEO of Patagonia, speaking at the Copenhagen Fashion Summit 2019 at DR Koncerthuset on May 16, 2019 in Copenhagen, Denmark. Lars Ronbog | Getty Images Entertainment | Getty ImagesThe conversations that led to the decision started internally a couple of years ago. Gellert pointed out that the Patagonia founding family did pay $17.5 million on the 2 percent of stock that went into the Patagonia Purpose Trust.

☆ Patagonia founder's big donation potentially saves him over $1 billion in taxes — and experts say it shows how the wealthy are able to 'entirely opt out of taxes'
▼ + stars: | 2022-09-16 | by ( Juliana Kaplan | Grace Kay | ) www.businessinsider.com time to read: +9 min

The donations could save the Patagonia founder's family over $1 billion in taxes, experts calculated. "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." It also might give Chouinard and his family a big tax break, experts who monitor such big transactions told Insider. A Patagonia spokesperson told Insider the Chouinard family did not ask to create a company structure to avoid taxes. Russell James, director of graduate studies in personal financial planning at Texas Tech University, said that the ultra-wealthy generally "can't even use charitable income tax deductions."

☆ Patagonia's charitable change will inspire founders. We spoke to 8 VCs about how startups can create their own climate change legacy.
▼ + stars: | 2022-09-16 | by ( Hasan Chowdhury | Tasmin Lockwood | Riddhi Kanetkar | ) www.businessinsider.com time to read: +5 min

Patagonia's Yvon Chouinard said he was giving away his $3 billion company to fight climate change. Insider spoke to 8 VCs about how hard it is for founders to follow suit and what they can do instead. "Instead of 'going public', you could say we're 'going purpose'," Chouinard wrote. Insider spoke to eight investors to find out why venture capital-backed startups would struggle to replicate Patagonia's model and what they could do instead. This means founders need to be active at an early stage in deciding what to do with their business.

☆ Why Patagonia's billionaire founder gave away his $3 billion company to fight climate change: 'Earth is now our only shareholder'
▼ + stars: | 2022-09-15 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +4 min

The founder of outdoor apparel maker Patagonia is donating his company to a greater cause: fighting climate change. Yvon Chouinard, the rock climber-turned-billionaire, and his family have transferred their ownership of Patagonia to the newly created Patagonia Purpose Trust and nonprofit Holdfast Collective. The company, which Chouinard founded in 1973, is worth $3 billion, according to the New York Times. "The Patagonia Purpose Trust ... exists to create a more permanent legal structure to enshrine Patagonia's purpose and values," the announcement reads. "Despite its immensity, the Earth's resources are not infinite, and it's clear we've exceeded its limits," Chouinard wrote on Wednesday.

☆ Patagonia's owner, who is giving the retailer away to a nonprofit, once lived in his car and still doesn't own a cellphone
▼ + stars: | 2022-09-15 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

Patagonia's owner doesn't own a cellphone or computer, The New York Times reported. Yvon Chouinard lived out of his car and ate cat food as a professional rock climber in the 1960s. The 83-year-old is giving away Patagonia, worth about $3 billion, to a trust and nonprofit. He used to live out of his car and eat damaged cans of cat food that cost $0.05 each, the newspaper reported. Patagonia has annual sales of more than $1 billion, with profits of about $100 million, The Times reported.

☆ Patagonia's CEO gets candid: How sustainability, diversity, and social justice guide the beloved brand
▼ + stars: | 2022-09-15 | by ( Rebecca Knight | ) www.businessinsider.com time to read: +12 min

As CEO of Patagonia, Ryan Gellert wrestles with a paradox: The outdoor-gear maker's good works, philanthropy, and intentions are still not enough to justify its existence. To Gellert, who took over from the widely respected Rose Marcario, the company could always be doing more. And we need business to step up. Patagonia really struggled in Europe, and that never made sense to me. One of the things that I love more than anything about Patagonia is that we are an unapologetically for-profit business.

☆ Patagonia founder gives away company, ensuring profits go to fight climate change
▼ + stars: | 2022-09-14 | by ( Evan Bush | Evan Bush Is A Science Reporter For Nbc News. He Can Be Reached At Evan.Bush Nbcuni.Com. | ) www.nbcnews.com time to read: +3 min

The founder of the outdoor brand Patagonia has relinquished his ownership in the business and directed its profits to fight climate change. "Instead of extracting value from nature and transforming it into wealth, we are using the wealth Patagonia creates to protect the source. The company expects to contribute roughly $100 million to the Holdfast Collective through an annual dividend depending on the businesses' success. The Patagonia brand, Hayes noted, charges a premium, in part, because of the values it represents. Hayes said businesses in manufacturing or extractive industries in a capitalist economy that requires growth ultimately run into conflicts with environmental and climate values.

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