Patagonia sets out its stall with first report
Fifty-two years after its founding and three years since changing its ownership structure, Patagonia is releasing a report disclosing the company’s progress toward using business to implement solutions to the climate and ecological crisis.
Patagonia’s Work in Progress Report provides the most comprehensive view of the Ventura-based outdoor apparel company’s business impact, ownership structure and environmental giving that it has ever released.
The name of the report refers to the notion that Patagonia sees itself as an experiment in doing business differently and is a work in progress.
Corley Kenna, chief impact and communications officer at Patagonia, said: “We want to show our employees, customers and community where we are doing well, and where we have work to do. We are not perfect, as this report will show, but we remain steadfastly committed to improving all parts of our business, from making the highest-quality products to supporting our employees and community of activists and ambassadors. This report is a transparency tool, not a victory lap.”
In September 2022, Patagonia announced that founder Yvon Chouinard (pictured) and his family had transferred ownership of the company to the Holdfast Collective and the Patagonia Purpose Trust.
The ownership structure allows the company to indefinitely remain bound to its purpose of saving the home planet. Patagonia’s excess profits - the money left over after reinvesting into the business - are distributed to Holdfast Collective, a collection of nonprofits that use the money to protect nature and biodiversity.
Ms Kenna added: “Our goal is for our community to read this report and engage in constructive dialogue that can lead to better outcomes for people and the planet.”
The report is available here.
