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Patagonia, Inc.
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Patagonia, Inc.
Patagonia, Inc. is an American retailer of outdoor recreation clothing, equipment, and food. It was founded by Yvon Chouinard in 1973 and is based in Ventura, California. Patagonia operates stores in over ten countries, and factories in 16 countries.
Yvon Chouinard, an accomplished rock climber, began selling hand-forged mountain climbing gear in 1957 through his company Chouinard Equipment. He worked alone selling his gear until 1965, when he partnered with Tom Frost in order to improve his products and address the growing supply and demand issue he faced.
In 1970, Chouinard obtained rugby shirts from Scotland that he wore while climbing because the collar kept the climbing sling from hurting his neck.
Great Pacific Iron Works, Patagonia's first store, opened in 1973 in the former Hobson meat-packing plant at Santa Clara St. in Ventura, near Chouinard's blacksmith shop. In 1981, Patagonia and Chouinard Equipment were incorporated within Great Pacific Iron Works. In 1984, Chouinard changed the name of Great Pacific Iron Works to Lost Arrow Corporation.
Patagonia has expanded its product line to include apparel targeted towards other sports, such as surfing. In addition to clothing, they offer other related products, including camping food. Its sales grew to $750m by 2015. By the late 2010s, branded Patagonia fleece vests became known for their use by financial executives, and in 2019, Patagonia announced that its distribution of branded products would focus on firms committed to environmental, social, and corporate governance initiatives.
In September 2020, Patagonia announced that Rose Marcario would step down as its chief executive officer and be succeeded by Ryan Gellert.
In September 2022, Chouinard transferred ownership of Patagonia (all of its voting stock, about 2% of total stock) to the Patagonia Purpose Trust, a trust overseen by the Chouinard family and advisors. Chouinard's stated goal was for profits to be used to address climate change and protect land. All nonvoting stock was transferred to Holdfast Collective, a 501(c)(4) organization. The move allows Chouinard to avoid taxation on the gift of the nonvoting shares since it was to a nonprofit holding company, while effectively maintaining control of the company via the affiliated trust's ownership of the voting stock. A gift tax of $17 million was assessed on the transfer of the voting stock.
In 2007 and 2011, internal audits revealed that factories in Patagonia's production supply chain in Taiwan were involved in human trafficking, leading to company efforts to address the labor abuses.
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Patagonia, Inc.
Patagonia, Inc. is an American retailer of outdoor recreation clothing, equipment, and food. It was founded by Yvon Chouinard in 1973 and is based in Ventura, California. Patagonia operates stores in over ten countries, and factories in 16 countries.
Yvon Chouinard, an accomplished rock climber, began selling hand-forged mountain climbing gear in 1957 through his company Chouinard Equipment. He worked alone selling his gear until 1965, when he partnered with Tom Frost in order to improve his products and address the growing supply and demand issue he faced.
In 1970, Chouinard obtained rugby shirts from Scotland that he wore while climbing because the collar kept the climbing sling from hurting his neck.
Great Pacific Iron Works, Patagonia's first store, opened in 1973 in the former Hobson meat-packing plant at Santa Clara St. in Ventura, near Chouinard's blacksmith shop. In 1981, Patagonia and Chouinard Equipment were incorporated within Great Pacific Iron Works. In 1984, Chouinard changed the name of Great Pacific Iron Works to Lost Arrow Corporation.
Patagonia has expanded its product line to include apparel targeted towards other sports, such as surfing. In addition to clothing, they offer other related products, including camping food. Its sales grew to $750m by 2015. By the late 2010s, branded Patagonia fleece vests became known for their use by financial executives, and in 2019, Patagonia announced that its distribution of branded products would focus on firms committed to environmental, social, and corporate governance initiatives.
In September 2020, Patagonia announced that Rose Marcario would step down as its chief executive officer and be succeeded by Ryan Gellert.
In September 2022, Chouinard transferred ownership of Patagonia (all of its voting stock, about 2% of total stock) to the Patagonia Purpose Trust, a trust overseen by the Chouinard family and advisors. Chouinard's stated goal was for profits to be used to address climate change and protect land. All nonvoting stock was transferred to Holdfast Collective, a 501(c)(4) organization. The move allows Chouinard to avoid taxation on the gift of the nonvoting shares since it was to a nonprofit holding company, while effectively maintaining control of the company via the affiliated trust's ownership of the voting stock. A gift tax of $17 million was assessed on the transfer of the voting stock.
In 2007 and 2011, internal audits revealed that factories in Patagonia's production supply chain in Taiwan were involved in human trafficking, leading to company efforts to address the labor abuses.