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'Rampant Consumerism Is Not Attractive.' Patagonia Is Climbing to the Top and Reimagining Capitalism Along the Way
Key Excerpts from Article on Website of Time
Posted: October 22nd, 2019
https://time.com/5684011/patagonia/
Patagonia has long been at the forefront of what is now emerging as an increasingly popular new flavor of capitalism. Todays customers want their dollars to go to companies that will use their money to make the world a better place. Patagonia donates 1 percent of sales to environmental nonprofits, and in 2016 gave 100 percent of Black Friday salesabout $10 millionto environmental groups. Late last year, it changed its mission statement to Were in business to save our home planet. And on Sept. 20, Patagonia shut down its stores and offices so that employees ... could strike alongside youth climate activists. Environmental activism has been part of Patagonias DNA since it was founded. It has donated $100 million since 1985 to environmental groups, including the Conservation Alliance, which it helped found in 1989 and which works to protect nature in America. It has been repairing customers clothes since the 1970s, and it operates one of the largest apparel repair centers in North America. In 2013, it launched a venture capital fund that invests in start-ups that work on environmental issues, such as Wild Idea Buffalo, which raises buffalo while restoring grasslands to the Great Plains, and Bureo, which converts discarded fishing nets into consumer products like sunglasses. Patagonia really walks the walk and talks the talk, said Richard Jaffe, an independent retail consultant. They invest a lot of time and energy into being a catalyst for change.
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