Patagonia owner gives away business to fight climate change

The billionaire founder of outdoor clothing brand Patagonia says he has given away his company to a charitable trust to help fight climate change.

Yvon Chouinard said the arrangement meant any profit not reinvested in running the business would go to environmental measures and campaigning.

He estimated this would amount to around $100m (£87m) a year, if the company remains in good health.

Patagonia is one of the world’s most successful outdoor clothing brands and had an estimated revenue of $1.5bn (£1.3bn) this year.