Annie Johnson
In a world where the wealth gap is widening and a country where the Prime Minister is the richest man in Parliament, it feels like only one thing matters – profit. But despite a sense of ever-growing despair, there are companies swimming against the tide of economic inequality.
‘Our only shareholder is Earth’
The name Yvon Chouinard might not mean much to you. However, the name of the company he founded will ring bells – Patagonia.
In September 2022, the Chouinard family donated Patagonia to two trusts. One will ensure the company never deviates from its fundamental values, while another ensures its profits go towards protecting nature, supporting communities, and fighting the environmental crisis.
It is difficult not to be moved by Chouinard’s words, as Patagonia announced that ‘the Earth’ was now its only shareholder.
Chouinard said in Patagonia Works: “It’s been a half-century since we began our experiment in responsible business. If we have any hope of a thriving planet 50 years from now, it demands all of us doing all we can with the resources we have. As the business leader I never wanted to be, I am doing my part.
“Instead of extracting value from nature and transforming it into wealth, we are using the wealth Patagonia creates to protect the source. We’re making Earth our only shareholder. I am dead serious about saving this planet.”
The rise of ‘profit for good’
Patagonia donations raised the profile of ‘profit for good’ companies. But the clothing company is not the first or only company choosing to use their profits for good, rather than lining the pockets of their shareholders.
Founded in 1985, Ben and Jerry’s pledged to donate 7.5% of their profits pre-tax to environmental and social justice causes. The shoe brand Toms donates a third of all profits to social initiatives targeting mental health, US gun control, and equal opportunities.
There is also the US-based non-profit – Consumer Power Initiative. This non-profit is dedicated to building an alliance between profit for good companies. It wants to guide consumers towards purchases that lead to donations, rather than excess profits.
Slowing down fast fashion
One company belonging to this alliance is BOAS, a circular fashion startup that donates 100% of its profits. BOAS aims to save the lives of one million children from dying because of preventable diseases.
The business strategy on their website says: “We pay our employees’ normal salaries, we reinvest in our business so we can donate more later, we pay our taxes, and whatever is left in profits we donate to organisations that save kids’ lives, instead of giving it to a few investors”.
BOAS wants to make secondhand fashion the obvious choice, so consumers can make sustainability part of everyday life.
Stocking vintage jeans from Levi’s, Lees, and Wranglers, BOAS allows you to filter your search down to exactly what you’re looking for, including size, style, and colour. Also, the site uses a price drop, so the cost continues to fall the longer you wait.
Customer experiences on the site encourage shopping with the profit for good company, rather than their fast fashion competitors. BOAS encourages thoughtful purchasing and widens access to sustainable fashion.
Making capitalism work for the people
These companies give me hope. Patagonia said in its mission statement last year: “The company [will continue] to do what it does best: demonstrate as a for-profit business, that capitalism can work for the planet.”
I hope the business does demonstrate this. Hopefully, other companies will listen and learn.
Until then, it’s down to the consumers to make a difference. You should shop at stores which will use their profits for good. It’s infinitely better than buying into fast fashion, which widens the wealth gap and worsens the climate crisis.
Vote with your business and shop somewhere that will use your money for good.
READ NEXT:
-
GIRLBOSS: WHAT DOES IT MEAN TO BE A FEMINIST IN A CAPITALIST WORLD?
-
THE #HYPERFEMININE TIKTOK MOVEMENT AS A RESPONSE TO TOXIC MASCULINITY
-
TOP MOMENTS FROM FASHION MONTH 2023
Featured image courtesy of Max Böhme on Unsplash. No charges have been made to this image. Image licence can be found here.
