Last year, outdoor clothing manufacturer Patagonia changed its mission statement and the current motto is: “We are in business to save our home planet.” Now they have proven that they are serious.
Co-branded Patagonia vests have become a staple for Wall Street financiers and Silicon Valley tech companies in recent years. However, you will now have to look for a different outfit as the outdoor brand will choose its customers more carefully. The company has changed its policies for corporate customers and to build a good image. The manufacturer will focus on sales to “B Corporations”, i.e. companies that meet certain standards of social and environmental responsibility.
Yvon Chouinard, Patagonia's founder, is also co-founder of the organization “1% for the planet,” which encourages people and companies to donate 1% of sales to environmentally friendly causes.
It all started with a social media post from Binna Kim, president of a communications agency called Vested, which supplies Patagonia's co-branded corporate apparel. From their Twitter post, it is clear that the company rejected a customer's order because they had decided to no longer support "environmentally harmful" companies. The leaked email also states that the company will refuse to work with certain religious groups, politically connected organizations, and various financial institutions.
On Tuesday, the outdoor clothing maker released a statement explaining the new direction. The statement said Patagonia hopes to partner with more "mission-focused companies that prioritize the well-being of the Earth." Qualified companies must meet certain criteria regarding sustainability, transparency and socially responsible behavior. And not all financial institutions are successful.
Their decision is a major blow to the billions of Wall Street bankers and dealmakers who are replacing their classic pinstripe suits with more modern fleece vests andChinohosenhave swapped. The modern outfit for many who work in finance, also known as the midtown uniform, was already so established that it even has its own Instagram account.
