Eccentric billionaire is giving away his entire £2.6billion empire

The billionaire founder of outdoor clothing company Patagonia has given away the business to fight climate change.

Rather than selling the firm or taking it public, Yvon Chouinard, his wife and two adult children have transferred their ownership of the American brand to a specially designed trust and a nonprofit organisation.

Patagonia is valued at about £2.6 billion.

Mr Chouinard, 83, created the arrangement to ensure his firm’s independence and ensure all of its profits – some £87 million a year – are used to combat climate change and protect undeveloped land around the globe.

In a letter about the decision, published on the Patagonia website, he wrote of “reimagining capitalism”

He said: “While we’re doing our best to address the environmental crisis, it’s not enough.

“We needed to find a way to put more money into fighting the crisis while keeping the company’s values intact.