- This week, news broke that Patagonia will no longer make new partnerships with financial companies to produce branded fleece vests and other clothing.
- On Wednesday, Patagonia mocked Wall Street on Twitter, implying that companies will soon try to improve their social and environmental policies to regain access to the beloved vests.
- Patagonia fleece vests are a crucial part of bankers’ and other finance workers’ “Midtown Uniforms,” which typically consist of slacks, a dress shirt, and a fleece vest.
Patagonia isn’t satisfied with simply cutting hedge funds and banks off from their beloved fleece vests. Now the American clothing retailer is trolling Wall Street on Twitter.
This week, news broke that Patagonia decided that it would require new companies that it works with on branded apparel to align with Patagonia’s values of being environmentally conscious and prioritising the planet.
A spokesperson from Patagonia told Business Insider via email that the corporate sales program recently shifted its focus to work with “more mission-driven companies that prioritise the planet.”
Patagonia took to Twitter to mock Wall Street for the panic over the news. The tweet features a screenshot from “Silicon Valley,” a show that satirizes the tech industry, including investors’ well-documented obsession with Patagonia fleece vests.
B Corporations are companies that meet certain standards of social and environmental accountability, and 1% for the Planet is an organisation that encourages people and businesses to donate 1% of sales toward environmental causes. Yvon Chouinard, Patagonia’s founder, cofounded1% for the Planet.
Patagonia fleece vests branded with companies’ names have become a crucial part of the wardrobes of people who work in the finance industry. In New York City, these vests are part of the “Midtown Uniform” – typically slacks, a dress shirt, and a fleece vest.
Binna Kim, president of the public-relations company Vested, first reported the news on Monday after she reached out to a certified reseller of Patagonia apparel to purchase branded clothing for a client. The reseller told Kim that Patagonia is now reluctant to partner with companies that they view to be “ecologically damaging,” as well as religious groups, food groups, political-affiliated organisations, financial institutions, and more.
However, for financial-services companies that have already penned a deal with Patagonia, there is a silver lining. The change of focus affects only new customers, leaving existing clients with their deals, a Patagonia spokesperson said.
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