Vagabond Shoemakers imitates Patagonia, donates company to foundation

The owners of Swedish shoe brand Vagabond Shoemakers, Marie Nilsson Peterzén and Mats Nilsson, are donating the company to the newly established Vagabond Shoemakers Foundation. The goal: to support charitable projects over time.

Vagabond Shoemakers Foundation thus becomes the owner of the brand, as announced by Vagabond in a press release. As a result, all of the company's profits will be used for research, education and charitable projects in areas the foundation values highly.

Vagabond achieved a consumer value of 1.5 billion Swedish kronor (115.2 million pounds) in 2023 and distributes its products in more than 50 countries. The brand also has its own design studio.

A decision had to be made about the future ownership structure, which resulted in a "simple choice," Peterzén wrote in the press release. "We have always wanted our successes to support initiatives and projects that are needed in our time. A foundation means the ability to provide continuous and substantial support. It also means a lot to us that the company continues to develop in line with the goals and intentions we have set."

The owners of Vagabond are not the first to donate their company to a foundation to support initiatives in the industry. Patagonia's founder donated his company to two charities in 2022. This allows the charities to use the company's profits to combat climate change. "The earth is now our only shareholder," it noted at the time.