Patagonia Won't Be Selling Vests To Finance Bros Anymore
Outdoor clothing company Patagonia is refusing to co-brand their iconic sweater vests to the financial industry, putting an end to the Wall Street fashion staple.
Patagonia is now declining bulk orders of branded vests to finance companies in an attempt to match its clients with the environmental and ethical aims of the company.
The vest has become a staple of finance and start-up businesses in recent years, with Instagram accounts such as Midtown Uniform poking fun at the 'finance bro' culture that has emerged around the clothing.
However, that might all be about to chance. The ethically-conscious company is starting to decline orders from finance companies, which have traditionally bulk-ordered branded versions of the classic Patagonia vest for employees.
Binna Kim, president of financial communications agency Vested, attempted to order the vests, but received an email from Patagonia rejecting her order.
"Patagonia has nothing against your client or the financial industry, it's just not an area they are currently marketing through our co-brand division," the email stated.
"Due to their environmental activism, they are reluctant to co-brand with oil, drilling, mining, dam construction, etc. companies that they view to be ecologically damaging."
Other organisations the email said Patagonia was reluctant to partner with include religious groups, food groups, political-affiliated companies and financial institutions.
"The end of the fintech uniform?" Kim asked on Twitter, posting a screenshot of Patagonia's rejection.
A statement provided to BuzzFeed News said Patagonia was becoming more selective and has changed its policies for corporate clients.
Patagonia noted that it was shifting "the focus of this program to increase the number of Certified B Corporations, 1% For The Planet members and other mission-driven companies that prioritise the planet."
B Corporations are companies certified by a nonprofit organisation based in Pennsylvania that appraise companies' track records in benefiting employees, the community, and the environment. To qualify as a B Corporation, firms must have a clear social and environmental mission.
Patagonia's business strategy has become increasingly political in recent years. In the 2018 US midterm elections, it launched a Time To Vote campaign, a non-partisan movement signing on major companies like Lyft, Walmart and Tyson Foods to give their employees time off work in order to vote.
Patagonia also publicly endorsed Democratic candidates Jacky Rosen and Jon Tester in the run-up to the election.
Patagonia CEO Rose Marcario has encouraged Patagonia to further assume its role as an "activist company" and implemented a plan to donate $US 10 million in unexpected profits -- accumulated after Trump's tax cuts -- towards environmental organisations fighting climate change in 2018.
Patagonia have even launched a subsection of their website that has come to be known as a grassroots campaign "dating site", where individuals can be connected with environmental groups in their local areas.
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