US outdoor apparel and gear retailer Patagonia is donating a record $10 million in retail and online Black Friday proceeds as part of its pledge towards sustainability and saving the environment.
The company will donate the money to “grassroots non-profits working on the front lines to protect our air, water and soil for future generations”, Rose Marcario, former president and chief executive of Patagonia, said on Monday.
The sales were five times more than the company’s expectations, said Ms Marcario, who since leaving Patagonia has joined the boards of electric vehicle company Rivian and plant-based protein start-up Meati Foods. She has also joined early-stage venture fund ReGen Ventures as a partner.
“We expected to reach $2 million in sales.”
Patagonia is a member of 1% for the Planet, an alliance of businesses that understand the need to protect the natural environment and are concerned with industry's social and environmental impact.
By contributing 1 per cent of total annual sales to grassroots environmental groups, member companies contend that they bring about real change.
Traffic at US retail shops on Black Friday dropped 28.3 per cent, compared with 2019 levels, as Americans shifted more of their spending online and kicked off their shopping earlier in the year, according to preliminary data from Sensormatic Solutions.
However, traffic was up 47.5 per cent compared with levels a year earlier, Sensormatic said.
Several companies have been giving back to the environment to help offset their carbon footprint as major shopping events have a hefty environmental impact.
The enormous love our customers showed to the planet on Black Friday enables us to give every penny to hundreds of grassroots environmental organisations working around the world
Rose Marcario,
former president and chief executive of Patagonia
French beauty products maker and retailer L'Occitane teamed up with PUR Project, which works with companies to regenerate ecosystems.
Similarly, Armani Beauty announced that 30 per cent of every product sale will be donated to its Acqua for Life project, which focuses on delivering accessible drinking water to those in need around the globe.
Patagonia’s customers called it a “fundraiser for the Earth”, Ms Marcario said.
“The enormous love our customers showed to the planet on Black Friday enables us to give every penny to hundreds of grassroots environmental organisations working around the world,” she said.
“Many of these environmental groups are underfunded and under the radar.”
This additional infusion of resources will go a long way towards addressing climate change and other serious environmental issues, Ms Marcario said.
The Black Friday initiative attracted not only loyal customers but also “thousands who have never purchased anything from Patagonia before”, she said.
“We are encouraged to see the great interest from so many in making buying decisions that align with strong environmental values – and taking steps to get more directly involved as well.”
By becoming active in communities, companies can raise their voices to defend policies and regulations that protect wild places and wildlife, reduce carbon emissions, build a modern energy economy based on investment in renewables, and ensure the US remains fully committed to the goals set forth in the Paris Agreement on climate change, she said.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
THE BIO
Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.
Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.
Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.
Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.
