I needed more experience, I needed to go have some success and have some failures along the way.. Cotopaxi, a certified B Corp, is an outdoor retailer that seeks to use its profits to "fund sustainable poverty alleviation, move people to do good and inspire adventure," according to its website. About 3,000 people took part in our very first Questival. Fax: 202.887.9021. Founder Davis Smith took to LinkedIn to break the news that Cotopaxi's Hayes Street store would close on Tuesday. What they witnessed in those struggling countries planted in them a desire to do what they can to alleviate suffering. There are now 215 Academy chapters worldwide. The Davis and Asialene Smith family will be moving to Brazil in July as the parents become leaders of the Brazil Recife North Mission. We want to prove that businesses can do well and do good at the same time., Copyright 2023 Deseret News Publishing Company. Before Cotopaxi the Wharton business school grad started (and exited) two other businesses, one of which based in Brazil raised over $40 million in start-up venture capital in 2010 and had 400 employees at its peak when Smith got out. Llama fleece is hollow, making it lightweight, self-insulating and hypoallergenic. This was poverty at the most desperate level. So I started an event where people could experience nature, says Davis. Like all great companies, Cotopaxi thrives not only because of a single visionary leader, but because that leader created and nurtured a culture and team that fuels the vision, Huang said in a press statement. One of its best-selling products is a jacket that is insulated with llama wool sourced from people in Bolivia, where Smith served his mission. How can we do it better? Last year, there were 38 Questivals. How can we do it better? According to a study conducted in 2002, in the year 1820, 84 percent of the worlds population lived in extreme poverty. He later gothis engineering degree and moved his family to the Dominican Republic, eventually carting them throughout rural Central and South America in the 1980s. A few still wondered why you needed to tell a compelling brand story at all. And we did get backing from exceptional investors.. Courtesy of Cotopaxi. I hope we can help each other along with other companies and organizations to influence society.This year, Cotopaxi began manufacturing their products at a fair trade certified factory. The grants focus on health care, education and livelihood training in the poorest communities in the Americas, predominantly Latin America. In this interdisciplinary work, William L. Davis examines Joseph Smith's 1829 creation of the Book of Mormon, the foundational text of the Latter Day Saint movement. Weve shown that you can build a sustainable, profitable, at-scale business that still does things the right way and you dont have to compromise., Copyright 2023 Deseret News Publishing Company. One of my favorite quotes is by Dieter Uchtdorf and it says, The desire to create is one of the deepest yearnings of the human soul, Smith said. After sleepless nights wrestling with how he could best create a career helping others, the idea for Cotopaxi coalesced. Davis received a BA degree from Wharton School and a BA from Brigham Young University. He was the recipient of the 2022 Outdoor Media Summit Editor of the Year award, and regularly co-hosts the industrys Gear Guide at both summer and winter Outdoor Retailer trade shows. Is soft power the key to U.S. global leadership? What should it look like 100 years from now? Built To Last. Davis is currently the founder and CEO of Cotopaxi, an outdoor gear and active lifestyle brand - with a social mission at its core. That Smith chose the outdoor gear and adventure apparel space to seed his pay-it-forward, Millennial-styled corporate philosophy makes perfect sense. Davis Smith, Cotopaxi CEO and founder, poses for a photo in Salt Lake City on Monday, Dec. 5, 2016. Its been amazing, Smith said of his experience in Salt Lake City. Founder & COO. He parlayed social media strategy and a cross-country college campus tour of the U.S. with two full-grown llamas in tow to promote The Questival, a one-of-a-kind experience that introduced would-be customers to his new brand. Among the newly called mission presidents for 2023 is President Davis M. Smith and his wife Asialene, who have been called to preside over the Brazil Recife North Mission. Trying to convince them to just go buy more stuff was not going to work. You may also like: New leaders for 129 missions have been announcedfind out who and where theyre serving. He is a member of the UN's Global Leadership Council and one of President Bill Clinton's and George W. Bush's "Presidential Leadership Scholars." Davis was Silicon Valley Community Foundation's "CEO of the Year" and previously started Brazil's "Startup of the Year." I was always passionate about adventure and the outdoors, Smith says. Cotopaxi has so far managed to nail that elusive Millennial retail balance between product quality, design innovation, profit, story telling, brand loyalty, and paying it forward. Founded in 2014 by Davis Smith, Cotopaxi is a sustainable outdoor gear company named after the Cotopaxi volcano in the Andre Mountains of Ecuador. I saw over and over again, my entire childhood, how lucky I was. The brand is now making tens of millions of dollars a year, and Davis hopes that the current pandemic will not slow its ambitions to grow and to give back generously. I knew what we represented.. Courtesy of Cotopaxi, Cotopaxi builds brand loyalty by telling stories, through its globe-trotting brand ambassadors as well as through its own corporate giving back efforts. Davis Smith as a young missionary serving in Bolivia from 1997-1999. Its not to sale them stuff. Contact Information Website www.cotopaxi.com Ownership Status Privately Held (backing) Financing Status Venture Capital-Backed Primary Industry Clothing Other Industries Internet Retail Accessories Primary Office 74 South Main Street Salt Lake City, UT 84101 United States Cotopaxi Timeline 2020 2021 2022 2023 You may also like: Gear for Good: How Cotopaxis founder got the idea for his one-of-a-kind business, While this move may not make sense financially or professionally, it is perfectly aligned with our familys values, Smith wrote. Cotopaxi brand ambassador Chris Brinlee Jr. At just 4 years old, his family moved to Latin America. The Cotopaxi retail store in Downtown Salt Lake City is the first for the company and seeks to serve as a touch point for customers. After graduating from BrighamYoung University and Wharton, Smith made the decision to spend his life starting businesses that give back focusing particularly on issues related to children and poverty. Davis Smith, CEO, Cotopaxi, speaks at the 2022 Concordia Annual Summit in New York in September. Courtesy, Cotopaxis Bengal waxed jacket. On Friday, Smith announced he would transition from CEO to become Cotopaxis chairman of the board on July 1 in preparation for a three-year calling to serve as a mission president for The Church of Jesus Christ of Latter-day Saints in Recife, Brazil. With its motto Gear for Good, its good corporate citizenship has helped roughly 3.5 million individuals living in extreme poverty, according to Deseret News. In 2004, Davis founded, and later sold, PoolTables.com, Americas largest pool table retailer. This entire ecosystem herethe communityis passionate about the outdoors, and Utah is the most generous state in the nation, donating time and money. Cotopaxi employs an open work space with no assigned seating at its headquarters because Smith likes to sit with his employees and have the opportunity to get to know a different person each day. Mormons believe that the Book of Mormon confirms information found in the Holy Bible. The article told of Gibsons success as an entrepreneur, but it also told of how Gibson and wife, Bette, founded the Academy, a school designed to help returned missionaries learn how to start and grow a business. What these trends speak to more broadly is the modern ascent of the digital native vertical brand. Davis Smith (@davismsmith) Instagram photos and videos davismsmith Follow 637 posts 4,514 followers 1,073 following Davis Smith CEO of Cotopaxi, UN Foundation Global Leadership Council, adventurer (70+ countries), humanitarian, and father. Their corporate mission is to alleviate global poverty, and they donate a portion of their revenue to NPOs and educational organizations while also teaming up with fair trade certified organizations to improve the living standards of their factory workers. Receive notifications of key executive changes. Report incorrect company information. The Cotopaxi company stands by its slogan gear for good on a large scale, dedicating a percentage of its profits to communities experiencing poverty. But the company seeks to help people around the world, not just those in Utah. They are a certified B Corp touting sustainable supply chain management principles, climate neutral certified, and generously contribute revenues toward vetted grants targeting poverty to great impact. Where children still die because they dont have clean water.. All Rights Reserved, Do good: Cotopaxi founder and CEO seeks to change the world, starting in Salt Lake City, the largest amount of capital ever raised, How Orrin Hatch protected people of faith, KSL Newsradio is preparing to celebrate its 100th anniversary. Llama at Machu Pichu. Davis was named CEO of the Year 2016 by Silicon Valley Community Foundation and is a member of the United Nations Foundation's Global Entrepreneurs Council. The Smith family returned to the United States and Smith began contacting connections he had made previously in the Silicon Valley to form his new business. Davis Smith is the Founder & Chief Executive Officer at Cotopaxi based in Salt Lake City, Utah. Whatever your cause its expected these days that you give back as a business. Smith eventually walked away from the business to forge a new path. Cotopaxi CEO to Hand Reins to President as He Takes On a Missionary Project Davis Smith will spend three years in Brazil and has anointed Damien Huang to take over the top role at the. More structurally they put culture, passion, and giving back ahead of quarterly profits and annual investor reports, which has huge appeal to Millennial consumers who value the experience of participating in a product more than simply the fact of owning of it. Ive worked for a lot of companies with social contribution as their mission, but they were all superficial. Theyve been successful if someone leaves the store inspired. This young generation shares a lot of our values. Free Returns and Exchanges. Courtesy of Cotopaxi, Cotopaxis llama insulated Kusa shirt is one of, the companys bestsellers. The company also hosts Questivals in the US so consumers can come and experience nature. PoolTables.com was one of the first digital-first brands to not only sell online, but also through their own independent retail stores. It wasnt an afterthought of, oh and by the way, we are also going to do good.. But the discussion wasnt focused on cool and functional outdoor gear, it was all about what the company would stand for. Davis Smith is the founder and CEO of Cotopaxi, a Benefit Corporation and an outdoor gear company with a humanitarian mission at its core. The company only works with factories that provide fair wages and conditions. To each of you, thank you for being supportive as I follow this path that means so much to me.. Asialene Smith reflected on what has prepared her for this next adventure. Theyve sold their goods in Japan before through a wholesaler, so hopes are high for a shop opening in Japan someday. Growing up in Latin America on vacation we floated down the Amazon, climbed into volcanoes, and survived on spearfishing while camping on remote islands. It costs an extra two percent to use the factory, but that money is given back to the factory workers. Were doing it right here in Salt Lake, and the mission behind this business is of course building something that can change the world, that can make the world a better place, Smith said. Go help those who will never become customers, those you can never benefit from.. John Currie Board Member Nov 2017. Davis Smith is the CEO of Cotopaxi, an adventure brand with a humanitarian mission. Thats where Cotopaxis roots are.But spending a lot of time in the wilderness also meant he Witnessed pollution destroying nature and people living in impoverished conditions.I realized, my duty must be to make consumers choose better products so society as a whole can head for a better future. Working only with fair trade factories is more expensive, and in addition to that higher cost, Cotopaxi adds allotments for the workers to use toward something they need, from community gardens to computers and computer classes for them and their families.

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