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Etsy announces new status as B Corporation

May 10, 2012 11:24 am
Etsy CEO Chad Dickerson announced Wed., May 9, the online marketplace is now a Certified B Corporation. A benefit, or B corporation, is a class of corporation required by law to create general benefit for society, as well as its shareholders. There are currently more than 521 Certified B Corporations in 60 industries nationwide, 43 in New York alone. Etsy will be among the largest, joining retailer Patagonia and Seventh Generation, a brand of natural household and personal care products. In a companion post to Dickerson's, Etsy blog editor Michelle Traub writes the decision to become a B corporation was driven by the belief business has a "higher social purpose beyond simply profit." Etsy has more than 15 million members and more than 875,000 online shops, and reported sales of $525.6 million in 2011. Etsy is headquartered in Brooklyn, with offices in Hudson, San Francisco and Berlin. Read Dickerson's announcement at etsy.com.
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