Report: Away Exploring Options Including Sale

Away, the luggage company valued at $1.45 billion when it raised capital in 2019, is exploring strategic options including a sale, according to people with knowledge of the matter.

New York-based JRSK Inc., which operates as Away, is working with an adviser to solicit interest from potential buyers, said one of the people, who asked not to be identified discussing confidential information. It’s unclear what Away could fetch in a transaction, and it’s possible the company would opt not to be sold.

An Away representative didn’t immediately respond to a request for comment.

Led by chief executive Jen Rubio and President Catherine Dunleavy, Away eyed an initial public offering in 2021, Bloomberg News reported at the time. The maker of bags and travel accessories including sleep masks and compression socks has drawn backing from investors including Lone Pine Capital LLC, Wellington Management, Baillie Gifford, Accel and Battery Ventures, as well as individuals including Barry Sternlicht and Slack co-founder Stewart Butterfield, PitchBook data show.

Last year, Away added Medley co-founder Edith Cooper, a former Goldman Sachs Group Inc. partner, and Robert Kaiden, Twitter Inc.’s former chief accounting officer, to its board.

The luggage sector has long been a target for consolidation. In 2016, LVMH Moet Hennessy Louis Vuitton SE bought 80 percent of suitcase maker Rimowa, and Samsonite International SA acquired Tumi Holdings Inc. the same year.

By Gillian Tan

Learn more:

The Next Generation of Luggage Start-Ups

While Away won over millennials with its hard-shell suitcase, newcomers in the category are enticing Gen-Z with colourful alternatives as tourism comes booming back.

Credit: Source link






Jennifer Lopez to Back Latina Entrepreneurs With a $14 Billion Partnership

Jennifer Lopez's new partnership is providing Latina entrepreneurs with a $14 billion infusion in loan capital by 2030.Lopez is teaming up with Grameen...

“Black Panther: Wakanda Forever’s” Sope Aluko on the Healthy Eating Tips Costar Angela Bassett Taught Her and Her Drugstore Facial Scrub Secret

A native of Nigeria, Sope Aluko spent 20 years working in corporate America before she quit her job to act full-time. The...

How to Let Go of An Ex Who Has Moved On

by Danielle Wright“Most of the time when an ex remains on the forefront of your mind post-breakup it’s because you were settling in...

This New Leave-In Treatment Made My Damaged Hair Feel Like a Fresh Cut

Bond-building, repairing hair treatments are having a major moment, and you don’t need TikTok to tell you as much. For those who...

Alexandra Daddario Loves This $13 Brightening Mask

For anyone who has watched the hit HBO series, White Lotus, the list of things, people and plots to be curious about...
en English