Dive Brief:
- Direct-to-consumer luggage brand Away is exploring strategic options including a sale of the company, according to reporting from Bloomberg on Monday which cited anonymous sources.
- JRSK Inc, which operates as Away, has been working through an advisor to solicit interest from potential buyers though the company could ultimately decide against a sale.
- Although it previously held a $1.4 billion valuation in 2019, it is not clear how much it would currently sell for. Away did not immediately respond to Retail Dive’s requests for comment.
Dive Insight:
Away’s reported interest in exploring strategic options follows years of executive changes.
In January, the travel company tapped former Foxtrot executive Carla Dunham as its new chief of marketing. This came after its chief financial officer left the position in November to become president, and Away named its first chief digital and operations officers the year before.
Co-founder Steph Korey previously stepped down from the CEO role in January 2020, with Stuart Haseldon taking on the position afterwards only for Korey to return and take on a co-CEO appointment. After Korey and Haseldon both left about a year after, co-founder Jen Rubio became CEO in April 2021.
At the onset of the COVID-19 pandemic, Away’s sales dropped 90% due to its impact on travel. This resulted in laying off about 10% of its staff along with furloughing about half the team. However, a company spokesperson told Retail Dive in January that between Thanksgiving and Cyber Monday, sales were almost double that of 2021 and 60% above 2019 levels.
Away has previously expanded its offerings beyond suitcases. It launched outdoor travel gear, such as backpacks, in April 2022, and also sells accessories such as compression socks and travel blankets.
