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.
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