Away, the bag firm valued at $1.45 billion when it sought money in 2019, is reportedly considering strategic options, including a sale.
the New York City One of the people, who wished to remain anonymous because the conversation involved sensitive material, stated that JRSK Inc., doing business as Away, is collaborating with an adviser to elicit interest from potential buyers. It’s unclear how much Away might sell for in a deal, and it’s possible the business will decide against being bought out.
Requests for response from an Away spokesperson were not immediately entertained.
Away planned to go public in 2021, according to a report at the time from Bloomberg News, which was led by CEO Jen Rubio and President Catherine Dunleavy. According to PitchBook data, investors such as Lone Pine Capital LLC, Wellington Management, Baillie Gifford, Accel, and Battery Ventures, as well as private individuals like Barry Sternlicht and Slack co-founder Stewart Butterfield, have backed the manufacturer of bags and travel accessories such as sleep masks and compression socks.
Robert Kaiden, a former chief financial officer of Twitter Inc., and Edith Cooper, a co-founder of Medley and a former partner of Goldman Sachs Group Inc., joined Away’s board of directors last year.
Consolidation has long been sought after in the luggage industry. Samsonite International SA acquired Tumi Holdings Inc. in 2016 and LVMH Moet Hennessy Louis Vuitton SE purchased 80% of the suitcase manufacturer Rimowa in the same year.
