Away (company) explained

JRSK, Inc.
Trade Name:Away
Type:Private
Industry:Retail
Hq Location City:New York City, New York
Hq Location Country:U.S.
Key People:Catherine Dunleavy (President)
Products:Baggage, travel accessories
Revenue: $150+ Million[1]
Num Employees:200

Away is an American luggage and travel accessories brand founded by Jen Rubio and Steph Korey in 2015 and based in New York City.[2] [3] [4] [5] [6] Having raised $31 million in financing,[7] Away is one of the highest funded female-backed startups.[8]

The company primarily sells products online, but also has brick and mortar locations.[9] [10] [11] Away is a direct-to-consumer retailer, so the company bypasses third-party wholesalers or distributors. Its products are available for purchase in the US, Canada and the UK.[12]

History

Steph Korey and Jen Rubio met in 2011 as former colleagues on the early executive team at Warby Parker. They founded Away in 2015.[13] It improved upon traditional suitcase designs by adding features such as built-in batteries in their luggage for charging mobile devices.[14] [15] [16] By November, the company had raised $2.5 million in seed funding from investors Accel Partners and Forerunner Ventures.[17] The company's first product, a carry-on became available to ship in February 2016.[18] [19] In September 2016, the company raised an additional $8.5 million in Series A funding for expansion.[20]

In November 2016 Steph Korey was listed on Forbes 30 Under 30,[21] a pick the publication regretted seven years later, placing Korey on its Hall of Shame, featuring ten picks it wished it could take back.[22] [23]

The next year, the firm had grown to 66 employees and projected more than $50 million in sales.[24] It raised $20 million in Series B funding led by Global Founders Capital, Forerunner Ventures, Comcast Ventures, and Accel Partners in May 2017.[25] [26] As of May 2018, it had more than 150 employees and announced plans to expand jobs across the company, including a relocation of its headquarters in New York City.[27] In May 2019, it secured $100 million of investment and reached a total valuation of $1.4 billion. The funding round was led by Wellington Management, as well as Baillie Gifford, Lone Pine Capital and Global Founders Capital. The money is intended for building brick-and-mortar stores and expanding travel gear.[28]

Away expanded into editorial content with the launch of a podcast called Airplane Mode in May 2017, and in July 2017, a print and digital travel magazine, Here, which includes city guides, travel essays, and photo journals.[7]

The company was named a "Breakthrough Brand with Ingenious Marketing" by Adweek.[29] Fast Company recognized Away as one of the "2018 Top 10 Most Innovative Companies", and the company was a recipient of Surface Travel Awards.[30]

Toxic workplace allegations

On December 5, 2019, a report from The Verge described a toxic workplace and "culture of intimidation and constant surveillance" at Away in which employee communications channels were restricted while executives used Slack as an internal megaphone to publicly humiliate employees.[31] Employees reported expectations to work long hours, on holidays, at night and late into the evening, and without paid time off.[32] In an apology, CEO Korey said that she was "appalled" to read her own messages and listed steps taken to improve the company's work culture in the last year.[33] Korey initially resigned as CEO on December 9, and the company announced that she was to be succeeded by Stuart Haselden, former COO of Lululemon.[34]

Korey renounced her resignation on January 13, 2020, and stated that she and Haselden would be co-CEOs of Away. In an interview with The New York Times, Korey said that The Verges reporting was "inaccurate" and that it was "not right" for her to resign. The Verge replied, "Steph Korey responding to our reporting by saying her behavior and comments were 'wrong, plain and simple' and then choosing to step down as C.E.O. speaks for itself."[35] Erin Grau, Away's human resources chief, resigned the same day in response to Korey returning.[36]

On July 2, 2020, however, Jen Rubio and Stuart Haseldon announced that Korey would be stepping down as co-CEO "within the year", following comments she made on social media attacking digital-only media companies. Away employees were concerned that her comments meant she had learned nothing from the events in December 2019.[37]

Products

Away produces and markets travel accessories using a direct-to-consumer business model.[38] The company's best-known products are suitcases.[39] [40] [41] [42] Away's product line also includes travel bags,[43] [44] travel organizers[45] and travel accessories.[46]

The Carry-On was developed based on the focus group feedback.[47] Vogue announced the creation of the luggage in November 2015, labeling it "The Perfect Carry-On." By October 2016, Away had launched three additional sizes: The Bigger Carry-On; The Medium; and The Large. The Bigger Carry-On was an honoree in the 2017 Fast Company Innovation By Design Awards.[48]

Due to the brand's celebrity appeal, People dubbed the luggage "the little black dress of luggage" in August 2017.[49]

Notes and References

  1. Web site: Away Luggage Hits $1.4B Valuation After $100M Fundraise. Amy. Feldman. Forbes.
  2. Web site: The founders of Away changed the luggage industry after a travel mishap. Garcia. Ahiza. October 24, 2017. CNN Money. live. https://web.archive.org/web/20180705063030/https://money.cnn.com/2017/10/24/news/companies/away-jen-rubio-steph-korey-travel-fresh-money/index.html. July 5, 2018. July 5, 2018.
  3. Web site: Karmali. Sarah. 2019-05-16. Fashion's favourite luggage brand is branching out into clothing, accessories and wellness. 2020-08-27. Harper's BAZAAR. en-GB.
  4. Web site: 2023-03-14 . Away Luggage Just Dropped a Limited Edition Collection in Time for Spring . 2023-07-27 . Good Housekeeping . en-US.
  5. Web site: Luggage Maker Away Raises $8.5M for International Expansion. Zakrzewski. Cat. September 8, 2016. The Wall Street Journal. live. https://web.archive.org/web/20180705092315/https://www.wsj.com/articles/luggage-maker-away-raises-8-5m-for-international-expansion-1473334217. July 5, 2018. July 5, 2018.
  6. Web site: This $48 Million Luggage Company Has Big Plans for Your Next Trip. Ransom. Diana. June 12, 2017. Inc.. live. https://web.archive.org/web/20180112050115/https://www.inc.com/diana-ransom/30-under-30-2017-away.html. January 12, 2018. January 12, 2018.
  7. Web site: How Away Brings Its Brand to Life through Content Marketing. April 17, 2018. NewsCred Insights. live. https://web.archive.org/web/20180705063223/https://insights.newscred.com/away-content-marketing/. July 5, 2018. July 5, 2018.
  8. Web site: This CEO is Leading a New Wave of Female Entrepreneurs. Gharib. Susie. October 18, 2017. Fortune. live. https://web.archive.org/web/20180705092530/http://fortune.com/2017/10/18/this-ceo-is-leading-a-new-wave-of-female-entrepreneurs/. July 5, 2018. July 5, 2018.
  9. Web site: New York-Based Travel Brand Launches First Texas Store at Domain Northside. Whalen. Emma. November 6, 2017. Community Impact. live. https://web.archive.org/web/20180728191210/https://communityimpact.com/local-news/austin/northwest-austin/features/business/2017/11/06/new-york-based-luggage-brand-launches-first-texas-store-domain-northside/. July 28, 2018. July 28, 2018.
  10. Web site: AWAY Luggage Brand to Enter Canada with 1st Standalone Store. 2020-08-27. RETAIL INSIDER. en-CA.
  11. News: Away travels to Seven Dials for first UK store. Sykes. Andrew. August 14, 2018. Retail Times. 1 September 2018. live. https://web.archive.org/web/20180901215812/http://www.retailtimes.co.uk/away-travels-to-seven-dials-for-first-uk-store/. 1 September 2018.
  12. Web site: Away Jets to Europe With New Collaboration Series. Theodosi. Natalie. May 1, 2018. Women's Wear Daily. live. https://web.archive.org/web/20180729200555/https://wwd.com/fashion-news/fashion-scoops/away-europe-new-collaboration-series-1202663281/. July 29, 2018. July 29, 2018.
  13. Web site: Inside Away's Instagram Strategy. Liffreing. Ilyse. August 14, 2017. Digiday. live. https://web.archive.org/web/20180705063115/https://digiday.com/marketing/inside-aways-instagram-strategy/. July 5, 2018. July 5, 2018.
  14. Web site: JRSK Inc - Company Profile and News. Bloomberg Markets. Bloomberg L.P.. live. December 12, 2019. https://web.archive.org/web/20191212053002/https://www.bloomberg.com/profile/company/1437596D:US . 2019-12-12 .
  15. Web site: Feldman . Amy . Next Billion-Dollar Startups: How Two Young Entrepreneurs Used Relentless Online Marketing To Build Away Into A $700M Luggage Brand . 2023-04-13 . Forbes . en.
  16. Web site: Lamare . Amy . 2020-09-04 . A brief history of Away: From suitcases to scandals . 2023-07-24 . www.businessofbusiness.com . en.
  17. Web site: A Pair of Former Warby Parker Execs Are Attempting to Create the Perfect Carry-On Bag. Avakian. Talia. November 9, 2015. Business Insider. live. https://web.archive.org/web/20180729230632/https://www.businessinsider.com/former-warby-parker-execs-launch-luggage-brand-2015-11. July 29, 2018. July 29, 2018.
  18. Web site: How This Company Launched With Zero Products-- and Hit $12 Million in First-Year Sales. Helm. Burt. 2017-06-28. Inc.. live. https://web.archive.org/web/20180711183739/https://www.inc.com/magazine/201707/burt-helm/how-i-did-it-steph-korey-jen-rubio-away.html. 2018-07-11. 2018-07-29.
  19. Web site: The Duo Trying to Make Travel More Glamorous. Hyland. Véronique. December 22, 2015. The Cut. live. https://web.archive.org/web/20180729174930/https://www.thecut.com/2015/12/away-jen-rubio-steph-korey-interview.html. July 29, 2018. July 29, 2018.
  20. Web site: Trendy luggage brand Away packs on $100M, rolls past $1.4B valuation. 2021-02-01. TechCrunch. en-US.
  21. Web site: Forbes 30 Under 30 2022: Finance . 2024-01-30 . Forbes . en.
  22. Web site: Team . Forbes Under 30 . Hall Of Shame: The 10 Most Dubious People Ever To Make Our 30 Under 30 List . 2024-01-30 . Forbes . en.
  23. Web site: Porter . Jon . 2023-11-29 . Forbes publishes 30 Under 30 “Hall of Shame.” . 2024-01-30 . The Verge . en.
  24. Web site: Karlie Kloss Backs Travel Brand Away in $20M Series B. Noto. Anthony. May 19, 2017. New York Business Journal. live. https://web.archive.org/web/20170626080504/http://www.bizjournals.com/newyork/news/2017/05/19/karlie-kloss-backs-travel-brand-away-in-20m-series.html. June 26, 2017. July 29, 2018.
  25. Web site: Away Nears 100k Stylish Suitcases Sold as it Raises $20M. Constine. Josh. May 19, 2017. TechCrunch. live. https://web.archive.org/web/20180729200535/https://techcrunch.com/2017/05/19/away-luggage/. July 29, 2018. July 29, 2018.
  26. Web site: Luggage Company Away Secures $20M. Young. Vicki M.. May 19, 2017. Women's Wear Daily. live. https://web.archive.org/web/20180730020707/https://wwd.com/business-news/financial/luggage-company-away-secured-20m-series-b-round-10890546/. July 30, 2018. July 29, 2018.
  27. Web site: Away Is Set To Hire More Than 200 New Employees In A Major Expansion. Brannigan. Maura. May 21, 2018. Fashionista.
  28. Web site: Trendy luggage brand Away packs on $100M, rolls past $1.4B valuation. Clark. Kate. 2019-05-14. TechCrunch. en-US. 2019-05-15.
  29. Web site: 5 Breakthrough Brands With Ingenious Marketing That Hit a New Level in 2017. 2021-02-01. en-US.
  30. Web site: The World's Most Innovative Companies 2018 Honorees By Sector. 2018. Fast Company. live. https://web.archive.org/web/20180729171231/https://www.fastcompany.com/most-innovative-companies/2018/sectors/travel. 2018-07-29. 2018-07-29.
  31. Web site: Away Founders Use 'Inclusivity' to Respond to Toxic Culture Claims. Bellstrom. Kristen. 2019-12-06. Fortune. en. live. https://web.archive.org/web/20191206143612/https://fortune.com/2019/12/06/away-culture-slack-inclusivity/. 2019-12-06. 2019-12-07.
  32. News: Emotional baggage: inside the toxic work environment at Away. Schiffer. Zoe. 2019-12-05. The Verge. 2019-12-07. live. https://web.archive.org/web/20191207194531/https://www.theverge.com/2019/12/5/20995453/away-luggage-ceo-steph-korey-toxic-work-environment-travel-inclusion. 2019-12-07. en.
  33. News: Sorkin. Andrew Ross. 2020-01-13. Away C.E.O. Is Back, Just Weeks After Stepping Down (Published 2020). en-US. The New York Times. 2021-02-01. 0362-4331.
  34. Web site: Away replaces CEO Steph Korey after Verge investigation. Schiffer. Zoe. 9 December 2019. The Verge. live. 2019-12-10. https://web.archive.org/web/20191209225049/https://www.theverge.com/2019/12/9/21003787/away-luggage-steph-korey-ceo-new-lululemon-stuart-haselden-replacement-investigation . 2019-12-09 .
  35. News: subscription. Away C.E.O. Is Back, Just Weeks After Stepping Down. Sorkin. Andrew Ross. 2020-01-13. The New York Times. 2020-01-14. en-US. 0362-4331.
  36. Web site: Top Away executives were blindsided by their CEO's decision to backtrack on stepping down . Jason . Del Rey . 27 Jan 2020 . 3 July 2020 . Recode.
  37. Web site: Away says co-CEO Steph Korey will step down this year after her attacks on the media. Zoë . Schiffer . 2 July 2020 . 2 July 2020 .
  38. News: A New Class of Startup is Upending America's Consumer-Goods Industry. November 16, 2017. The Economist. live. https://web.archive.org/web/20180313201037/https://www.economist.com/news/business/21731429-direct-consumer-revolution-bedroom-and-bathroom-new-class-startup-upending. March 13, 2018. July 28, 2018.
  39. Web site: 6 Smart Suitcases That Won't Break Airlines' Battery Rules. Doherty. Patricia. 2019-01-29. Travel + Leisure. en. live. https://web.archive.org/web/20180804140947/https://www.travelandleisure.com/style/travel-bags/smart-luggage-with-removable-battery. 2018-08-04. 2018-08-03.
  40. Web site: The High-Tech Carry-On Luggage Safe for Flying. Bowman. Eric. 2017-12-12. TravelPulse. live. https://web.archive.org/web/20180804045946/https://www.travelpulse.com/news/travel-technology/the-high-tech-carry-on-luggage-safe-for-flying.html. 2018-08-04. 2018-08-03.
  41. Web site: New High-End Luggage Brand Away – Direct-to-Consumer Business, Travel. Farra. Emily. 2016-11-09. Vogue. live. https://web.archive.org/web/20180804050118/https://www.vogue.com/article/away-luggage-direct-to-consumer-business-launch. 2018-08-04. 2018-08-03.
  42. This Smart Suitcase Would Be Great Even If It Were Dumb. So. Adrienne. 2018-01-19. WIRED. live. https://web.archive.org/web/20180202014112/https://www.wired.com/review/review-away-carry-on/. 2018-02-02. 2018-02-01.
  43. Web site: Away Just Launched Its First Duffel Bag. 2020-08-27. Travel + Leisure. EN.
  44. Web site: Away Luggage Reviews From Travel Editors: See the Suitcases and Bags Worth Buying. 2020-08-27. Travel + Leisure. EN.
  45. Web site: This Celeb-Approved Luggage Brand Just Made Packing for Vacation Way Easier. 2020-08-27. PEOPLE.com. EN.
  46. Web site: Away Just Brought Back Its Mini Suitcase Gift Sets for the Holidays. 2020-08-27. Travel + Leisure. EN.
  47. Web site: Columbia MBA and multimillion-dollar start-up co-founder: Here's what business school doesn't teach you. Elkins. Kathleen. 2018-02-12. CNBC. en. live. https://web.archive.org/web/20180804050140/https://www.cnbc.com/2018/02/12/away-co-founder-steph-korey-what-business-school-cant-teach-you.html. 2018-08-04. 2018-08-03.
  48. Web site: How Two Suitcase Designers Are Cramming More Into Your Carry-On. Budds. Diana. 2017-09-11. Fast Company. live. https://web.archive.org/web/20180322053818/https://www.fastcodesign.com/90138093/how-two-suitcase-designers-are-cramming-more-into-your-carry-on. 2018-03-22. 2018-08-03.
  49. Web site: This Is the Carry-On Every Celeb Is Toting: Shop Jessica Alba, Mandy Moore and Karlie Kloss's Go-To Bag. Mackenzie. Schmidt. August 23, 2017. People. live. https://web.archive.org/web/20170914130358/http://people.com/home/jessica-alba-mandy-moore-favorite-carry-on-suitcase-away/. September 14, 2017. January 12, 2018.

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