Good morning, Broadsheet readers! The U.S. Supreme Court accidentally published an opinion allowing emergency abortions in Idaho, Paris Hilton testifies about youth facilities, and Away’s CEO Jen Rubio tells us about the company’s next chapter. Have a great Thursday!
– Up and Away. It’s been a tumultuous few years for Away, the direct-to-consumer luggage brand that’s iconic hard-shell bag has been carried by the likes of Margot Robbie and Prince Harry. Allegations of a toxic workplace in 2019 led to multiple changes in management, while demand plummeted early in the pandemic. Earlier this year, the company restructured, cutting 25% of its staff. An IPO went from seemingly imminent to on the back burner.
But Jen Rubio, cofounder and CEO, says the company is past those growing pains—and ready to embrace its next chapter as the startup approaches its second decade in business.
For now, that next chapter includes moving beyond its hard-shell bag and offering customers a softer, quilted version, the company announced Wednesday. Priced similar to the original offering—from $225 to $325—Rubio says Away is not only trying to capture the roughly 50% of the market that prefers soft-side luggage, but also giving existing customers what they are asking for.
“As much as we’ve gotten people to switch [to hard-shell], to fall in love with our product, there are many, many millions of people who use soft-side luggage exclusively,” says Rubio. “We’re just scratching the surface when it comes to making the best products for travel.”
The new collection, which launches July 9, has been years in the making. In that time, Rubio has learned that offering the same bag in different colors isn’t enough; customers are clamoring for stylish options for all manner of travel, including more durable duffle bags for hiking and camping and children’s luggage for their growing families. The new soft-side Away bag is the first of multiple product launches Rubio says the company has in store for the year. The bags boast many of the beloved features of the hard-shell bags—like the wheels and handle—as well as some new ones, like two no-show exterior pockets.
“A lot of things changed post-pandemic,” she says. “The public can’t see it yet, but internally we are doubling the pace of product innovation…We’re continuing to grow and expand the business, but the how of how we do that has really changed.”
As for the future of Away, Rubio says the restructuring reflected where the company is currently at—not necessarily eyeing an IPO, as it was pre-pandemic, but increasing the number of products it offers and working out a new wholesale strategy.
“At one point in 2019, the thing that made the most sense was to build the business to IPO. But…is that attractive now? Probably not,” she says. “If we’re running the business in a way to keep it growing, keep it profitable, and the brand is really strong and customers continue to love us and we continue to serve them, we’ll always have those options.”
Alicia Adamczyk
alicia.adamczyk@fortune.com
The Broadsheet is Fortune’s newsletter for and about the world’s most powerful women. Today’s edition was curated by Joseph Abrams. Subscribe here.
|
|
|
New: The Next to Lead newsletter |
Learn how to pave your path to the C-suite Every week, get strategies and advice from recruiters, researchers, and other experts on what it takes to make it to the corner office. Subscribe now |
|
|
- Accidental opinion. The U.S. Supreme Court acknowledged that it “inadvertently” published an opinion on Wednesday indicating that it will allow abortions during medical emergencies in Idaho. The state had argued that doing so would violate its abortion ban. Bloomberg
- Fund loses one. One of the cofounders of Fearless Fund, a venture capital firm that invests in companies led by women of color, is stepping down as its COO and general partner. Cofounder Ayana Parsons says her decision is unrelated to an ongoing conservative lawsuit that claims the fund's grant program for female Black founders is discriminatory. Fortune
- Hilton before the House. Paris Hilton told U.S. Representatives that she was drugged and abused by the staff at a Utah foster facility she spent time at as a teenager. Hilton is advocating for two bills that would increase funding for youth services and increase oversight of youth programs. Axios
- Cut from the team. Veteran U.S. soccer star Alex Morgan was cut from this year’s Olympic team. The 35-year-old has struggled on the field in recent years but has kept playing even as her contemporaries like Megan Rapinoe and Julie Ertz retire. Washington Post
- Forever and six months. A new study out of Georgetown University indicates that women exposed to “forever chemicals” could lose some or all of their ability to breastfeed just six months after giving birth. Forever chemicals, formally known as PFAS, can be found in cleaning products, cookware, and more. The Guardian
MOVERS AND SHAKERS: Herbivore Botanicals announced Britany LeBlanc as CEO.
|
|
|
They have one of Team USA’s toughest jobs: Picking Simone Biles’ Olympics teammates The Athletic
A court ruled an exhibit discriminated against men. Now it’s in the women’s restroom New York Times
Hoyeon takes Hollywood Elle
|
|
|
“Sport is becoming increasingly more haves and have-nots, and access is waning. It’s such a powerful tool for the development of human beings, particularly women in business.”
— Sarah Hirshland, the CEO of the U.S. Olympic & Paralympic Committee, on the importance of drawing more sponsors to Olympic athletes
|
|
|
Thanks for reading. If you liked this email, pay it forward. Share it with someone you know: |
|
|
Did someone share this with you? Sign up here. For previous editions, click here.
To view all of Fortune's newsletters on the latest in business, go here.
|
|
|
|
