Luggage company Away has high hopes for next year, expecting sales to triple in 2018. One thing driving that growth could be the new product line CEO Stephanie Korey told Cheddar is in the pipeline, though she didn’t specify exactly what’s to come. The founder also credits the company’s business-to-consumer model with propelling growth, as well as its ability to manage inventory, something that is often a hurdle for start-ups. “I’m probably one of the few CEOs out there whose entire background before becoming a CEO was in supply chain,” Korey told Cheddar. “We have created a very responsive, fast supply chain.” Founded in 2015, Away has already sold more than 250,000 suitcases and grown from 4 to 100 employees. The company has raised $31 million dollars in funding, and Korey says she’s not looking to raise more capital in the near future. Away’s decked out luggage features laundry bags, interior compartments, and a built-in USB charger. The tech features are something that have come into focus recently, after major airlines banned the use of smart luggage with non-removable lithium-ion batteries. The new rules don’t affect Away, though, because its batteries are removable. “We anticipated the potential for regulations to change around batteries,” Korey said. “From the start we built the battery removable, so there’s no impact to us with the new regulations.” The policies from Delta, Alaska, and American Airlines go into effect on January 15, 2018. For full interview [click here] (https://cheddar.com/videos/aways-big-year-and-plans-for-expansion).

Share:
More In Business
Walmart warns “higher prices are inevitable”
Walmart, which became the nation’s largest retailer by making low prices a priority, has found itself in a place it’s rarely been: Warning customers that prices will rise for goods ranging from bananas to car seats.
US businesses that rely on Chinese imports express relief and anxiety
American businesses that rely on Chinese goods are reacting with muted relief after the U.S. and China agreed to pause their exorbitant tariffs on each other’s products for 90 days. Many companies delayed or canceled orders after President Donald Trump last month put a 145% tariff on items made in China. Importers still face relatively high tariffs, however, as well as uncertainty over what will happen in the coming weeks and months. The temporary truce was announced as retailers and their suppliers are looking to finalize their plans and orders for the holiday shopping season. They’re concerned a mad scramble to get goods onto ships will lead to bottlenecks and increased shipping costs.
Load More