Away CEO Jen Rubio expands luggage brand into soft-shell bags and puts IPO on the back burner

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.

This story was originally featured on Fortune.com