New York, New York-based Away, a direct-to-consumer luggage and travel accessories company, has announced it is reducing its workforce by 25%, reorganizing its executive team, and doubling down on new product development in an effort to prioritize profitability.
The reduction in force will impact an unknown number of employees and follows an 8% reduction in May 2023.
Co-founder and CEO Jen Rubio noted, "We're reconfiguring the traditional exec team structure in order to promote better decision-making. What I think this is doing is setting us up to be able to grow the right teams to work on the right projects. Job cuts aren't targeted at any department in particular, but the shift is intended to help the company invest more in brand and product. We are always looking for the next big thing that can create new business, and the only way to do that is to continually develop new products. Maybe a big hit comes out of that and maybe a lot of stuff we develop doesn't even get launched. What I always tell the team is that if we don't do things that make us uncomfortable, and then we find ourselves in a position of having to do it, it'll be much more painful. What do we need to change to stay ahead? A big part of what we're going through is this notion that we really have to disrupt ourselves before someone disrupts us."
"Disruption has always been at the core of our company’s DNA. Away is dedicated to delivering the highest-quality travel products and experiences to our customers, and we believe that these steps will better position us to continue to be an innovative leader in the category.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?