Travel startup Away, known most for its suitcases, announced that a $100 million round of investment has closed, with funding led by Wellington Management Company LLP. The company’s plans for the new funding includes expanding its line of merchandise into clothing, wellness and lifestyle accessories, 50 new stores over the next three years, and international expansion. Away currently has stores in major cities including New York, San Francisco, Chicago and London. Products are available in 39 countries with the goal of growing abroad by 10 times in the next three years. Away launched in February 2016 and reached $150 million in sales in 2018. The company says sales are expected to double in 2019. The SPDR S&P Retail ETF XRT, -0.31% has gained 4.7% for 2019 so far. The ProShares Decline of the Retail Store ETF EMTY, +0.47% has slipped 2.3%. And the S&P 500 index SPX, +0.68% has rallied 14% for the period.
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