Hustle Mindset

The Beyoncé Effect Reportedly Leads Levi’s Stock To Rise By 20%

0


Music fans are not the only ones feeling the impact of Beyoncé’s influence.

On March 29, 2024, the Houston, TX-born songstress released her country-influenced album “Cowboy Carter.” According to Billboard, her eighth album debuted at the No. 1 spot on the Billboard 200 albums chart, selling 407,000 equivalent album units. 

Additionally, the album reached the top spot on Billboard’s Top Country Albums chart, a first for a Black woman to accomplish.

The Beyoncé effect is evident not only on the music charts but in business, too. Her 27-track album includes the single “Levii’s Jeans,” featuring music artist Post Malone. As reported by CBS News, Levi Strauss & Co., the clothing company that actually invented denim jeans, saw a rise in its stocks by 20%, nearly one week after the song’s release. The moment also drove sales to increase for its denim skirts and pants.

“Beyoncé’s influence has been all organic and is clearly having positive impacts,” Wells Fargo equity analyst Ike Boruchow wrote to the outlet. He pointed to increased sales in denim, in general, but more specifically the Levi’s brand.

Levi Strauss also shifted its online social media strategy to adhere to the pulse of the culture. The company changed its social media handle on Instagram to read “Levii’s,” reflecting the spelling of the song’s title and even adding a bee emoji as a nod to the star.

Photo Credit: Instagram

“I would just say that denim is having a moment and the Levi’s brand is having a powerful moment around the world,” Levi Strauss CEO Michelle Gass said to CBS News. 

She added, “One of the things that really is significant about the Levi’s brand, and we place a lot of emphasis and investment, is making sure that Levi’s brand remains in the center of culture. And I don’t think there’s any better evidence or proof point than having someone like Beyoncé, who is a culture shaper, to actually name a song after us.” 

This is not the first time Beyoncé’s work has led to good favor for a prominent company. As AFROTECH™ previously mentioned, her “Renaissance World Tour” concert was produced into a film and made its way to theaters, including AMC Theatres, in 2023. As fans anticipated its release, according to Forbes, AMC also saw a spike in shares by 1.5% during premarket trading on Oct. 2, 2023.

Moreover, around the global tour, per Entrepreneur, the “Cuff It” singer requested attendees to wear silver clothing during the last month of the tour to celebrate her Virgo birthday. This call to action helped multiple small businesses, where they saw a surge in sales and benefited from the economic impact on the fashion industry.





Source link

allblackbusinessnews_ql0ds8

Why Hanahana Beauty Founder Abena Boamah-Acheampong Decided To Allow Customers To Have Equity In Her Company

Previous article

7 Steps to Get Your Most Powerful Leadership Tool Right

Next article

Comments

Leave a reply

Your email address will not be published. Required fields are marked *