Levi’s inventory rose 20% Thursday, boosted by a brand new Beyoncé music known as “Levii’s Denims.”
The observe seems on the singer’s new nation album “Cowboy Carter,” launched final month. The duet, that includes Submit Malone, runs barely over 4 minutes and contains a number of references to Levi’s denims.
“I’d simply say that denim is having a second and the Levi’s model is having a strong second around the globe,” Levi Strauss CEO Michelle Gass mentioned.
“One of many issues that basically is important in regards to the Levi’s model and we place a number of emphasis and funding is ensuring that Levi’s model stays within the heart of tradition. And I do not assume there’s any higher proof or proof level than having somebody like Beyoncé, who’s a tradition shaper, to really title a music after us,” Gass added in response to an analyst query in regards to the music’s impact on gross sales.
New Levi’s merchandise together with denim skirts and pants aside from denims have additionally improved firm gross sales.
Levi’s capitalized on its Beyoncé-fueled second by altering its account title on Instagram to “Levii’s” to replicate the spelling of title of her new music.
The corporate benefited from “a nod from cultural icon Beyoncé in her new music ‘Levii’s Denims,'” Wells Fargo fairness analyst Ike Boruchow wrote in a analysis observe shared with CBS MoneyWatch.
“Beyoncé’s affect has been all natural and is clearly having optimistic impacts” on the denim class and Levi’s particularly, he added.
Instagram/Levi’s
The Houston native’s eighth album options 27 music tracks and visitor appearances from a few of nation music’s largest stars, together with Willie Nelson, Miley Cyrus and Dolly Parton, whose 1973 hit “Jolene” is one among two covers featured.
Levi’s inventory was down 1.4% on Friday afternoon, buying and selling at $20.69.
