Beyoncé leaves the Luar fashion show at 154 Scott in Brooklyn during New York Fashion Week on February 13, 2024.
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Western boots have a new protector in Beyoncé.
According to consumer behavior firm Circana, sales of the country fashion classic rose more than 20% in the week following the music superstar's release of her album “Cowboy Carter.” That can be good news for companies that make the iconic shoe, but also for other items that fit the same Wild West aesthetic.
“Cowboy Carter,” released late last month, marked the “Halo” singer’s foray into the country genre. Even before the full album was released, Circana reported a significant increase in sales for this type of boot after the release of the singles “Texas Hold 'Em” and “16 Carriages”.
The 32-time Grammy winner's latest project adds to growing cultural support for stagecoach-inspired styles. Louis Vuitton introduced an American Western line during Paris Fashion Week earlier this year, featuring models in everything from cowboy hats to bolo ties. This look has also found favor during the ongoing Eras tour, with some attendees choosing to recreate Taylor Swift's pre-pop days as a country singer.
Retailers and industry insiders have already taken note of the trend.
Beyoncé's chart-topping album may drive same-store sales and help attract female shoppers Boot Barnsaid Williams trading analyst Sam Poser. On Thursday, he raised his Buy rating on the California-based retailer and raised his price target by $33 to $113, now implying about 12% upside potential.
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Boot stable, year to date
Adding to the momentum is the start of a busy season for rodeos and music festivals, Poser said. Given these positive trends, forecasts for the current quarter and full fiscal year are expected to exceed Wall Street consensus estimates, he said.
“We have little doubt that there is a connection” between the increasing attention to Western clothing and the release of Beyoncé's eighth studio album, Poser said.
Shares of Boot Barn have risen more than 4% since the beginning of April, defying the broader market's decline. This contributes to the stock's rally over the course of 2024, with the stock up about 30% compared to the start of the year.
“Really on trend”
Even if cowboy boots are typical of the western look, other pieces can also ride the wave.
Levi Strauss CEO Michelle Gass told analysts earlier this month that the denim maker was working to ensure “the brand remains at the center of the culture.” This mission was supported by “Levii's Jeans”, a song on the “Cowboy Carter” album with Post Malone.
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“I don't think there's any better proof or evidence than getting someone like Beyoncé, who shapes the culture, to actually name a song after us,” Gass said on the company's earnings call last week.
Gass said denim is “having a moment” and that Western style is “really trending,” including in fashion and music.
But denim suppliers were unable to escape the recent market decline. Shares of Levi Strauss fell more than 3% in April. Kontoor brandswhose styles under the Wrangler brand include “cowboy-cut” jeans have fallen about 11% this month.