Western boots have a new protector in Beyoncé.
The country fashion staple’s sales surged more than 20% in the week after the music superstar released her “Cowboy Carter” album, according to consumer behavior firm Circana. That can spell good news for companies making the iconic shoe, as well as other items that fit the same Wild West aesthetic.
“Cowboy Carter,” which came out late last month, marked the “Halo” singer’s foray into the country genre. Even before the full album dropped, Circana reported notable boosts to unit sales for this style of boot following the release of singles “Texas Hold ‘Em” and “16 Carriages.”
The 32-time Grammy winner’s latest project adds to a groundswell of cultural support for stagecoach-inspired styles. Louis Vuitton unveiled 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 caught a bid through the ongoing Eras Tour, as some attendees opt to channel Taylor Swift’s pre-pop days as a country singer.
Retailers and industry followers have already taken note of the trend.
Beyoncé’s chart-topping album can provide a same-store sales boost and help lasso in women shoppers at Boot Barn, said Williams analyst Sam Poser. He upgraded his rating on the California-based retailer to buy on Thursday and raised his price target by $33 to $113, which now implies an upside of about 12%.
Adding to the momentum is the beginning of busy seasons for rodeos and music festivals, Poser said. With these positive trends, he said guidance for the current quarter and full fiscal year should exceed Wall Street consensus estimates.
“We have little doubt that there is a correlation” between the increased attention on Western clothing and the release of Beyoncé’s eighth studio album, Poser said.
Boot Barn shares have climbed more than 4% since the start of April, defying the broader market’s pullback. That adds to the stock’s rally over the course of 2024, with shares jumping about 30% compared with the start of the year.
‘Really trending’
Though cowboy boots may typify the Western look, other pieces can also ride the wave.
Levi Strauss CEO Michelle Gass told analysts earlier this month that the denim maker works to ensure the “brand remains in the center of culture.” That mission was aided by “Levii’s Jeans,” a song on the “Cowboy Carter” album featuring Post Malone.
“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,” Gass said on the company’s earnings call last week.
Gass said denim is “having a moment” and the Western style is “really trending,” including in fashion and music.
But denim suppliers haven’t been able to sidestep the recent market slide. Levi Strauss shares have dropped more than 3% in April. Kontoor Brands, whose styles under the Wrangler brand include a “cowboy cut” jean, has tumbled around 11% in the month.