Levi Strauss (NYSE: LEVI) shares lost ground Tuesday. The jeans giant summoned the Beyhive on Monday after teasing a potential collaboration with Beyoncé in a post on Instagram.
The brand’s shares briefly popped after the update and were last up about 1% Monday.
The post included an image of a woman wearing a cowboy hat and riding a horse with the caption “INTRODUCING: A New Chapter.” Aside from the allusions to Beyoncé’s latest album, “Cowboy Carter,” Levi’s also tagged the superstar’s account in the post, fueling buzz from her fanbase, known as the Beyhive.
Beyoncé’s country album, released earlier this year, features a song titled “LEVII’S JEANS.”
Denim has been experiencing something of a boost of late, with brands such as American Eagle (NYSE:AEO) and Abercrombie & Fitch (NYSE:ANF) calling out the trend as helping to revitalize sales.
Levi’s second-quarter earnings in June missed Wall Street’s sales expectations, but the brand’s leadership has maintained that the future of denim is bright. CEO Michelle Gass told analysts at the time that the growth in denim’s popularity has never been higher, particularly with clothing items other than pants, such as denim skirts or dresses.
Soon after Tuesday’s opening bell, LEVI shares fell 14 cents to $20.28.