Shares of the alternative meat producer increased by up to 7%.Kim Kardashian is infamous for being picky about her business relationships.
Beyond Meat Inc. has hired celebrity and influencer Kim Kardashian as its “chief taste consultant,” giving the plant-based burger maker a powerful ally as it seeks to improve its performance.
Kardashian, who frequently posts photos of her well-stocked refrigerator on social media, has agreed to share her favorite Beyond Meat products in the company’s newsletter. She expressed her admiration for the company’s aim in an Instagram post. She stated that Beyond Meat’s goods assist “both humans and the earth” in a statement.
She will appear in a new commercial campaign for Beyond Meat. Her “impeccable taste in cuisine, fashion, beauty, and more” was noted by the firm.
Kardashian’s engagement might benefit the beleaguered alternative-meat company, which has failed to sustain its previous rate of growth in the face of increased competition and worries about the products’ attractiveness and healthfulness. Beyond Meat shares have fallen almost 80% in the last year and are now trading at a discount to what they were valued at in the company’s first public offering in 2019.
Beyond Meat shares slumped 5.3 percent in New York trade at 10:26 a.m., erasing an earlier rise.
The corporation has a key partner in Kardashian, who, together with her family members, is involved in multiple billion-dollar consumer companies. Skims, her underwear brand, was valued at $3.2 billion earlier this year. Her endorsement may propel a product to popularity on its own, and her power extends far beyond the clothes and cosmetics sectors.
Her ability to enhance a company’s visibility will be beneficial to Beyond Meat, which is attempting to control a pricey manufacturing process for its new jerky product and dwindling customer interest in its goods. Beyond Meat reported its most recent profits, stating that its jerky increased retail sales while other items decreased.
Beyond Meat ambassadors include Kevin Hart, Shay Mitchell, Snoop Dogg, and Liza Koshy.
With the assistance of Kim Bhasin.