Levi’s Has Some Bad News. And Some… Beyonce News?

Levi Strauss & Co. (LEVI) hinted that a collaboration with superstar Beyonce may be on the horizon in an Instagram post on Monday.

The brand posted a stylized image of a woman in a cowboy hat riding a horse—reminiscent of Beyonce’s “Cowboy Carter” album cover—with the caption, “INTRODUCING: A New Chapter.” If that clue weren’t clear enough, Beyonce also was tagged in the post. 

Shares of Levi Strauss have gained since the announcement, rising more than 1% Monday and a further 1.7% to $20.76 Tuesday afternoon. 

Levi CEO Reportedly Postpones Revenue Target

Meanwhile, Levi’s Chief Executive Officer (CEO) Michelle Gass told the Financial Times its target of reaching $9 billion to $10 billion in revenue by 2027 would be pushed back.

Gass, who became Levi’s CEO earlier this year, told the FT that there has been “disruption” in the industry and that the company would “do [its] homework again” before releasing a new timeline. Finance and growth chief Harmit Singh said of the revenue outlook adjustment, “In terms of the timing, we’ll announce it, probably … about a year from now, but it will be pushed out a couple of years.”

Levi’s reported $6.2 billion in revenue for fiscal 2023, and affirmed its forecast for fiscal 2024 revenue growth of 1% to 3% when it reported second-quarter results in June. The company will report third-quarter earnings after the bell on Oct. 2.