- Beyond Meat (NASDAQ:BYND) announced today that Kim Kardashian will be partnering with the company
- The company will bring Kardashian on as a “Chief Taste Consultant”
- This move appears to be aimed at increasing the brand’s relevance in today’s competitive environment for plant-based meat alternatives
Shareholders in Beyond Meat have had a very rough go this year. So far, BYND stock’s performance has been outright dismal; the plant-based meat company has lost more than 65% year-to-date (YTD). Today, Beyond Meat is down 7%. That puts it down 85% from its 52-week high.
Notably, this violent move downward has been almost linear over the past year, with continued selling putting pressure on shares and the company’s ability to raise capital. However, Kim Kardashian appears to be ready to help turn the tide — or at least stem the bleeding.
In a rather intriguing press release, Beyond Meat announced Kim Kardashian as the company’s new “Chief Taste Consultant.” What that is, exactly, remains to be seen. However, it’s clear that Beyond Meat has expanded its white board of ideas. Bringing in some celebrity influence appears to be on the menu.
Let’s dive into what this move may mean for the company and BYND shareholders.
Can Kim Kardashian Save BYND Stock?
This move is certainly an interesting one, from a branding perspective; there may actually be some synergies between the Beyond and Kardashian brands.
Kim Kardashian says she believes in Beyond Meat’s mission. The sustainability argument for plant-based meat alternatives is clear. So, for a celebrity looking to bolster her own brand, this sort of deal makes sense.
Besides Kardashian’s impressive social media following, Beyond Meat also gains some real marketing strength with this signing. At this time, it’s unclear how much the partnership is worth. However, Beyond appears to believe it’s worth the price, given how bearish the market has been on its sector’s growth
Today’s market is yet another bloodbath, so perhaps investors shouldn’t be surprised that BYND stock is down more than 7%. That said, this company is outpacing the market to the downside, suggesting investors don’t like the deal. The price tag — whatever it is — may be too hefty for the lift in sales, particularly in this environment.
On the date of publication, Chris MacDonald did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.