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Western boot sales on the rise since ‘Cowboy Carter’

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Beyoncé leaves the Luar fashion show at 154 Scott in Brooklyn during New York Fashion Week on Feb. 13, 2024.

James Devaney | GC Images | Getty Images

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 bump and help lasso in women shoppers at Boot Barn, said Williams Trading 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%.

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Boot Barn, Year to Date

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.

Justin Sullivan | Getty Images

“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 have not 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.

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Economics

UK inflation September 2024

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The Canary Wharf business district is seen in the distance behind autumnal leaves on October 09, 2024 in London, United Kingdom.

Dan Kitwood | Getty Images News | Getty Images

LONDON — Inflation in the U.K. dropped sharply to 1.7% in September, the Office for National Statistics said Wednesday.

Economists polled by Reuters had expected the headline rate to come in at a higher 1.9% for the month, in the first dip of the print below the Bank of England’s 2% target since April 2021.

Inflation has been hovering around that level for the last four months, and came in at 2.2% in August.

Core inflation, which excludes energy, food, alcohol and tobacco, came in at 3.2% for the month, down from 3.6% in August and below the 3.4% forecast of a Reuters poll.

Price rises in the services sector, the dominant portion of the U.K. economy, eased significantly to 4.9% last month from 5.6% in August, now hitting its lowest rate since May 2022.

Core and services inflation are key watch points for Bank of England policymakers as they mull whether to cut interest rates again at their November meeting.

As of Wednesday morning, market pricing put an 80% probability on a November rate cut ahead of the latest inflation print. Analysts on Tuesday said lower wage growth reported by the ONS this week had supported the case for a cut. The BOE reduced its key rate by 25 basis points in August before holding in September.

Within the broader European region, inflation in the euro zone dipped below the European Central Bank’s 2% target last month, hitting 1.8%, according to the latest data.

This is a breaking news story and will be updated shortly.

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Economics

Why Larry Hogan’s long-odds bid for a Senate seat matters

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FEW REPUBLICAN politicians differ more from Donald Trump than Larry Hogan, the GOP Senate candidate in Maryland. Consider the contrasts between a Trump rally and a Hogan event. Whereas Mr Trump prefers to take the stage and riff in front of packed arenas, Mr Hogan spent a recent Friday night chatting with locals at a waterfront wedding venue in Baltimore County. Mr Hogan’s stump speech, at around ten minutes, felt as long as a single off-script Trump tangent. Mr Trump delights in defying his advisers; Mr Hogan fastidiously sticks to talking points about bipartisanship, good governance and overcoming tough odds. Put another way, Mr Hogan’s campaign is something Mr Trump is rarely accused of being: boring. But it is intriguing.

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Economics

Polarisation by education is remaking American politics

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DEPENDING ON where exactly you find yourself, western Pennsylvania can feel Appalachian, Midwestern, booming or downtrodden. No matter where, however, this part of the state feels like the centre of the American political universe. Since she became the presumptive Democratic presidential nominee, Kamala Harris has visited Western Pennsylvania six times—more often than Philadelphia, on the other side of the state. She will mark her seventh on a trip on October 14th, to the small city of Erie, where Donald Trump also held a rally recently. Democratic grandees flit through Pittsburgh regularly. It is where Ms Harris chose to unveil the details of her economic agenda, and it is where Barack Obama visited on October 10th to deliver encouragement and mild chastisement. “Do not just sit back and hope for the best,” he admonished. “Get off your couch and vote.”

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