According to the official statement, Kim is to act as the new "chief taste counsellor". It's no secret that Kardashian likes to show off her well-stocked fridge in her social media photos and videos, which, with the number of followers she has, could mean a huge number of new potential clients for the company from among her fans. Kim said in a statement that she chose to work with the brand because its products benefit both people and the planet. She also promised fans that she would share her most popular products in newsletters.
It became famous for its rocket growth
Beyond Meat became famous for making burgers with plant-based ingredients, entering the market just as the world was grappling with the climate crisis and the need to reduce meat consumption. Because of its positive impact on the environment, it was even named company of the year in 2013 by the people at the Ethical Treatment of Animals.
After its stock market listing on May 2, 2019, the share price went from $25 per share to $239.71 in a relatively short period of time. *[i] The market capitalization at that time was over $12 billion and sales were growing.
Cooperation with fast food brands
The company also succeeded due to supply chain problems in the first wave of the pandemic after the restrictions that caused a shortage of meat in stores, so people replaced it with plant-based alternatives. In 2021, it started cooperation and became a supplier for the global fast food brand McDonald’s and later also KFC and Pizza Hut.
Interest declines, competition grows
However, in recent months, there have been problems with maintaining the earlier growth rate and drop in sales due to increased competition in the market and issues that have arisen regarding the attractiveness and medical harmlessness of the products. As a result, the company's shares have fallen by 80% in the last year, even below the limit for which they were traded during its initial public offering in 2019. * The company's market capitalization is around $1.6 billion.
As Kim is a successful entrepreneur and her name has become synonymous with success, which can be seen in the fact that her SKIMS brand has seen a rapid increase in valuation to $3.2 billion in early 2022, it is more than certain that her contribution in promoting the Beyond Meat brand will be key in restoring consumer confidence. However, Kim is not the only famous face to have linked her name with the manufacturer. She joins other sound names such as Snoop Dogg, Kevin Hart, Shay Mitchell and Liza Koshy.
[i] * Past performance is no guarantee of future results.
