Hugo Boss shares plunge 10% as firm cuts 2024 guidance amid slumping China demand

Hugo Boss shares plunged 10% Tuesday after the company cut its sales outlook, becoming the latest high-end fashion line to warn of persistent woes in the luxury sector.

The German fashion house said Monday that it expects full-year sales of up to 4.35 billion euros ($4.73 billion), down slightly from a previous forecast of up to 4.45 billion euros.

The company attributed the revised outlook to “persistent macroeconomic and geopolitical challenges” and cited China and the U.K. as particularly challenging markets.

This is a breaking news story. Please refresh for updates.