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Pedestrians walk past a German luxury fashion house Hugo Boss store in Shenzhen Bao’an International Airport.
Alex Tai | SOPA Images | LightRocket | Getty Images)
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.
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