Hugo Boss shares plunge on profit warning 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.

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