Hugo Boss shares plunge on profit warning amid slumping China demand

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Hugo Boss shares plunge on profit warning amid slumping China demand

Pedestrians walk past a ******* luxury fashion house Hugo Boss store in Shenzhen Bao’an International Airport.

Alex **** | SOPA Images | LightRocket | Getty Images)

Hugo Boss shares plunged 10% Tuesday after the company cut its sales

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, becoming the latest high-end fashion line to warn of persistent woes in the luxury sector.

The ******* fashion house said Monday that it expects

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of up to 4.35 billion euros ($4.73 billion), down slightly from a

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of up to 4.45 billion euros.

The company attributed the revised

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to “persistent macroeconomic and geopolitical challenges” and cited China and the U.K. as particularly challenging markets.

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