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

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.