Hugo Boss shares plunged to their lowest level since 2021 after the company slashed its profit guidance for the year, citing weakness in key markets such as China and the UK.

The German high-end fashion brand now expects operating profit of around €350 million ($381 million) to €430 million in 2024, down from a previous range of €430 million to €475 million, according to a statement late on Monday. It also lowered its sales expectations.

The shares slid as much as 11 percent on Tuesday to the lowest intraday level since April 2021. The stock traded down 8.7 percent at €36.88 as of 11:14 AM Frankfurt time and is down 45 percent year to date.

It’s a blow to the brand’s revamp led by CEO Daniel Grieder, and is the first time the company — with a market valuation of €2.6 billion — has cut full-year guidance during his tenure, Citigroup Inc. analyst Thomas Chauvet said.

The former Tommy Hilfiger executive joined in June 2021 with a strategy to revamp the clothing range and attract younger shoppers. Hugo Boss was hard hit by the shift toward casual wear during the pandemic and people working from home.

“Following three years of nearly flawless execution and delivery on (ever-increasing) market expectations, Boss is facing a more subdued demand environment for premium casual wear,” Chauvet said in a note. The setback could disrupt its performance in the second half and casts doubt on its 2025 sales and margin targets, he said.

“The critical question now will be whether guidance has been cut enough to de-risk 2024 and provide a clearing event that the stock’s narrative can rebuild from,” said Jefferies analyst Frederick Wild.

The luxury sector has delivered mixed reports in the latest earnings season. Shares of Burberry Group Plc extended Monday’s 16 percent tumble after the UK trench-coat maker suspended its dividend, replaced its CEO and warned it may report a loss for the first six months.

Swatch Group AG shares rose 0.4 percent after sliding 9.8 percent on Monday, when it reported plummeting sales and a 70 percent slump in operating profit for the first half.

Meanwhile, Cartier-owner Richemont posted a slight rise in first-quarter sales on Tuesday as its solid jewelry brands offset declines from China and its luxury watchmakers. Its shares rose as much as 2.3 percent.