Investors ran from the stock after the German fashion giant warned of much slower sales growth this year.

It expects sales growth of 3 to 6% - reaching up to $4.84 billion.

It's well below expectations and sharply down from last year's growth of 18%.

Hugo Boss' profit outlook also disappointed.

The luxury giant forecast earnings before interest and taxes of up to $517.5 million.

It's up from from 2023, but again below forecasts.

Hugo Boss last year continued to benefit from a brand revamp in 2022.

That helped draw new customers in Asia and support sales despite weaker demand in Europe.

But the company said unfavorable currency effects are now an issue.

And it said an increasingly promotional market hurt margin improvement at the end of last year.

The company warned its 2025 revenue goal of $5.44 billion might be delayed.

It blamed inflation and a surge in borrowing costs hurting consumer spending.

The company flagged cautious consumer trends especially in the UK and Germany.

It also saw flatter growth rates in China compared to the wider Asia/Pacific region.