It's been a distressing morning for luxury brands - both Hugo Boss and Remy Cointreau. Updates released this morning reveal that both are underperforming in China.
Hugo Boss CEO Claus-Dietrich Lahrs has said that the group won't be hitting its 2015 core operating profit target of €750m (£630m). That's on slower than expected growth in China. Shares have dropped by over 3.4 per cent.
Remy Cointreau's CEO, Frederic Pflanz, says to expect full year operating profit to decline by 20 per cent or more - again it's suffering on weak Chinese demand.
In an uncertain economic environment in Europe and against the backdrop of a sharp slowdown in China, which remains impacted by high inventory levels in distribution and poor short-term visibility, the business environment will be less favourable in the second half of the year.
Shares are trading down by more than 9.6 per cent.
The stories of both these stocks echo the experiences of Burberry and LVMH - appetite for these luxury brands has failed to meet expectations in China.
Related companies are also weaker today. LVMH is down by over 0.7 per cent, Pernod-Ricard by nearly 2.5 per cent, and SABMiller is the FTSE 100's bigger loser this morning, falling 2.2 per cent in early trading.