Burberry shares plummeted by over 20 percent on Tuesday, as the fashion house revealed that like-for-like sales during the past ten weeks were flat.
The British fashion success story also revealed that like-for-like sales also fell during the past two weeks.
It has been on a recent meteoric rise on the FTSE as a result of incredibly strong demand for its products in emerging markets such as China.
As Burberry’s success is reliant on demand from the likes of China, it’s negative news caused share prices in similar companies to fall.
On Tuesday, shares fell by £10.88 in value to wipe off over £1bn off of its market capitalisation.