French drinks company Rémy say its full-year operating profits will see a "double-digit" decline.
The company blames the slump on China's "sharp slowdown", together with an "uncertain economic environment" in Europe.
Shares have dropped as much as 12% to €63.15. The Paris-based company say that the business climate will be less favorable in the second half of the year, causing analysts to reduce profit estimates.
Remy Cointreau said sales for the six months to 20 September fell to €558 million euros.
"Clearly the problem in China weighs on our outlook," Chief Executive Officer Frederic Pflanz said. "There's been no change in the last six months and we don't expect any short-term change in government policy".
Sales of Remy Martin cognac fell 10% in the half-year to €327.2 million, mainly as a result of the problems in China.
Shares in Hugo Boss fell 3.4% after the company told investors that it would not meet its target of recording core operating profit of €750 million in 2015.The firm had set this target in 2011, but said global growth rates had been slower than expected.
Remy said it won't cut prices in China to offset the slump in demand. Instead, it is focusing on selling premium spirits.
