Shares in jeweler Pandora tumbled on Tuesday (November 5).
Down around 15 percent by lunchtime.
That after the firm said turnaround efforts weren't panning out.
Pandora says it now sees sales dropping as much as nine percent this year.
Third quarter earnings were down by 25%.
It blamed subdued consumer demand and the unrest in Hong Kong - a gateway to Chinese shoppers.
The Danish firm's sales rose more than tenfold in the decade to 2017.
It found a lucrative gap between cheap accessories and posher brands like
But the firm has since stumbled.
Analysts say Pandora overstretched itself, trying to attract too broad a range of shoppers.
It's also seen to have let innovation flag.
Now investors are worried that expensive efforts at a revamp aren't paying off.
The news comes amid speculation over consolidation in the jewelry sector.
Last week Louis Vuitton owner LVMH offered to buy Tiffany in a deal valued at 14.5 billion dollars.