Online fashion retailer Cettire has blamed a dramatic weakening of conditions in the luxury goods sector for a horror profit downgrade that wiped more than $400 million of market value from the company.

Monday’s pre-market earnings downgrade prompted a 49.3 per cent fall in Cettire’s share price to its lowest level since October 2022, after it said a flood of discounting by failing competitors forced it to cut prices and undermined its own marketing.