The Swiss company’s stock dropped roughly 20% after it reported second-quarter net sales of 850.3 million Swiss francs ($1.05 billion), significantly below the 881.4 million analysts had been expecting, and lowered its outlook for the rest of the year. Loyal customers and new cohorts aren’t necessarily coming to the premium brand for its price, Caspar Coppetti, co-founder and co-CEO, told analysts. In May, Goldman Sachs researchers said that some consumer-facing companies are responding to the high prices that are hurting shoppers’ wallets by “bringing forward cost-saving plans and cheaper product alternatives.”