Shares of the American fashion group’s stock fell as much as 7.5 percent on Monday as the company’s president succeeded long-time chief executive Emanuel Chirico. The plan was originally announced in September 2020.

It’s unlikely that PVH’s dip has anything to do with Larsson’s new role, however. Instead, investors may be disappointed that the company did not pre-announce its upcoming fourth quarter and end-of-year 2020 earnings. Many fashion stocks are also being sold off because big investors, including hedge funds, are trying to steer clear of the types of stocks targeted by the rise of individual investors looking to shake up Wall Street.