It did look magnificent, and I suspect all previous years, the shrub was performing as it should. But it is also a very mature shrub. What is your soil type? The shrub definitely looks stressed, but I think it's more likely it's suffered due to the dry summer last year. I know the obvious reasons may be heavy damp conditions, but being it is an evergreen shrub of considerable size, it's had to shed its leaves to survive.
Sometimes, it can take half a year to a year for issues to show up. If you are seeing buds forming now, it's a good sign.
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Sometimes, it can take half a year to a year for issues to show up. If you are seeing buds forming now, it's a good sign.