Hugo Boss sees pent-up demand for formal outfits for events postponed by lockdowns. The brand reported quarterly revenue of €275 million ($323.5 million), missing an average analyst forecast for 288 million, while its operating loss of €124 million was ahead of consensus for a loss of 133 million.

The company known for its smart men’s suits already makes more than half of its sales from sportswear or casual styles. In the second quarter, products like T-shirts, polo shirts, trousers and lounge wear proved more resilient than formal wear.

Sales rose 4 per cent in the quarter in mainland China, including double-digit growth in June, a similar trend to that reported by LVMH, the world’s biggest luxury goods group, which said last week that momentum had especially improved in China. By contrast sales fell 59 per cen in Europe and 82 per cent in the Americas, with unrest and demonstrations in the United States in May and June putting more strain on its business.