Although Hugo Boss has begun reopening stores in Germany and Austria, the brand is recording low shopping turnout and expects its second quarter sales to fall by at least 50 per cent. Online sales in the first quarter accounted for 11 per cent of total sales and accelerated again strongly in April, with sales more than doubling on its own site and via partner websites and demand particularly strong for sportswear. The brand reopened stores in China in March-end. However, sales in April declined by 20 per cent over its previous year.

The brand’s first quarter sales were recorded to be €555 million ($605 million), while it posted a loss before interest and taxation of €14 million, which was worse than the average forecast of €6 million.

The company, which had already announced moves to protect its cash balance such as suspending store renovations and new openings and limiting the inflow of stock, has no plans to seek state aid. Instead, it aims to cut inventory inflow at least €200 million compared to its original plan, including cutting its own production.