According to Metersbonwe’s annual report, its 2020 revenue fell 30.1 percent to 3.82 billion yuan ($584.89 million) last year, while net profit fell 3.5 percent to a loss of 854 million yuan ($130.79 million).

The company says the decline was mainly due to the impact of the pandemic on its operations, which remain largely reliant on its physical retail network, in spite of the closure of thousands of stores in recent years as the brand has struggled to keep pace with newer, more digitally-native competitors.

Metersbonwe also increased the liquidity of its inventory in 2020, leading to an impact on the gross profit margin of sales and last month announced it was selling assets worth 448 million yuan ($68.84 million) to help stem its losses.

Shares in Metersbonwe soared 135 percent in early April as calls in China to boycott foreign fashion brands that took a stance against sourcing cotton from the Xinjiang region led to stock market surge for domestic players.