According to Septwolves annual report, the company’s net profit attributable to shareholders in 2020 amounted to almost 209 million yuan ($31.9 million), a year-on-year decrease of 40 percent. The high street menswear brand, also saw operating income decrease by 8 percent on the year.

The brand, which is heavily reliant on its extensive physical retail network across China, has not been able to capitalise on the country’s shift to online shopping in the way some of its competitors have, exacerbating its problems in 2020. Though the country emerged from the worst of its Covid-19 outbreak in the second quarter, Chinese shoppers remained more wary of crowded shopping centres, and more likely to shop for mass market fashion items online.