The company’s net sales decreased by 21 percent in the quarter ended 28 February. The Swedish group has also issued a statement after the boycott suffered in China.

The fashion retailer had a turnover of 6.6 billion euros online last year. High-street rivals H&M and Gap generated online less than €6 billion each last year.

H&M, Zalando and C&A lead fashion sales in Germany, while Marks & Spencer, Next and Primark take the main spot in the UK. France is dominated by sport players and Italy by pure players.

The announcement follows senior leadership changes made last week. Nike intends to streamline its organization to transform the company faster.

The apparel retailer was founded in 1818 and has dressed presidents from Abraham Lincoln to Barack Obama. It is know owned by Italian businessmen Claudio del Vecchio.

The Hong Kong-listed apparel retailer filed for Protective Shield Proceedings for six German subsidiaries last March.

The Swedish giant reported a pre-tax loss of 6.5 billion crowns ($685 million), against a year-ago 5.9 billion profit. The group is going to increase the pace of closures with around 170 gross closures this year.

Local consultancy Fung Business Intelligence estimated that consumption will return to pre-crisis levels in two or three months, according to a report published on March 18, with an especially rapid recovery in clothing and cosmetics.

Pablo Isla, chairman of the owner of Zara, has announced that it will continue to pay employees without government assistance.

A McKinsey report estimates that a two or three months lock down would bring a majority of players into financial distress situation.