Consumers are beginning to once again buy dressier fashions as COVID-19 restrictions ease, both G-III and Destination XL said Thursday.
The company is anticipating increased sales in the current quarter and a return to dressier fashion in the year ahead.
The DKNY and Donna Karan parent company expects revenues to decline another 28 percent to 33 percent in the back half of the year.
The designer’s fan base includes Tommy Hilfiger, Tory Burch, Stitch Fix founder and ceo Katrina Lake and Rent the Runway cofounder and ceo Jennifer Hyman.
The company is working with its retailers and shifting and dedicating additional resources to drive their online sales.
With the majority of stores closed last quarter because of the coronavirus, the retailer and apparel supplier lost more than $39 million.
In a recent survey, 77 percent of respondents indicated they would like to continue to work remotely, at least weekly, after the pandemic.
Many firms are offering their spring/summer merchandise at discounted prices on their e-commerce sites to drum up business.
The company will be furloughing approximately 60 percent of its wholesale operations segment employees, effective April 6.