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.
Firms are figuring out logistics as they work remotely.
Earlier in the day, G-III Apparel and Macy’s issued warnings that they would take a financial hit from tariffs.
The government recently imposed 15 percent levies on many apparel and footwear items.