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Apart from functioning as a sales channel, e-commerce also has a role to play in driving content marketing and reshaping brand image, something often neglected by traditional brands.

Another challenge was paying their 100 employees, because their cash flow had been blocked by coronavirus-related supply disruptions.

Ant Group, a Chinese financial technology company which manages the mobile payment service Alipay, seeks to pass the HKEX hearing for its IPO as soon as next Tuesday, and is expected to float on the Shanghai and Hong Kong bourses by late October, according to Hong Kong Economic Times (HKET).

Another factor was a rebound in the producer price index, which fell 3 percent year-on-year in June, compared with a 3.7 percent decline in May, the analysts said.

Apparel brands offered Ycloset their clothes for free. Ycloset has paid brands rentals or some costs of the cloth once they were purchased by consumers.