Luxury goods makers are anticipating significant losses due to the coronavirus outbreak, while High Street retailers could see new collections delayed by months.

The global fashion industry is worth £2tn ($1.5tn) and it brings the UK more than £30bn a year in revenues.

According to investment bank Jefferies, Chinese consumers make up 80% of growth in the market.

“It’s a nightmare,” said Flavio Cereda, a managing director at Jeffries.

The power of the Chinese consumer has grown over the last decade and now accounts for 38% of the global fashion industry. In comparison, in 2003, during the Sars epidemic, the Chinese consumer accounted for only about 8% of the market.

And until 23 January, sales forecasts for 2020 were looking good.

But with some Chinese