Premier Investments and Lovisa are set to feel the sting of UK lockdown provisions.
British Prime Minister Boris Johnson has announced the temporary closure of all non-essential stores, including clothing retailers.
Solomon Lew's Premier Investments, which operates brands such as Portmans and Dotti, could take a revenue hit during the three-week minimum period.
The Group operates its Smiggle chain in the market, with 145 stores in the UK.
According to analysts at Morgan Stanley, these stores represent 40% of total locations and account for 10% of Premier Investments' revenue.
Australian accessories chain Lovisa is also exposed, with 42 locations in the market representing 11% of total stores.
UK revenue accounts for 10-15% of group revenue - and has been cited as a key growth market for a gloabl store rollout.
Morgan Stanley analysts estimate around 30% of Lovisa's global store network is now closed due to COVID-19 pandemic restrictions.
In assessing the broader implications, Morgan Stanley warned it could be a precursor to what happens in Australia.