"Chinese consumers continue to stand out as a growth-driver for the industry," the report said.
While the controversy could hurt their business, the long-term impact will depend on how Dolce & Gabbana deal with the fallout.
"If they can show they sincerely want to know the Chinese consumer, want to know the Chinese market… their business may turn around," Ms Ma said.
Other controversies
It is not the first time Dolce & Gabbana has drawn controversy.
Last April, the brand posted a campaign on Weibo that showed impoverished people in run-down areas of Beijing pictured with Dolce & Gabbana models ahead of a catwalk show in the city.
The pictures were criticised for stereotyping Chinese history by showing old parts of the city, rather than more modern depictions of Beijing.
Dolce & Gabbana also caused controversy in 2016 when it called an item of footwear in its spring/summer collection a "slave sandal".