Sportswear brands bullish on local scene

International sportswear brands Lululemon Athletica Inc and Nike have expressed strong optimism about market opportunities in China this year, following their better-than-expected performance in the country.

On Friday, Lululemon said it posted a 78 percent year-on-year increase in revenue from the Chinese mainland in the fourth quarter, and a 67 percent rise for the full year 2023 compared to 2022.

Globally, the company's net revenue increased by 16 percent year-on-year to $3.2 billion in the fourth quarter, and rose 19 percent to $9.6 billion in 2023 compared to 2022.