The athletic apparel brand Lululemon Athletica Inc has been optimistic toward the rising opportunities in the Chinese market this year, as it recorded considerable growth in 2022, according to its financial results released on Wednesday.

Calvin McDonald, chief executive officer of Lululemon, said that of their financial results within the Chinese mainland market during the earnings call on their the fourth quarter and fiscal year which ended January 29, 2023, their potential in the market continues to be significant.

"We have been investing in foundational infrastructure, people in stores that have fueled considerable growth in the market... We are seeing our momentum accelerating, and we are excited for the opportunities in the region in 2023 and beyond," said McDonald.

In the fourth quarter, revenue of the Chinese mainland increased more than 30 percent versus last year and over 50 percent on a three-year compound annual growth rate basis, he said.

"We have a solid foundation in the region across our brick-and-mortar and digital channels and are supported by exceptional talent on which we continue to build," said the CEO. "It's clear our growth strategies are on track, and we remain early in our journey across our international markets."

The sportswear company unveiled its new Jing'an Kerry Center Store in Shanghai on March 23, now Lululemon's largest store in the Asia-Pacific region.

Following a full upgrade and renovation, the store offers a wide range of categories, including yoga, training, running, tennis, golf, hiking and on-the-move gear to meet the rising demand from the sports-loving local communities, said the company.

According to its financial results, for the fourth quarter of 2022, when compared to the fourth quarter of 2021, the company has seen net revenue increased 30 percent to $2.8 billion worldwide, with net revenue increased 29 percent in North America and increased 35 percent internationally.

From 2021 to 2022, its net revenue increased 30 percent to $8.1 billion, and company operated store net revenue increased 29 percent. Its net revenue increased 29 percent in North America and increased 35 percent internationally.

Lululemon currently operates 655 stores worldwide.

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