Shares of popular athleisure brand Lululemon have plummeted this year, trailing the S & P 500 significantly. Its shares, which were included in the Wall Street index just last October, are down around 28% year-to-date. Does that make it a good bargain for investors right now? Portfolio manager Jack Dwyer says that although this particular stock is one that “polarizes opinion” and has sparked “ferocious debate” he believes the company is at its “most interesting” stage right now. While Lululemon is historically seen as a yoga brand, it has margins that are “much closer to that of a sort of an emerging luxury business,” the CEO of Infusive Asset Management told CNBC Pro Talks on Wednesday. But what’s most interesting to him is that Lululemon’s international expansion opportunity is “in its infancy,” Dwyer said. He noted that the company has plans to double its stores in China between 2022 and 2026. That international business — which China is part of — represents 20% of its group sales, and is growing about 50% a year, according to Dwyer. “So assuming the company hits its targets over the next couple of years, we’re trading at a multiple which is close to the 10 year lows on pre-pandemic levels,” he said. Dwyer also pointed out that Lululemon is unlikely to be exposed to any geopolitical risks surrounding China. “What is the geopolitical impact it may have? Domestically [it] could’ve been used as a stalking horse, potentially, and that could have ramifications on demand. Doesn’t seem to be the case so far, in fact that locals are actually really embracing the product, posting it on social media,” he said. He noted that yoga and athleisure is “growing aggressively” in China, with the government planning to increase the number of gyms by 50% by 2030. “Millennials represent around a third to 40% in China and then Gen Z are a much bigger share of the demographic – they are fans of this brand,” Dwyer. “So we take a level of comfort in that it’s aligned with the government’s ambitions around a healthier society.” According to FactSet, Lululemon has a buy rating of 69% and analysts covering the stock give it 28.1% potential upside from the average price target. Dwyer manages Infusive’s Consumer Alpha Global Leaders Fund. Its top holdings include Amazon , Netflix and Alphabet , in addition to consumer stocks such as McDonald’s , LVMH and PepsiCo .