Chinese shoppers are likely poised to hit the streets again during the country’s reopening, a positive tailwind for certain retail stocks, according to Wells Fargo. “With the Lunar New Year kicking off on January 21, we believe reopening against multiple quarters of easier regional compares will benefit companies with the largest exposure,” wrote analyst Ike Boruchow in a report Thursday. He added that most companies in the firm’s retail space saw sales decline between 20% and 40% in the last nine months. The companies with the largest exposure to China’s reopening are Nike , Farfetch , Canada Goose , Kate Spade-parent Tapestry and Michael Kors-owner Capri Holdings . All these retailers have estimated exposure to China ranging from 12% to nearly 20%. Of these names, two – Canada Goose and Farfetch – are trading at deep discounts versus historic multiples, meaning now may be a good time to snap up shares. Wells Fargo has overweight ratings on both. The firm is favorable on Canada Goose’s highly profitable direct-to-consumer channel, which it thinks can benefit this year after a period of slow productivity. “While our [near-term] expectations are tempered, we see the brand as well positioned for an earnings snapback as it leverages its greater Chinese infrastructure,” Boruchow said, adding that Canada Goose has at least tripled its China store count in the last few years. For Farfetch, Wells Fargo sees a few tough quarters ahead but several positive catalysts as well, including the China reopening. “The negative sentiment is more than baked into the stock and [we] continue to see significant upside from here,” said Boruchow.