PELLIOT (伯希和) is a Chinese outdoor apparel and equipment brand established in 2012. It positions itself as a high-performance outdoor lifestyle brand, integrating technical functionality with fashion-oriented design for activities including hiking, mountaineering, camping, trail running, fitness, travel, and urban commuting.1 As of 2026, PELLIOT is recognized as one of the prominent domestic outdoor brands in China. Its operating company, formerly Pelliot Outdoor Sports Group Co., Ltd., changed its corporate name to GoNature Outdoor Sports Group Co., Ltd. (奔赴自然户外运动集团股份有限公司) in 2026, while the consumer-facing brand continues to be marketed as PELLIOT / 伯希和. The company submitted another Hong Kong Stock Exchange listing application in May 2026.2

PELLIOT describes its mission as providing high-performance outdoor apparel and equipment to enable enthusiasts to experience nature more fully, with an ambition to become a globally recognized leading outdoor brand.

Foundation and Early Development

PELLIOT was established in 2012 in China, entering the outdoor market with an emphasis on functional clothing and equipment rather than purely fashion-oriented sportswear. The company was founded by Liu Zhen (刘振), with public company information also identifying Hua Jingling (花敬玲) as a co-founder.

In 2013, PELLIOT established its PT-CHINA New Nature Technology Platform, which became a central component of its technical development strategy. This initiative aimed to build an indigenous technical development system tailored to China’s diverse natural environments while incorporating international outdoor material technologies.

Expansion and Retail Growth

During the 2010s, PELLIOT expanded its product portfolio beyond apparel to include footwear, backpacks, outdoor equipment, accessories, technical jackets, down jackets, and urban outdoor clothing. The brand simultaneously developed a business model combining online sales, physical retail, and professional outdoor sponsorships. Its products subsequently appeared in international fashion contexts, including Paris and Milan Fashion Weeks in 2019.3

In 2022, PELLIOT opened its first Pelliot Space brand experience center in China. According to the company’s IPO filing, it received the Annual Top Ten Textile Innovation Products Award for three consecutive years.4

Technical Positioning and Global Partnerships

Beginning in 2023, PELLIOT emphasized partnerships with internationally recognized technical material companies. Technologies and material brands associated with its products include Polartec, eVent, CORDURA, PrimaLoft, Dermizax, Vibram, Polygiene, and RECCO. Its 2023 Performance Professional Series featured products such as the Polaris Technical Shell Jacket, Sirius Down Technical Shell Jacket, and Glacier 1000 Loft Down Coat.

The year 2024 marked significant expansion in both fashion and technical domains. PELLIOT’s product line appeared at London Fashion Week, and it launched the PELLIOT FASHION+ Global Designer Collaboration Program. The brand collaborated with Donghua University on functional technology innovation and became a designated equipment sponsor for mountaineering, rock climbing, and scientific research teams from universities including Tsinghua University and Peking University. Additionally, actor Cheng Yi (成毅) was appointed as a global brand ambassador.

In September 2025, PELLIOT became the Exclusive Apparel Partner of the International Ski Mountaineering Federation (ISMF) under a four-year agreement. This partnership covers apparel for ISMF officials and representatives and includes the period surrounding ski mountaineering’s Olympic debut at Milano Cortina 2026.4

Corporate Rebranding and IPO Attempts

A significant corporate development occurred in 2026 when the company changed its corporate name from 伯希和户外运动集团股份有限公司 to 奔赴自然户外运动集团股份有限公司 (GoNature Outdoor Sports Group). The PELLIOT / 伯希和 consumer brand remained unchanged. In May 2026, the renamed company submitted another application for a Hong Kong listing, following two earlier applications that had expired.

Name and Cultural Significance

Historically, the Chinese name “伯希和” was associated with the French sinologist and explorer Paul Pelliot. However, contemporary brand storytelling has increasingly emphasized a different cultural interpretation linked to the Chinese story of “高山流水” (High Mountains and Flowing Water), associated with the musician Yu Boya and his friendship with Zhong Ziqi. This concept expresses a relationship between people, nature, mountains, and water. Japanese brand materials describe the logo as incorporating the forms of mountains and waves to reflect this concept.3

The name’s historical connection to Paul Pelliot generated controversy due to his involvement in removing manuscripts and artifacts from Dunhuang. This issue contributed to the operating company’s decision to change its corporate name in 2026, although the PELLIOT brand itself remained in use. As of 2026, PELLIOT / 伯希和 serves as the consumer brand, while GoNature / 奔赴自然 functions as the corporate operating company name.

Core Philosophy

PELLIOT’s central concept is “WELCOME TO NATURE” / “回归自然”. Rather than presenting outdoor activity solely as extreme mountaineering, the brand promotes integrating outdoor experiences into ordinary life. Its philosophy follows a progression from city to outdoors to nature to exploration to personal freedom. Consequently, PELLIOT products often occupy a space between traditional technical outdoor equipment and urban outdoor lifestyle clothing, drawing inspiration from China’s mountains, rivers, forests, and deserts.

Product Categories

PELLIOT has developed a broad product portfolio covering apparel, footwear, equipment, and accessories for outdoor activities, sports, fitness, and urban commuting.8 Key categories include:

• Clothing: Hardshell jackets, softshell jackets, windbreakers, down jackets, insulated jackets, fleece, T-shirts, hiking pants, outdoor trousers, shorts, sun-protection clothing, base layers, and urban outdoor clothing. The brand is particularly associated with technical shell jackets (冲锋衣) and down jackets (羽绒服) in the Chinese market.
• Footwear: Hiking shoes, trail/outdoor shoes, outdoor sneakers, and trekking footwear. The wider group also owns Excelsior, a Korean footwear brand acquired in 2019, which operates separately from PELLIOT’s core identity.
• Equipment and Accessories: Backpacks, hats, gloves, outdoor accessories, travel equipment, and camping gear.

Product Series

PELLIOT’s product architecture includes several distinct lines:

• THE LIMIT: Designed for demanding environments and serious outdoor activities, representing the brand’s high-performance technical segment.
• PERFORMANCE: Focuses on technical functionality and durability for serious outdoor use, closely associated with technical material partnerships.
• MOUNTAIN: Combines outdoor functionality with a lifestyle-oriented aesthetic for consumers wearing technical clothing in both nature and cities.
• CLASSIC: An everyday-oriented line emphasizing versatility and an urban-outdoor appearance, described as one of the principal product families.5
• BUSINESS / Lifestyle: Lines aimed at business, commuting, training, and broader everyday use.9

Technology Platform

Technology is central to PELLIOT’s brand identity. The PT-CHINA New Nature Technology Platform serves as a framework for researching and integrating outdoor technologies rather than relying on a single proprietary fabric. PELLIOT combines its own product development with technologies from established international suppliers.10

PELLIOT’s product development model integrates its own design, garment engineering, and supply chain capabilities with these established global outdoor technologies.11

Design Philosophy

PELLIOT occupies a middle ground between traditional mountaineering equipment companies and fashion labels. Its design philosophy combines technical outdoor performance, Chinese natural aesthetics, and urban wearability. Many products feature relatively clean silhouettes and fashion-conscious colorways compared to specialized mountaineering equipment. The company has utilized fashion industry platforms, including Paris, Milan, and London Fashion Weeks, to establish credibility beyond the traditional outdoor market.7

Target Customers

PELLIOT serves three overlapping customer groups:

1. Outdoor Enthusiasts: Individuals engaged in hiking, trekking, mountaineering, trail running, camping, skiing, and exploration.
2. Urban Outdoor Consumers: Customers seeking weather protection, comfortable materials, functional pockets, lightweight construction, and technical aesthetics for everyday clothing.
3. Performance Users: Mountaineers, climbers, ski mountaineers, expedition teams, researchers, and professional athletes. Sponsorships of elite climbers, university teams, and the ISMF are designed to establish credibility with this audience.12

Competitive Landscape

PELLIOT competes against established international players such as Arc’teryx, The North Face, Patagonia, Columbia, Mammut, Salomon, and Jack Wolfskin, as well as other Chinese outdoor brands. Its differentiation relies on Chinese brand identity, technical products, accessible pricing, and fashionable design. According to Frost & Sullivan data cited in the company’s 2026 prospectus, PELLIOT ranked among the top three domestic high-performance outdoor apparel brands in China by retail sales in 2024, with a reported 5.2% market share.14

In Chinese consumer discussions, PELLIOT is sometimes described as an “Arc’teryx alternative” or “始祖鸟平替.” This comparison stems from similar technical aesthetics, outdoor functionality, minimalist design, and premium-looking construction at significantly lower price points, rather than total technical equivalence. This positioning reflects the growth of China’s “gorpcore” or urban-outdoor market, where technical clothing serves as an everyday lifestyle product.

Pricing Strategy

PELLIOT’s mainstream products are generally positioned below the price level of premium international technical brands. This creates a pricing ladder between mass-market sportswear and premium international technical brands, allowing consumers to access technical outdoor aesthetics and functionality at a lower cost. Simultaneously, the brand has pursued upmarket expansion with products intended for high-altitude and extreme environments.

Athlete and Expedition Involvement

PELLIOT has invested significantly in outdoor sports sponsorship to build technical credibility. Notable athlete He Jing (何静) became the first Chinese climber to summit all 14 of the world’s 8,000-meter peaks without supplemental oxygen, according to the company’s 2024 milestones. The company also supports university mountaineering and climbing teams, including those at Tsinghua University and Peking University. This strategy leverages professional athletes and real-world testing to establish consumer trust.

Brand Ambassadors

The brand employs celebrities to drive lifestyle and fashion awareness alongside its technical credibility strategy. Actor Cheng Yi (成毅) was announced as a global brand ambassador in 2024.6 Official social media channels have also promoted collaborations with other celebrities, including Zhao Lusi (赵露思) in 2026.

Fashion Integration

PELLIOT has aggressively crossed between outdoor and fashion sectors. Products have appeared at Paris, Milan, and London Fashion Weeks, and the company established the PELLIOT FASHION+ Global Designer Collaboration Program.7 This aligns with the “山系户外” or urban-outdoor lifestyle trend in China, where consumers do not strictly separate hiking, travel, casual, and fashion clothing.

Financial Growth

According to the company’s 2026 Hong Kong IPO materials, the operating group recorded rapid revenue growth:

The company expanded from a relatively small outdoor business to nearly RMB 2.8 billion in annual revenue within a few years.16 IPO materials indicate that PELLIOT accounted for more than 95% of the group’s revenue, making it the principal brand.13

Retail Strategy

PELLIOT initially grew through e-commerce on major Chinese online marketplaces before expanding its physical store network. By the end of 2024, the company reported approximately 146 retail stores in mainland China, though only a minority were directly operated. The current strategy combines e-commerce, physical retail, brand experience stores, outdoor events, celebrity marketing, and professional sponsorships.

International Expansion

PELLIOT has pursued overseas exposure through fashion weeks, international technology partnerships, athlete sponsorships, Japanese distribution, and the ISMF partnership.7 The 2025 ISMF partnership provided visibility within an international professional sport organization.4 Japanese market positioning describes PELLIOT as a new-generation Chinese outdoor brand highlighting its technology partnerships and product lines.3

IPO and Corporate Structure

The company has submitted Hong Kong listing applications in April 2025, November 2025, and May 2026. The first two applications expired, while the May 2026 application represented its third attempt. The 2026 application was made under the new corporate name GoNature Outdoor Sports Group Co., Ltd. (奔赴自然户外运动集团股份有限公司), distinguishing the corporate entity change from the continued use of PELLIOT as the consumer brand.13

Brand Name Controversy

The name 伯希和 / Pelliot has faced scrutiny due to its historical association with Paul Pelliot and the removal of Dunhuang artifacts. This controversy contributed to the corporate renaming in 2026 and remains a significant part of the company’s recent history.6

Marketing vs. R&D Expenditure

Financial reporting around the 2026 IPO attracted scrutiny regarding high marketing expenditure relative to R&D spending. Some financial media analyses have questioned whether rapid growth is sufficiently supported by technological development and brand strength. These criticisms focus on business model sustainability rather than product quality.14

Premiumization Balance

PELLIOT faces a strategic challenge in maintaining attractive prices to compete with mainstream brands while building sufficient technical prestige to compete with premium brands. Moving too far toward the premium end could undermine its value proposition, while remaining too inexpensive may hinder the establishment of luxury or technical credibility.

Weaknesses and Risks

• Brand Prestige: PELLIOT is significantly younger than Western giants like The North Face, Patagonia, Mammut, or Arc’teryx.
• Market Dependence: Growth remains heavily tied to the Chinese consumer market.
• Derivative Perception: The “Arc’teryx alternative” positioning aids customer acquisition but risks appearing derivative.
• Premium Acceptance: The company must prove consumers will pay substantially more for highest-end products.
• Marketing Efficiency: Rapid growth in advertising expenses raises questions about the efficient conversion of spending into durable brand equity.15

PELLIOT represents a transformation in the Chinese consumer market where outdoor gear has shifted from specialist sport equipment to lifestyle apparel. Its strategy combines Chinese outdoor culture, international technical materials, contemporary fashion, and accessible pricing. As of August 2026, the brand is characterized as a fast-growing Chinese outdoor lifestyle brand attempting to bridge the gap between affordable outdoor apparel and premium technical equipment. Its primary strategic advantage lies in combining technical aesthetics, Chinese market knowledge, accessible pricing, and fashion-oriented branding. The ongoing transition from a domestic label to an independent global outdoor brand with its own technical and cultural identity remains a key focus, marked by the 2026 corporate renaming and third Hong Kong IPO attempt.17

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2. Pelliot – ISMF
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4. ISMF partners with Pelliot as Exclusive Apparel Partner – ISMF
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6. PELLIOT伯希和的微博_微博
7. 新世代アウトドアリーダー「PELLIOT（ペリオ）」が日本本格上陸！ | サンダージャパン株式会社のプレスリリース
8. 户外鞋品牌哪个好：2026年专业选购指南与PELLIOT深度解析_技术积累_性能_用户
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10. What are the brands of Percy and PELLIOT Fashion Outdoor? – iMedia
11. 户外装备综合评测：PELLIOT在防水、防晒与户外鞋领域的技术布局_冲锋衣_什么值得买
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13. Third Time’s a Charm? Outdoor Brand Pursues Hong Kong IPO Despite Shrinking Profits – Tiger Brokers
14. “Post-70s” Couple’s Business and Tencent Investment: “Arc’teryx Alternative” Pelliot Rushes Toward Hong Kong IPO – 老虎证券
15. With half of its dividends paid off, Boelli rushes to IPO – iNEWS
16. Budget brand no more? Pelliot readies Hong Kong IPO after profit surge
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