Pelliot

About Pelliot

Pelliot (伯希和) is a Chinese outdoor apparel and equipment manufacturer positioning itself in the country's rapidly expanding high-performance outdoor market. The business was started in 2012 by the husband-and-wife team Liu Zhen and Hua Jingling, who formally incorporated the Pelliot Outdoor Sports Group in 2015. Liu Zhen serves as the company's chairman and executive director. Initially, the brand name was a homage to the French sinologist Paul Pelliot, but the company has since reshaped its narrative to align with a Chinese idiom about harmony between people and nature.

The company's business model is heavily weighted towards a direct-to-consumer (DTC) strategy, with online sales constituting a significant portion of its revenue. In 2024, online DTC revenue reached 1.35 billion yuan, accounting for 76.5% of total revenue. This online focus is supported by a substantial marketing budget, around 30% of revenue, directed at digital advertising on platforms like Douyin, Xiaohongshu, and Tmall, where it is a consistent top seller. While primarily online, Pelliot also operates a network of physical stores, including 14 directly owned locations and 132 partner stores as of the end of 2024, located mainly in first- and second-tier cities. The company has demonstrated remarkable financial growth, with revenue climbing from 378.5 million yuan in 2022 to 1.77 billion yuan in 2024. Net profit surged from 24.3 million yuan to 283.1 million yuan in the same period.

Pelliot's product strategy centers on offering affordable technical gear. A key milestone was the 2013 launch of its proprietary PT-CHINA technology platform, which includes innovations like Storm Breath for water-repellent breathability. The product portfolio is structured into four main series: The Limit for extreme conditions, Performance for professional use, Mountain for outdoor aesthetics, and Classic for versatile city-to-trail wear. The company gained significant traction with its line of technical jackets, including the hybrid "down technical jacket," which has seen a compound annual growth rate of 144% in sales from 2022 to 2024. To bolster its technical credentials, Pelliot collaborates with leading material suppliers like eVent, Cordura, and Primaloft. Having completed a Series B funding round in August 2024 led by Qiming Venture Partners, the company is now preparing for an IPO in Hong Kong to finance further expansion into premium lines, offline retail, and supply chain enhancements.