Will Pelliot’s IPO redefine China’s outdoor market?

For more China-focused finance coverage, subscribe to the Jing Finance newsletter for the latest news, business updates, global analysis, and trends shaping financial markets. What happened Pelliot Outdoor Group filed for a Hong Kong IPO this week, positioning itself to become China’s first publicly listed high-performance outdoor lifestyle brand. Founded in 2012, the Chinese outdoor apparel brand originally planned to list on the Shenzhen Stock Exchange but pivoted to Hong Kong by April 2023. Founded in 2012, brand Pelliot offers four product lines tailored to professional and urban outdoor adventurers. From 2022 to 2024, the brand’s net sales soared at a CAGR of 122.2% to RMB 1.73 billion ($239 million) from 351 million RMB ($48.58 million). According to business consultancy Frost & Sullivan, it ranked among China’s top three outdoor brands in 2024 with 5.2% market share. These numbers illustrate a broader trend that brands need on their radar: China’s high-performance outdoor apparel market nearly doubled from 2019 to 2024, reaching 102.7 billion RMB ($14 billion), and is projected to hit RMB 215.8 billion ($29.867 billion) by 2029. Key growth drivers include rising health consciousness, lifestyle shifts toward outdoor activity, and innovation in functional materials. Jing Take Domestic brands, offering high performance at competitive prices, are growing strongly in China. From Camel and Kailas, to Pathfinder and Pelliot, these utility-gear players boast strong online sales as a result of meeting evolving consumer preferences for versatile fashion. Pelliot’s rapid ascent in China’s outdoor apparel market also signals a broader shift in consumer dynamics, where domestic brands are not only flourishing but also challenging established giants in the space, like Anta Sports-owned Arc’Teryx or The North Face. Wellness trends and Gen Z influence Over the past decade, Pelliot has achieved remarkable growth, and one glance at Xiaohongshu (also known as RedNote) shows it is managing to balance a mix of fashion-conscious outfit photos and hiking outings. The company’s performance aligns with China’s burgeoning wellness culture, particularly among Gen Z consumers who prioritize health, fitness, and outdoor activities. The number of Chinese people engaging in outdoor sports — from cycling to hiking — soared 19% YoY in 2024 data, according to data from online travel agency LY.com. Moreover, the “guochao” movement, emphasizing national pride and Chinese cultural elements, has bolstered domestic brands overall. Pelliot has recognized this shift, even changing the meaning of its name. Originally, the company was viewed as foreign as it was named after French sinologist Paul Pelliot. However, it has now reportedly reworked its origin story, so that the name derives from a Chinese idiom about people and nature. Gen Z’s preference for products that resonate with their cultural identity has led to increased support for homegrown brands. Sports powerhouse Anta is a case in point. It grew revenue 13.6% YoY last year. Competition against global giants While “gorpcore,” a fashion trend centered on functional outdoor wear, may no longer hold sway over mainstream fashion, its emphasis on practicality and versatility still appeals to Chinese youth embracing wellness. After all, Pelliot’s success largely stems from its affordable technical jackets, which went viral among hikers, rather than streetwear enthusiasts. Domestic brands now have a major opportunity to position themselves as competitors to established players in the sportswear industry by navigating these cultural and lifestyle shifts. The Jing Take reports on a piece of the leading news and presents our editorial team’s analysis of the key implications for the luxury industry. In the recurring column, we analyze everything from product drops and mergers to heated debate sprouting on Chinese social media.

Will Pelliot’s IPO redefine China’s outdoor market?

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Published May 08, 2025

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Will Pelliot’s IPO redefine China’s outdoor market?