Cider
China
Cider is a fast-fashion app and online store founded in Hong Kong in 2020 and aimed at Gen Z women. OMR reported in 2022 that it raised about 140 million US dollars and was valued at more than 1 billion dollars two years after founding.
| Founded | 2020 |
|---|---|
| Founder | Michael Wang (as reported by OMR) |
| Founded in | Hong Kong |
| Funding reported in 2022 | About 140 million US dollars |
| Sales model | App and online store |
| Segment | Mass market and fast fashion |
| Website | shopcider.com |
What is Cider?
Cider is an online fashion brand built around a mobile app. OMR described it in August 2022 as a fast-fashion app founded by Michael Wang in Hong Kong in 2020, and as one of the main challengers to Shein. Wang also co-founded the fashion rental app Ycloset, which OMR reported is now defunct.
Funding
OMR reported that investors including Andreessen Horowitz, DST Global and IDG Capital put in about 140 million US dollars, giving Cider a valuation of more than 1 billion dollars, which made it a unicorn about two years after its founding. These figures are from 2022 and the current valuation and ownership were not verified.
Products and positioning
The brand targets Gen Z women with garments priced at roughly 14 to 30 euros at the time of the article. Collections are released in drops and organised around themed moods, with new designs produced within three to seven days of an idea.
Business model and distribution
Cider sells through its app and online store, with livestream shopping several times a day. Marketing runs mainly through Instagram, TikTok and Discord, with a core Instagram account of 3.7 million followers and about 3.9 million TikTok followers in 2022, plus small influencers who share discount codes. Products are sourced directly from factories in China. OMR said investors and the company aim to move towards demand-based production, which would reduce unsold stock.
Why it matters
Cider is a leading example of the app-first, social-commerce route taken by the newer generation of fast-fashion challengers. It competes with Shein, Romwe and Zaful for the same audience.
Frequently asked questions
Who founded Cider?
OMR reported in 2022 that Cider was founded by Michael Wang in Hong Kong in 2020. Wang also co-founded the fashion rental app Ycloset.
Is Cider owned by Shein?
No. The sources reviewed describe Cider as an independent, venture-backed company and a competitor to Shein, with investors including Andreessen Horowitz, DST Global and IDG Capital in 2022.