Quick Facts
- Cider generated $379.9 million in revenue in 2025 and carries a $1 billion valuation after raising $140 million from Andreessen Horowitz, DST Global, and Greenoaks.
- Nearly 70% of Cider’s customers are between 18 and 24, and the brand sells millions of garments per month across 130 countries.
- After pop-ups in New York City and Seoul, Cider is now moving toward permanent brick-and-mortar locations in global cities including London and Paris.
Cider, the Hong Kong-founded fast-fashion startup, posted $379.9 million in annual sales in 2025 and is pushing into physical retail for the first time. The company, which launched in 2020, has grown revenue sevenfold since its $130 million Series B in 2021.
Co-founder Fenco Lin, a former Bloomingdale’s buyer, said the move to retail is a direct result of the brand’s digital momentum. “The past few years, we’ve really been focused on our digital presence, through growing our Discord and expanding our influencer network,” Lin said. “Retail is a natural extension of what we’ve built online.”
Cider tested the concept with pop-ups in New York City and Seoul over the past two years before committing to broader expansion. Co-founder Yu Oppel described those events as “a starting off point for us in terms of expansion” and said future locations are planned for New York, London, Seoul, and Paris.
Built Like Shein, Branded Like DTC
Connie Chan, general partner at Andreessen Horowitz, has described Cider’s model as one that “looks like a direct-to-consumer brand on the outside but operates like Shein on the inside.” The company lists small batches of hundreds of items per week and pulls products within days if they fail to generate sufficient interest.
The brand draws on China’s manufacturing infrastructure to turn around styles quickly. Algorithms analyze real-time sales data, social media trends, and customer feedback to predict demand. Cider also offers a pre-order option, producing only styles with confirmed customer interest.
In November 2025, Cider expanded its partnership with retail analytics firm EDITED, integrating AI tools including Research Assistant and Opportunities across its product and campaign operations.
Gen Z Is the Core Customer
Cider’s app has been downloaded more than 50 million times. Its TikTok account has nearly 1 million followers, and the brand publishes hundreds of videos per week through its official channel and influencer partners. A Discord community has grown to 15,000 members.
The online store lets shoppers browse by mood categories like “Playful” or “Elegant.” More than 50% of customers use the feature, according to the company.
Cider was co-founded by Michael Wang, a former TMT investor at IDG Capital, alongside Lin and Oppel. The company became a unicorn in 2021, the same year it closed its Series B led by DST Global.
Market Position and Headwinds
Cider’s 2025 revenue of $379.9 million represents a decline of 20% to 50% from the prior year, according to data from Business of Fashion. Sales peaked with 89.7% year-over-year growth in early 2023, then turned negative by October of that year before recovering.
Shein and Zara still held 38% and 19% of fast-fashion wallet share as of February 2024, respectively. Cider’s market share has held between 0.5% and 0.7% since 2023, a narrow slice of a market dominated by larger players.
The company’s brick-and-mortar push comes as online-only fast-fashion brands face pressure to deepen customer relationships beyond the app. Physical stores give Cider a new channel to convert its social media audience into repeat buyers.
