Chicecream (钟薛高)
Fast facts
- Year Founded
- 2018
Source: Qichacha www.qcc.com/firm/4a75155c83b7851288ad6a089138a582.html
- HQ Location
- Shanghai, China
- Publicly Traded?
- No
- Overseas Operations
- No
In a CGTN interview published on April 26, 2021, CEO Lín Shèng said (in Chinese), "For two years, people in various overseas regions have hoped to be Chicecream's agent in that region. But we were not sure at that time, and we did not release [our franchise rights]. Now we more or less have some confidence. When the pandemic is over, we will advance this matter. Since we are doing something good, we should let more people know about it."Source: CGTN vimeo.com/541623730
- US Sanctions
- No
- Military Affiliation in China
- No
Revenue
Valuation
Employees
Source: Qichacha www.qcc.com/firm/4a75155c83b7851288ad6a089138a582.html
Chicecream, launched in March 2018, is one of several consumer brands to embrace the “China chic” (国潮 guócháo) fad where domestic brands imbue their products with traditional Chinese elements. In May 2021, it raised 200 million yuan ($30.7 million) in a Series A funding round.
Chicecream name is an abbreviation of “Chinese ice cream,” and the unique shape of its ice cream bars is meant to resemble traditional Chinese roof tiles.
The products are also unique for their prices, which at 15-20 yuan ($2-3) per bar are three to five times higher than competitors’. Its target audience is trend-setting young people who are accustomed to paying a premium for good coffee or bubble tea. The brand, which has been dubbed “the Hermès of ice cream,” seeks to establish its products as an all-natural, health-conscious, sophisticated snack that can be enjoyed all year round.
In 2019, Chicecream was the most-searched item on popular ecommerce app Xiaohongshu, and on Singles’ Day 2020, it was the best-selling ice cream brand on Tmall. It sold 48 million bars that year. As of December 2021, it operates 11 stores across Shanghai, Chengdu, Hangzhou, and Shenzhen.
Source: 1. SupChina 1. https://supchina.com/2021/05/18/chicecream-is-very-expensive-chinese-ice-cream-and-the-startup-behind-it-just-bagged-30-million-in-series-a-funding/Source: 2. FoodNavigator-Asia 2. https://www.foodnavigator-asia.com/Article/2019/01/31/From-internet-sensation-to-trusted-brand-Chinese-ice-cream-firm-reveals-secrets-of-successSource: 3. Dao Insights 3. https://daoinsights.com/works/chinese-ice-cream-brand-chicecream-melts-the-hearts-of-consumers/Source: 4. Pandaily 4. https://pandaily.com/premium-ice-cream-brand-chicecream-apologizes-for-past-misdeeds-publishes-letter-accusing-media-of-defamation/Source: 5. Chicecream website 5. https://www.zhongxuegao.com/about/index
- 林盛, 执行董事兼总经理,法定代表人 邱雯静, 监事
Source: Qichacha www.qcc.com/firm/4a75155c83b7851288ad6a089138a582.html
In a CGTN interview published on April 26, 2021, CEO Lín Shèng said (in Chinese), "For two years, people in various overseas regions have hoped to be Chicecream's agent in that region. But we were not sure at that time, and we did not release [our franchise rights]. Now we more or less have some confidence. When the pandemic is over, we will advance this matter. Since we are doing something good, we should let more people know about it."
Source: CGTN vimeo.com/541623730
Chicecream Sanctions
While at this time it appears that this company is not the subject of any U.S. or other global sanctions, it is important to note that Chinese companies tend to have more opaque organizational structures than their Western peers. Chinese companies' affiliated brands, operating units, and overseas subsidiaries are not always obvious or even identifiable. Given this, a Chinese company may not be the subject of sanctions, but one of its subsidiaries may be, thus making it difficult to accurately ascertain a company's full sanctions status.
Chicecream Reputational Disclosures
Internet users expressed their displeasure at Chicecream’s high prices in June 2021 after an out-of-context quote from CEO Lín Shèng seemed to shrug off customer concerns about overpricing, saying they could “take it or leave it.” A modified interview posted by domestic media outlet Lanjinger went viral, with over 700 million views; in response, a lawyer for Chicecream accused Lanjinger of defamation.
Additionally, the company was fined for a series of false advertising incidents in 2019, in which they claimed their milk-flavored ice cream products had only milk and no water (though water was a listed ingredient) and that another product contained “premium-level” raisins, though standard raisins were used. Chicecream apologized on its official Weibo account, saying, “We are deeply sorry for the mistakes we once made…Our company was at its earliest startup stages at the time, and did not have enough experience and knowledge concerning relevant regulations.”
The latest news on Chicecream from SupChina
Behind the success of Chicecream, China’s signature ice cream brand
Chicecream is an unashamedly expensive, proudly Chinese premium ice cream brand. And its hard-charging, tech-savvy CEO is eyeing the rest of the space in Chinese people’s home fridges.
Chicecream is very expensive Chinese ice cream and the startup behind it just bagged $30 million in Series A funding
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