Le Slip Français lists in Paris with local manufacturing pitch

Le Slip Français began trading in Paris on Tuesday, bringing a locally made apparel model to public investors as low-cost fast-fashion platforms continue to pressure European clothing brands. The company priced its initial public offering at €14.80 a share, implying a market value of about €19 million, according to CNBC.

The shares had an uneven first session, briefly trading below the offer price before last changing hands at €15, CNBC reported. The listing is on Euronext Growth Paris, a market aimed at smaller and mid-sized companies.

Founded in 2011 by Guillaume Gibault, Le Slip Français built its brand around French textile production, initially in men’s underwear. It has since added women’s undergarments, T-shirts, socks, swimwear and other clothing lines.

Gibault, the company’s founder and chief executive, told CNBC’s Charlotte Reed that the business began as an effort to show garments could still be manufactured in France. He described the flotation as a moment of pride for the company after 15 years of development.

Financial base for the listing

Gibault said Le Slip Français recorded €21 million, or about $24.6 million, in revenue in 2025. He also cited earnings before interest, taxes, depreciation and amortization of €2.1 million and net income of €700,000, figures he said supported the decision to seek a public listing.

The company is using the public market debut to test investor appetite for a strategy that differs sharply from the scale-driven economics of ultra-cheap fashion platforms such as Shein and Temu. Those companies compete partly through very low prices and global supply chains, while Le Slip Français is presenting domestic manufacturing as central to its commercial identity.

Gibault told CNBC that competing with Shein and Temu is difficult, but said uncertainty in global trade has created more interest in bringing textile production closer to end markets. He said there is momentum for relocating textile activity in France.

Reuters has reported that Shein could seek a Hong Kong listing in September or October at a valuation of $40 billion to $50 billion. That potential valuation would place the Chinese-founded fast-fashion group in a different scale category from Le Slip Français, underscoring the contrast between a global platform model and the French company’s smaller domestic manufacturing proposition.

Factory model and price reductions

Le Slip Français has invested in a factory near Paris, where it produces about 4,500 pieces of underwear a day, according to CNBC. Gibault said automation has lowered manufacturing costs and allowed the company to reduce the retail price of its underwear from around €40 to roughly €20 while remaining profitable.

The company also intends to make clothing for other brands that want French production, a line of business it calls “Made in France as a service.” Under that model, Le Slip Français would use its manufacturing capacity not only for its own consumer brand but also as a supplier to outside companies.

Le Slip Français aims to double revenue by 2030 through growth in men’s underwear and expansion of its manufacturing services, according to CNBC. Gibault said the company has about 4% of France’s men’s underwear market, while around 60% of the French population recognizes the brand. He said greater manufacturing efficiency could allow further price reductions over time.

Asked by CNBC about operating in France, Gibault said entrepreneurship remains difficult and that companies need predictable rules more than subsidies. He said the business is relying on consumers and investors who believe local manufacturing can compete on both quality and price.

This story draws on original reporting from CNBC.