Founder and president of ‘Le Slip Francais’ underwear brand, Guillaume Gibault poses in the Bonne Nouvelle textile factory in Aubervilliers, surburb of Paris, on February 12, 2025.
Thomas Samson | Afp | Getty Images
French underwear brand Le Slip Français made its stock market debut in Paris on Tuesday, betting that consumers will pay for locally made clothing amid competition from ultra-cheap Chinese fast-fashion giants like Shein and Temu.
The apparel company, founded in 2011 by entrepreneur Guillaume Gibault to promote textiles made in France, has since expanded beyond men’s underwear to include women’s undergarments, T-shirts, socks, swimwear, and other clothing. It will IPO on the Euronext Growth Paris exchange on Tuesday morning
“It was a bet 15 years ago to prove that it’s actually possible to manufacture garments in France,” CEO Gibault told CNBC’s Charlotte Reed in an interview ahead of the listing. “Today, the company is about to go public, so it’s a great source of joy and pride for us.”
The IPO comes after what Gibault described as a strong year for the business. Le Slip Français generated 21 million euros ($24.6 million) in revenue in 2025, alongside earnings before interest, taxes, depreciation, and amortization of 2.1 million euros and net income of 700,000 euros, which he said gave the company confidence to pursue a public listing.
Le Slip Français had a mixed start on the day of its debut, with shares briefly falling below their IPO price of 14.80 euros, before last trading at 15 euros.
Taking on Shein and Temu
The French brand is entering the public market as fast-fashion giants continue to put pressure on apparel brands with ultra-low prices.
Gibault acknowledged that competing against platforms such as Shein and Temu is challenging, but argued that global trade uncertainty is encouraging brands to move textile production closer to home.
Based on the IPO price of 14.80 euros, the company was targeting a market capitalization of around 19 million euros ahead of its IPO. Meanwhile, Shein is expected to potentially IPO in September or October, targeting a valuation of $40 to $50 billion, according to Reuters.
“We all know that in every crisis there is opportunity,” he said. “There is momentum now for relocating textiles in France.”
Rather than relying on outsourced production, the company has invested in its own factory near Paris, where it now produces around 4,500 pieces of underwear a day.
Automation has helped reduce manufacturing costs, allowing the company to cut the retail price of its underwear from around 40 euros to roughly 20 euros while maintaining profitability, according to Gibault.
Le Slip Français also plans to expand beyond its own consumer brand by manufacturing clothing for other companies seeking French production, a strategy it describes as “Made in France as a service.”
The company aims to double revenue by 2030 through a combination of growing market share in men’s underwear and expanding its manufacturing business.
Gibault said the company currently holds around 4% of France’s men’s underwear market despite being recognized by roughly 60% of the French population, leaving room for growth. He added that the company hopes to lower prices further over time through greater manufacturing efficiency.
Asked about the challenges of building a business in France, Gibault said entrepreneurship has “always been super tough,” but argued that business leaders must continue taking risks regardless of the political environment.
“We don’t expect any help. We just work,” he said, adding that stable rules matter more than government subsidies. “The time of politics is not the time of entrepreneurship.”
Instead, he said, the company’s future depends on customers who believe local manufacturing can compete on both quality and price — a belief Le Slip Français is now asking public investors to back as well.
