Le Slip Français lists in Paris with a local manufacturing pitch

Le Slip Français began trading in Paris on Tuesday, giving public investors a way to bet on a small French apparel brand built around local production. For retail investors, the listing is a test of whether a premium “made in France” model can scale while ultra-low-cost rivals such as Shein and Temu keep pressuring clothing prices.

The company, founded in 2011 by entrepreneur Guillaume Gibault, started with men’s underwear and has since moved into women’s undergarments, T-shirts, socks, swimwear and other clothing. CNBC reported that Le Slip Français listed on Euronext Growth Paris, a market often used by smaller companies seeking public capital.

An IPO, short for initial public offering, is when a company sells shares to public investors for the first time. In this case, the company is using the public market debut to support a strategy centered on producing clothing in France rather than relying mainly on cheaper overseas supply chains.

A modest debut for a small public company

Le Slip Français priced its IPO at 14.80 euros a share, which implied a market value of about 19 million euros before trading began, according to CNBC. The shares had an uneven first session, briefly dipping below the offer price before last trading at 15 euros.

Gibault told CNBC’s Charlotte Reed that the company’s recent results helped give management confidence to list. He said Le Slip Français generated 21 million euros, or about $24.6 million, in 2025 revenue. He also cited earnings before interest, taxes, depreciation and amortization, known as EBITDA, of 2.1 million euros, plus net income of 700,000 euros.

EBITDA is a common profit measure that strips out financing costs, taxes and some accounting charges. Net income is the bottom-line profit after expenses.

“It was a bet 15 years ago to prove that it’s actually possible to manufacture garments in France,” Gibault told CNBC. “Today, the company is about to go public, so it’s a great source of joy and pride for us.”

Fast fashion sets the competitive bar

The company is entering public markets while Shein and Temu continue to challenge apparel sellers with very low prices. Reuters has reported that Shein could pursue an IPO in September or October at a valuation of $40 billion to $50 billion, a scale far beyond Le Slip Français.

Gibault acknowledged to CNBC that competing with those platforms is difficult. He argued that uncertainty in global trade is creating an opening for companies that can move textile production closer to customers.

Le Slip Français has invested in a factory near Paris, where it now makes about 4,500 pieces of underwear a day, according to CNBC. Gibault said automation has lowered production costs enough for the company to cut the retail price of its underwear from about 40 euros to roughly 20 euros while staying profitable.

The company also wants to make clothing for other brands that want French production, a plan it calls “Made in France as a service.” Management aims to double revenue by 2030 by increasing its share of the men’s underwear market and growing that manufacturing business.

Gibault told CNBC the brand has about 4% of France’s men’s underwear market, even though roughly 60% of the French population recognizes it. He said the company hopes to reduce prices further as manufacturing becomes more efficient.

On the broader business climate in France, Gibault said entrepreneurs need stable rules more than subsidies. “We don’t expect any help. We just work,” he told CNBC, adding: “The time of politics is not the time of entrepreneurship.”

This story draws on original reporting from CNBC.