Le Slip Français debuts on Euronext Growth at €19m valuation
The French apparel maker listed in Paris on Tuesday, offering investors a rare opportunity to back localized textile manufacturing as a direct counterweight to ultra-cheap fast-fashion giants.
Le Slip Français debuted on Euronext Growth Paris on Tuesday at €14.80 per share, giving the company a market capitalization of roughly €19 million. The stock briefly dipped below its issue price before recovering to trade at €15.
The listing follows a strong 2025 for the apparel maker, which reported revenue of €21 million. Earnings before interest, taxes, depreciation, and amortization came in at €2.1 million, with net income reaching €700,000.
The flotation presents a distinct investment thesis at a time when European apparel companies face intense pricing pressure from Chinese fast-fashion platforms like Shein and Temu. While Shein is reportedly preparing a public listing targeting a $40 billion to $50 billion valuation, Le Slip Français is asking investors to back a fundamentally different model built on domestic production.
"There is momentum now for relocating textiles in France," CEO Guillaume Gibault said. "We all know that in every crisis there is opportunity."
Rather than outsourcing production to cut costs, the company invested in its own factory near Paris that produces around 4,500 pieces of underwear daily. Gibault noted that automation has allowed the business to halve the retail price of its core product from roughly €40 to €20 while preserving profitability.
The path to doubling revenue by 2030 relies on converting brand awareness into market share. Le Slip Français claims 60% recognition among the French public but holds only a 4% share of the domestic men's underwear market.
Expanding the factory model
Beyond selling its own clothing, which now includes womenswear, swimwear and T-shirts, the company plans to open its production lines to third parties. This "Made in France as a service" strategy aims to capitalize on the growing number of brands looking to nearshore their supply chains amid global trade uncertainty.
Gibault, who founded the business in 2011, framed the public debut as validation of a long-term strategy. "It was a bet 15 years ago to prove that it's actually possible to manufacture garments in France," he said. "Today, the company is about to go public, so it's a great source of joy and pride for us."
The executive dismissed the need for government intervention to support the domestic textile sector, emphasizing self-reliance over subsidies. "We don't expect any help. We just work," Gibault said. "The time of politics is not the time of entrepreneurship."
