French Underwear Maker Le Slip Français Goes Public, Betting on Local Manufacturing Over Fast Fashion
A French underwear brand that built its name on keeping production local is now testing the public markets. Le Slip Français, founded in 2011 by entrepreneur Guillaume Gibault, made its stock market debut on Paris’s Euronext Growth exchange Tuesday, aiming to prove that consumers will pay more for domestically made clothing even as Chinese fast-fashion giants like Shein and Temu flood the market with ultra-cheap options.
The company, which started with men’s underwear and now sells women’s lingerie, T-shirts, socks, and swimwear, generated €21 million in revenue in 2025, with net income of €700,000. Shares opened at €14.80, briefly dipped, then settled at €15. Gibault told CNBC the IPO caps a 15-year bet that French manufacturing could survive and thrive. “It was a bet to prove it’s actually possible to manufacture garments in France,” he said. “Today, the company is about to go public — it’s a great source of joy and pride.”
Le Slip Français faces stiff competition from Shein, which is reportedly targeting a $40 to $50 billion valuation in its own upcoming IPO. But Gibault sees opportunity in global trade uncertainty, which he says is pushing brands to bring textile production closer to home. The company has invested in its own factory near Paris, producing about 4,500 underwear pieces daily, and uses automation to cut retail prices from around €40 to roughly €20 while staying profitable. It also plans to manufacture clothing for other brands under a “Made in France as a service” model.
Gibault aims to double revenue by 2030 by expanding market share in men’s underwear — currently about 4% despite 60% brand recognition among French consumers — and by lowering prices further through efficiency gains. He acknowledged that entrepreneurship in France has “always been super tough,” but insisted the company relies on hard work, not government help. “The time of politics is not the time of entrepreneurship,” he said. The brand’s future, he added, hinges on customers who believe local manufacturing can compete on quality and price — a bet now shared with public investors.