French underwear maker goes public, testing whether local production can beat Shein and Temu

A French underwear company is making an unusually public case for bringing clothing production closer to home.

Its shares started trading in Paris on Tuesday as the company tested whether a made-in-France pitch can still win support from shoppers and investors despite the pressure that ultra-cheap fast-fashion platforms continue to put on apparel sellers, according to CNBC.

What's happening?

Guillaume Gibault launched Le Slip Français in 2011 with men's underwear, and the brand has since expanded into women's intimates, T-shirts, socks, swimwear, and other apparel.

The Euronext Growth Paris listing is the latest step for a company that has built its identity around French manufacturing.

"It was a bet 15 years ago to prove that it's actually possible to manufacture garments in France," Gibault said ahead of the listing. "Today, the company is about to go public, so it's a great source of joy and pride for us."

In 2025, the company reported 21 million euros (about $24.6 million) in revenue, 2.1 million euros ($2.4 million) in EBITDA, and net income of 700,000 euros ($801,000).

The 14.80-euro IPO price ($16.94) pointed to a valuation of roughly 19 million euros ($22 million). After briefly dropping below that level, the shares were last trading at 15 euros ($17).

Why does it matter?

The listing arrives as clothing brands continue to face intense competition from bargain-priced players such as Shein and Temu, whose prices have reshaped the market.

Those companies have helped normalize ultra-cheap clothing that may look like a bargain at checkout but often wears out quickly, pushing shoppers to buy replacements again and again.

The overproduction of cheap clothing has been linked to water contamination, heavy air pollution from manufacturing and shipping, and exploitative labor practices across global supply chains.

Gibault said that shift could create an opening for companies producing textiles near the places where they are sold.

What's being done?

Instead of outsourcing all of its manufacturing, Le Slip Français said it has invested in its own site near Paris, which now produces around 4,500 pieces of underwear a day.

Gibault said automation has brought the retail price of its underwear down from roughly 40 euros to about 20 euros while keeping the business profitable.

If companies adopt more efficient production methods to narrow the gap, consumers may have more realistic alternatives to disposable fashion.

Beyond its own label, Le Slip Français said it plans to produce clothing for other brands seeking French manufacturing — an offering it describes as "Made in France as a service."

The company said it wants to double revenue by 2030 by growing its share of France's men's underwear market and expanding its manufacturing business.

"We all know that in every crisis there is opportunity," Gibault said. "There is momentum now for relocating textiles in France."

He added, "We don't expect any help. We just work," and, "The time of politics is not the time of entrepreneurship."

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