Le Slip Français IPO: 13 million euros raised, and now the real work begins

On Monday, the question was whether investors still believe in independent French textile brands. The initial public offering of Le Slip Français was set to provide some answers.

That moment has now arrived.

Only a few hours after the markets opened, it is still too early to speak of a stock market success or a definitive validation of the model. The debut of Le Slip Français on Euronext Growth Paris did not trigger a financial tidal wave. The initial indicators, however, already reveal something significant.

This initial public offering sends an important signal in an industry that has been profoundly weakened in recent years. The sector has faced a slowdown in consumption; a proliferation of bankruptcies among established retailers; pressure from international platforms like Shein and Temu; and difficulties in financing emerging brands. The signal is that investors are still willing to back independent French players, provided they present a clear, profitable business model capable of scaling.

Cautious but not ignored stock market debut

Le Slip Français made its debut on Euronext Growth Paris this Tuesday. The share was introduced at 14.80 euros, valuing the company at 19.2 million euros.

According to information from Euronext, the offering was oversubscribed, with demand 1.15 times the number of shares available. A total of 13.7 million euros in demand was registered. This included 8.11 million euros from institutional investors and 5.64 million euros from over 7,250 retail investors.

This is a notable figure in a context where IPOs of independent French fashion brands remain extremely rare.

The transaction represents a total fundraising of 13 million euros, but this sum requires careful analysis. Five million euros correspond to a capital increase intended directly for the company's development. Approximately eight million euros relate to the sale of shares held by existing shareholders.

In other words, the IPO is financing a new phase of growth while also providing partial liquidity for some early investors.

Positive first session, but no frenzy

The share's performance during early trading offers an initial insight. Introduced at 14.80 euros, the stock reached approximately 15.90 euros in early trading before losing some of its gains and returning close to its introduction price later in the morning.

Should this be seen as a mixed signal? Not necessarily.

After only a few hours of trading, it is impossible to assess a long-term trend. The first few sessions are often marked by significant volatility. This is particularly true on Euronext Growth, a market dedicated to SMEs and growth companies, where trading volumes are inherently more limited than for large-cap stocks.

The most interesting aspect is therefore not just the share price, but the brand's ability to have found investors willing to support its project.

A complete lack of interest, an immediate drop, or strong distrust would have sent a much more concerning signal.

The market's initial reaction therefore seems to reflect cautious support rather than speculative enthusiasm.

Real challenge: transforming a brand story into economic performance

“We want to show by example that ‘Made in France’ is efficient and competitive,” explained Guillaume Gibault, CEO and founder of Le Slip Français, as quoted in the communication related to the operation and reported by Reuters at the end of June.

This sentence summarises the real challenge of this IPO.

Le Slip Français does not just sell underwear. Since its creation in 2011, the brand has built its proposition on three pillars: French manufacturing; a strong cultural identity; and a community of engaged consumers.

The financial market, however, does not just value a story. It now looks at a trajectory.

The company achieved a turnover of 21.1 million euros in 2025 and returned to profitability with a net profit of approximately 700,000 euros, following a strategic repositioning initiated in 2023.

This transformation is probably the most important element of the case. After facing difficulties in the post-Covid-19 period, the brand revised its model, notably by reducing its physical network, refocusing on digital, and adjusting its price positioning.

Le Slip Français, which once had around 20 stores, now only has two. At the same time, the average price of its products has reportedly been reduced from around 40 euros to 20 euros to broaden its customer base.

The message sent to investors is therefore different from that of its early years. The brand is no longer just seeking to embody a French industrial ideal; it wants to demonstrate that a local model can be profitable.

Made in France as an economic asset

The IPO comes as the French textile industry is going through a complex period. Established retailers are facing declining volumes, pressure on margins, and competition from platforms capable of offering extremely low prices.

In this context, the positioning of Le Slip Français is its main asset. The brand is not trying to compete with the volumes of global textile giants. Its gamble is based on a different equation: transforming its identity, built on local manufacturing, traceability, and industrial commitment, into an economic advantage.

The fundraising is intended to accelerate production capacity, strengthen the brand, and further develop its manufacturing activities for third parties.

The objective is therefore not only to sell more underwear but to become an industrial player capable of supporting other brands with their French production.

Community brand becomes a listed company

One of the most interesting aspects of this operation is the role given to retail investors.

With over 7,250 individual shareholders, Le Slip Français is attempting a symbolic transformation: converting a community of customers loyal to the brand into a community of investors.

This is a model that some brands are now seeking to develop, turning proximity to their consumers into a financial as well as a marketing advantage.

This logic, however, also brings a new requirement. A community can support a brand during an IPO. It does not, in the long term, replace the need to demonstrate profitable growth.

At 11:30am, a positive first signal, but the real test is yet to come

Only a few hours after its stock market debut, it would obviously be premature to draw definitive conclusions about the trajectory of Le Slip Français. The initial trading does not yet allow for an assessment of long-term investor appetite, especially as detailed volumes are yet to be analysed. Several signals, however, are worth noting.

First, the 1.15 times oversubscription of the offering is a favourable initial indicator. In a market where investors are particularly selective regarding fashion players, the brand has managed to convince more than just its existing customer base.

The mobilisation of over 7,250 retail shareholders is also a notable element. For a textile SME, this ability to transform a community of consumers into a community of investors represents an interesting intangible asset.

Finally, the share's performance during the first few hours of trading appears rather reassuring. After rising to approximately 15.90 euros in early trading, the stock returned close to its introduction price without experiencing a sharp decline.

In the context of a listing on Euronext Growth, the absence of an immediate market rejection is in itself a positive first signal.

Caution is still necessary.

A variation of a few tens of cents on the day of the IPO is not enough to validate a business model. On a market like Euronext Growth, which is less liquid than the main compartments, movements can be amplified by still-limited volumes.

The real test begins now: transforming initial investor support into sustainable value creation. Le Slip Français will have to demonstrate its ability to achieve the ambitions presented during its IPO. These include doubling its turnover by 2030 and exceeding a 10 percent operating profit in the medium term. It must also prove that a French textile model can combine identity, profitability, and growth.

The stock market has given Le Slip Français the benefit of the doubt. It now awaits proof. The IPO on Tuesday is not the culmination of an adventure. It is the beginning of a new phase, one where a brand born from a manifesto must now convince the markets.