Le Slip Francais patriotic underwear maker set for Bastille Day stock market launch

By Inti Landauro

PARIS, June 25 (Reuters) - French underwear maker Le Slip Francais, which prides itself on manufacturing entirely in France, plans to have its shares traded on the Paris stock market on July 14, Bastille Day.

Le Slip Francais was set up 15 years ago in reaction to the French textile industry's struggles to keep pace with aggressive European fast fashion retailers such as Spain's Inditex or H&M. More recently, so-called "ultra-fast fashion" brands, such as Chinese giant Shein, has added to the pressure.  

"Le Slip Français was born from a simple idea: start changing the world by changing underwear," its Chief Executive Guillaume Gibault said in a press release on Thursday. 

Le slip is the French word for male briefs and initially the firm, sold only male underwear in variations of blue, white and red – the colours of the French flag – in a tongue-in-cheek patriotic move.

It has expanded over the years into women's wear, pyjamas and other clothes and has proved resilient as several French brands have foundered, including Jennyfer, which ended in liquidation in April, and NafNaf, which has been in receivership since May.

Le Slip Francais sells clothes worth about €21.1 million ($24.02 million) and booked a net profit of €700,000 last year.

The company intends to raise €5 million ($5.69 million) in an initial public offering on the Euronext Growth Paris market on July 14, France's national day. 

The free floating shares would represent 27% of the company's capital and if demand is strong, the company may offer more shares in an over-allotment option.

Additionally, existing shareholders will also sell some of their shares.

Investors can bid for the new shares from June 25 until July 8.

($1 = 0.8785 euros)

(Reporting by Inti Landauro; editing by Barbara Lewis)