Proxima/Velvet: France's High-Speed Rail Revolution - The First Independent High-Speed Rail Operator

France's high-speed rail landscape is experiencing a historic transformation with the emergence of Proxima, now operating under the brand name Velvet. This groundbreaking venture represents France's first independent high-speed rail operator, challenging the decades-long dominance of state-owned SNCF and promising to revolutionize rail travel across the country.

The Birth of a Vision

The story of Proxima begins with two visionary co-founders: Rachel Picard, former director of SNCF Voyageurs, and Tim Jackson, both of whom recognized an opportunity to address the growing demand for high-speed rail services in France. Their ambitious project gained substantial backing from Antin Infrastructure Partners, a French private equity firm that committed to an initial investment of €1 billion to bring this vision to life.

The company's origins trace back to 2024, when the founders identified a critical gap in France's high-speed rail market. Despite France being Europe's largest high-speed rail market, approximately 15% of passengers were being left without seats due to capacity constraints, particularly on routes connecting Paris to western France. This undersupply created a compelling business case for a new operator.

Strategic Positioning and Market Entry

Proxima's strategic approach focuses on capturing market share in high-demand corridors where existing capacity falls short of passenger needs. The company has positioned itself to operate open-access services, meaning it will compete directly with SNCF's TGV services on select routes while utilizing France's existing high-speed rail infrastructure.

The deregulation of France's rail market, allowing for competition on high-speed lines, created the regulatory framework that made Proxima's entry possible. This follows similar successful models seen elsewhere in Europe, where companies like Italy's Trenitalia already operate open-access high-speed services within France, and Spain's RENFE runs cross-border services.

The Velvet Brand Launch

In a significant development announced in July 2025, Proxima revealed its consumer-facing brand: Velvet. This rebrand represents more than just a name change; it embodies the company's commitment to offering a premium, customer-focused experience that differentiates it from traditional rail operators.

Rachel Picard, speaking at the brand launch, emphasized that Velvet aims to be perceived as "easy, pleasant and new," targeting passengers who currently find rail travel too complicated. The brand promises to deliver simplicity, delight, and innovation in high-speed rail travel, with extensive research conducted into passenger needs to inform service design.

Fleet and Technology

Proxima has made a strategic partnership with Alstom, the French rail manufacturing giant, ordering 12 state-of-the-art Avelia Horizon high-speed trains with options for additional units. These trains represent the latest generation of high-speed rail technology, featuring enhanced capacity, improved energy efficiency, and increased customization options for both comfort and design.

The Avelia Horizon trains are designed to operate at speeds up to 320 km/h and incorporate advanced features that promise to set new standards for passenger experience. The first train is scheduled to begin dynamic testing in early 2027, marking a crucial milestone in the company's development timeline.

Route Network and Service Plans

Proxima's initial service network will focus on connecting Paris with key cities in western France, including:

• Bordeaux: A major economic center in southwestern France
• Nantes: A significant city in the Loire Valley region
• Rennes: The capital of Brittany
• Angers: An important regional hub in the Maine-et-Loire department

The company plans to introduce three distinct service types:

1. Direct high-speed connections between Paris and western destinations
2. Regional services connecting western French cities
3. Specialized routes addressing specific market gaps

For routes to Angers, Proxima will utilize the conventional rail line from Sablé-sur-Sarthe, approximately 53 kilometers north of Angers, demonstrating the company's flexible approach to network planning.

Market Impact and Capacity Addition

Proxima's entry into the French high-speed rail market is expected to have significant implications for the industry. The company projects that it will add over 10 million new seats annually to the French high-speed rail network, substantially increasing capacity and connectivity.

This capacity addition addresses a critical market need, as current high-speed services often operate at or near full capacity, leaving passengers without available seats. By introducing additional services on high-demand routes, Proxima aims to improve accessibility and reduce the saturation that currently affects approximately 15% of potential passengers.

Competitive Landscape

Proxima is not alone in its ambitions to challenge SNCF's dominance. The French high-speed rail market is experiencing unprecedented competition, with several new entrants planning to launch services:

• Kevin Speed: Planning to operate under the Ilisto brand with 20 Alstom 300 km/h trainsets, targeting routes from Paris to Lille, Strasbourg, and Lyon by the end of 2028
• Le Train: Has selected Talgo to supply 10 Avril S106 trainsets for services from Bordeaux to various destinations including Angoulême, Nantes, Rennes, and Arcachon

This competitive environment reflects the broader European trend toward rail market liberalization and the recognition of high-speed rail as a critical component of sustainable transportation infrastructure.

Timeline and Operational Launch

Proxima's development follows a carefully planned timeline:

• 2024: Company formation and initial funding secured
• 2025: Brand launch as Velvet and finalization of train orders
• 2027: First train delivery and beginning of dynamic testing
• 2028: Target for commercial operations launch

The company's goal to begin operations in early 2028 represents an ambitious but achievable timeline, considering the complexity of launching a new high-speed rail operation.

Financial Structure and Investment

The project's financial foundation rests on Antin Infrastructure Partners' commitment of €1 billion in initial funding, with Antin serving as the sole equity provider. This substantial investment demonstrates confidence in both the market opportunity and the management team's ability to execute the business plan.

Centrus Financial provided strategic advice and support during the company's establishment, helping to structure the financial framework necessary for launch. This professional backing underscores the project's credibility and the seriousness of its commercial ambitions.

Industry Significance and Future Outlook

Proxima's emergence represents a watershed moment for French transportation infrastructure. As the country's first independent high-speed rail operator, it challenges the traditional model of state-dominated rail services and introduces market competition that could drive innovation and improve service quality across the sector.

The company's success will likely influence policy discussions about further deregulation of France's rail network and could inspire additional private investment in railway infrastructure. Moreover, Proxima's focus on sustainability and energy efficiency aligns with broader European Union objectives for reducing transportation emissions and promoting rail as an alternative to air travel.

Current Status and Recent Developments

As of mid-2025, Proxima (Velvet) has successfully completed its initial setup phase and is progressing toward operational readiness. The company has secured its rolling stock supply agreement with Alstom, established its brand identity, and continues to work on obtaining necessary regulatory approvals and infrastructure access agreements.

The recent brand launch as Velvet marks a significant milestone in the company's evolution from concept to operational reality. With commercial operations targeted for 2028, the next two years will be critical for finalizing preparations and ensuring successful market entry.

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France's high-speed rail sector stands on the brink of transformation, with Proxima/Velvet leading the charge toward a more competitive and customer-focused future. As the first independent operator to challenge SNCF's long-standing monopoly, Proxima represents both a bold business venture and a test case for the benefits of rail market liberalization in Europe's largest high-speed rail market.

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References

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2. Antin Infrastructure Partners. (2025, March 18). Launch of Proxima, the first independent high-speed train operator in France. Retrieved from https://www.antin-ip.com/media/our-news/launch-of-proxima-the-first-independent-high-speed-train-operator-in-france

3. Railway Gazette International. (2024, October 3). Proxima orders high speed trains for French open access services. Retrieved from https://www.railwaygazette.com/high-speed/proxima-orders-high-speed-trains-for-french-open-access-services/67536.article

4. International Railway Journal. (2024, July 8). Proxima reveals €1bn plan to shake up French high-speed. Retrieved from https://www.railjournal.com/analysis/proxima-reveals-e1bn-plan-to-shake-up-french-high-speed/

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7. Reuters. (2024, June 6). Antin Infrastructure to launch new high-speed train service in France. Retrieved from https://www.reuters.com/business/antin-infrastructure-launch-new-high-speed-train-service-france-2024-06-06/

8. Infrastructure Investor. (2025, January 24). Antin backs launch of France's first independent high-speed rail operator. Retrieved from https://www.infrastructureinvestor.com/antin-backs-launch-of-frances-first-independent-high-speed-rail-operator/

9. Railcolor News. (2025, July 1). Velvet: France's first independent high-speed train operator launches. Retrieved from https://railcolornews.com/2025/07/01/passenger-this-is-velvet-frances-first-independent-high-speed-train-operator/

10. Railway Gazette International. (2025, July 2). High speed train operator Velvet aims to offer simplicity, delight and innovation. Retrieved from https://www.railwaygazette.com/high-speed/high-speed-train-operator-velvet-aims-to-offer-simplicity-delight-and-innovation/69084.article