Fran Millar has left Rapha after two years as chief executive, as the company prepares a proposed organisational restructure and a formal consultation with affected staff. Rapha says its board accepted Millar’s suggestion that she step down to allow new leadership to guide the next phase of its turnaround.
Escape Collective first reported her departure on the morning of September 23, citing an anonymous source who disclosed the information. Millar, who joined in September 2024 after leading Belstaff and previously Ineos Grenadiers, then posted on social media that she had proposed stepping down to the board.
“The vision and strategy I set are in place, and the path ahead for the brand is clear. What remains is delivery,” she said in her Instagram announcement.
“To support that, the business will make significant organisational changes to reduce cost and drive efficiency, and those changes call for a different governance and leadership structure. With that in mind, I proposed to the board that I step down as CEO.”
Rapha plans staff consultation as losses widen
In figures supplied ahead of filing its results for the year ended January 25, 2026, Rapha said turnover fell to £89m from £96m a year earlier. Its pre-exceptional EBITDA loss widened to £5.6m from £2.6m, while its operating loss rose to £21.2m from £17.2m and its net loss reached £25.3m, against £15.6m. The company says it is pursuing sustainable profitability by 2027. These are company-supplied figures, not accounts independently checked against the forthcoming filing.
Rapha Racing Ltd recorded turnover of £46.862m for the 52 weeks ended January 26, 2025, down 9.9% from the restated £52.030m in the preceding period. Its reported EBITDA moved from roughly break-even to a £3.296m loss.
Those Companies House accounts cover the UK legal entity, including its overseas branches but excluding its overseas subsidiaries. The consolidated group accounts are prepared by parent company Carpegna Ltd. The figures cover only the opening months of Millar’s tenure and do not describe Rapha’s current trading position, which follows more than a year under Millar’s renewed strategy.
Under Millar, Rapha ended its seven-year partnership with EF’s men’s and women’s WorldTour teams at the close of 2025, leaving it without a WorldTour team. It also began a four-year partnership with USA Cycling that runs through the 2028 Los Angeles Olympic and Paralympic Games.
The company’s after-tax loss narrowed to £7.603m from £9.856m, helped by a reduction in exceptional charges. Those charges fell from £6.944m to £612,000, with the latter figure including a £2.314m credit from releasing provisions tied to an employee incentive scheme.
Administrative expenses also fell, from £36.166m to £32.701m, but gross profit dropped more sharply, from £36.169m to £29.405m. The spending reduction was therefore insufficient to prevent the deterioration in EBITDA.
In her statement accompanying those accounts, Millar said full-price sales had grown as a proportion of revenue. She also said customer numbers and lifetime value had increased, while Rapha Cycling Club membership had declined because of under-investment. Improving the membership offer was part of the planned turnaround. Rapha now says RCC membership has risen 18% year-to-date. It also reports revenue growth in some key territories and like-for-like Clubhouses, fewer promotional days and increased customer acquisition, but has not given figures for those measures.
Rapha raised additional equity from existing investors in the first half of 2025 to support its business improvement plan. The accounts said the funding would support investment in the brand and customer experience, alongside changes to sales channels.
The reset subsequently included the appointment of former Salomon brand chief Scott Mellin to Rapha’s board in April 2026. His remit covered brand and product strategy at board level, rather than an operational management role.
Rapha’s filing also identified exposure to material and labour costs, alongside shipping expenses and US tariffs. Elsewhere in cycling, restructuring has already affected employees: Campagnolo initially proposed 120 job cuts after cumulative losses exceeding €24m, before agreeing reduced hours and wages instead of redundancies.
Those pressures provide context for Rapha’s focus on efficiency, but the historical accounts do not establish why Millar left. Rapha says Millar suggested stepping down with its strategy in place, and that the board accepted her proposal to allow new leadership to guide the next phase.
Millar thanked Rapha’s staff and customers, describing leading the company as an honour. Rapha now says a formal consultation will take place with staff affected by its proposed organisational restructure. It has not disclosed how many roles are at risk or the timetable for the consultation.
Rapha stands as one of the most significant brands of the new era of British cycling, and broader cycling culture. The question for its next leadership team is whether it can deliver the company’s stated goal of sustainable profitability by 2027 against the increasingly hostile landscape in the market, and the prospect of far-reaching restructure likely to affect staff across the business.
