{"id":264182,"date":"2026-09-24T10:29:07","date_gmt":"2026-09-24T10:29:07","guid":{"rendered":"https:\/\/sports.runfyers.com\/index.php\/2026\/09\/24\/encouraging-green-shoots-for-rapha-as-the-company-announce-a-ninth-year-of-operating-losses-ahead-of-organisation-restructure\/"},"modified":"2026-09-24T10:29:07","modified_gmt":"2026-09-24T10:29:07","slug":"encouraging-green-shoots-for-rapha-as-the-company-announce-a-ninth-year-of-operating-losses-ahead-of-organisation-restructure","status":"publish","type":"post","link":"https:\/\/sports.runfyers.com\/index.php\/2026\/09\/24\/encouraging-green-shoots-for-rapha-as-the-company-announce-a-ninth-year-of-operating-losses-ahead-of-organisation-restructure\/","title":{"rendered":"&#8216;Encouraging green shoots\u2019 for Rapha as the company announce a ninth year of operating losses ahead of &#8216;organisation restructure\u2019"},"content":{"rendered":"<p><\/p>\n<div id=\"article-body\">\n<p id=\"elk-41aa941a-b7fb-11f1-82ff-cd797af70d2c\">The day it emerged that <a data-analytics-id=\"inline-link\" href=\"https:\/\/www.cyclingnews.com\/cycling-kit-accessories\/changes-call-for-a-different-governance-and-leadership-ceo-fran-millar-leaves-premium-kit-manufacturer-rapha\/\" data-url=\"https:\/\/www.cyclingnews.com\/cycling-kit-accessories\/changes-call-for-a-different-governance-and-leadership-ceo-fran-millar-leaves-premium-kit-manufacturer-rapha\/\" data-hl-processed=\"none\" data-article-category=\"cycling-kit-accessories\" data-mrf-recirculation=\"inline-link\" data-before-rewrite-localise=\"https:\/\/www.cyclingnews.com\/cycling-kit-accessories\/changes-call-for-a-different-governance-and-leadership-ceo-fran-millar-leaves-premium-kit-manufacturer-rapha\/\" target=\"_blank\" rel=\"noopener\">CEO Fran Millar had left the business<\/a>, premium cycling kit brand Rapha announced provisional financial results, which show the company still has a long way to go to regain financial stability.<\/p>\n<p>Despite asserting that the structures Millar put in place during her two-year tenure are working, the company\u2019s figures show a further reduction in turnover, down from \u00a396m in the 2024 financial year to \u00a389m in 2025, its Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) are also down to a deficit of \u00a35.6m, \u00a33m less than last year.<\/p>\n<p><a id=\"elk-seasonal\"\/><\/p>\n<aside data-article-category=\"cycling-kit-accessories\" data-block-type=\"embed\" data-render-type=\"fte\" data-skip=\"dealsy\" data-widget-type=\"seasonal\" class=\"ecom-root\"\/>\n<p id=\"elk-41aa941a-b7fb-11f1-82ff-cd797af70d2c-2\" aria-hidden=\"true\" class=\"kiosq-b\">While the Customer Lifetime Value, the worth of a customer to the business, and a key indicator of customer retention, is up to \u00a3634, the company is reporting an operating loss of \u00a321.1m, \u00a34m more than last year and worse than 2023. This marks a ninth consecutive year of operating losses for Rapha.<\/p>\n<div class=\"my-6 w-full overflow-hidden rounded-[10px] lg:my-8\" data-component-name=\"JwPlayer:Carousel\" data-jwp-carousel=\"\" data-jwp-carousel-payload=\"{&quot;ids&quot;:{&quot;playerID&quot;:&quot;jYDCcabO&quot;,&quot;searchPlaylistID&quot;:&quot;gwjdoYHD&quot;,&quot;divID&quot;:&quot;botr_gwjdoYHD_jYDCcabO_div&quot;,&quot;fallbackPlaylistID&quot;:&quot;gwjdoYHD&quot;,&quot;fallbackDivID&quot;:&quot;botr_gwjdoYHD_jYDCcabO_div&quot;,&quot;key&quot;:&quot;X9\\\/mXVGac0NphghLH9hZaqWA5d3dhAM\\\/Ih07grnEyMLjuO2E&quot;,&quot;tintLogo&quot;:true,&quot;useSearchPlaylist&quot;:false,&quot;enabled&quot;:true},&quot;signPostingEnabled&quot;:true,&quot;signPostingLinkEnabled&quot;:true,&quot;waitForAdLoad&quot;:false,&quot;hidePlayerOnDesktop&quot;:false,&quot;hidePlayerOnMobile&quot;:false,&quot;hidePlayerOnTablet&quot;:false}\">\n<div class=\"flex flex-nowrap items-center justify-between gap-3 bg-zinc-900 px-[14px] py-3\" data-jwp-carousel-header=\"\">\n<p><span class=\"inline-flex items-center gap-1.5 text-sm font-article-heading capitalize leading-5 text-white whitespace-nowrap\"><span class=\"jwp-carousel-title-mobile\"\/><span class=\"jwp-carousel-title-desktop\">Latest Videos From<\/span><span class=\"jwp-carousel-brand\">Cyclingnews<\/span><\/span><\/p>\n<\/div>\n<\/div>\n<p aria-hidden=\"true\" class=\"kiosq-b\">&#8220;These numbers reflect deliberate decisions to invest in our brand, product quality, cycling communities and customer experiences, while reducing our reliance on discount and promotional related activities &#8211; choices that will strengthen the business over time,&#8221; read a statement released on Wednesday, September 23.<\/p>\n<p aria-hidden=\"true\" class=\"kiosq-b\">According to the press release, Millar put in place a new vision and strategy, before suggesting to the company\u2019s board that she step down &#8220;to allow new leadership to guide the next phase.&#8221;<\/p>\n<aside data-component-name=\"Recirculation:ArticleRiver\" data-recirculation-type=\"inline\" data-mrf-recirculation=\"Trending Bar\" data-nosnippet=\"\" class=\"clear-both pt-2 pb-0 mb-4\">\n        <span class=\"&#10;            flex&#10;            after:content-[''] after:flex-1 after:ml-4 after:my-[0.7rem] after:border-t after:border-solid after:border-t-[#ccc]&#10;            before:content-[''] before:flex-1 before:mr-4 before:my-[0.7rem] before:border-t before:border-solid before:border-t-[#ccc]&#10;            font-article-heading pb-0 text-[length:var(--article-river-title--font-size,1em)] uppercase sm:text-[length:var(--article-river-title--font-size,0.875em)] font-bold&#10;        \"><br \/>\n            You may like<br \/>\n        <\/span><\/p>\n<\/aside>\n<p aria-hidden=\"true\" class=\"kiosq-b\">&#8220;While there are encouraging green shoots, we believe significant changes are essential to establish a stronger, more sustainable path forward,&#8221; Rapha\u2019s press release continued, before suggesting job losses may be on the horizon. &#8220;This involves a proposed organisational restructure and a formal consultation process with affected team members will now take place. We believe these proposed changes are necessary but recognise the personal impact on affected colleagues, and we do not take these decisions lightly.&#8221;<\/p>\n<p aria-hidden=\"true\" class=\"kiosq-b\">Despite the numbers, the company insists early signs are that the strategy put in place is bearing fruit, with &#8220;encouraging revenue growth in a number of our key territories and in our like-for-like Clubhouses, with fewer days on promotion and increased customer acquisition vs last year.&#8221;<\/p>\n<div id=\"slice-container-newsletterForm-articleInbodyContent-crQdjXD5WLveRTFQYQjzgD\" class=\"slice-container newsletter-inbodyContent-slice newsletterForm-articleInbodyContent-crQdjXD5WLveRTFQYQjzgD slice-container-newsletterForm\">\n<div data-hydrate=\"true\" class=\"newsletter-form__wrapper newsletter-form__wrapper--inbodyContent\">\n<div class=\"newsletter-form__container\">\n<section class=\"newsletter-form__top-bar\"\/>\n<section class=\"newsletter-form__main-section\">\n<p class=\"newsletter-form__strapline\">The latest race content, interviews, features, reviews and expert buying guides, direct to your inbox!<\/p>\n<\/section>\n<\/div>\n<\/div>\n<\/div>\n<p aria-hidden=\"true\" class=\"kiosq-b\">In 2017 the company was sold by founder Simon Mottram to RCZ Investments, a private equity firm headed by the heirs to the Walmart empire, Steuart and Tom Walton.<\/p>\n<p aria-hidden=\"true\" class=\"kiosq-b\">&#8220;My brother and I have been majority owners of Rapha for nine years,&#8221; Steuart Walton is quoted as saying. &#8220;We love the brand, the product, and what Rapha stands for, and we are deeply grateful to the people who have made the company so special.<\/p>\n<p aria-hidden=\"true\" class=\"kiosq-b\">&#8220;Our belief in Rapha has not changed. We remain committed to the power of cycling to make the world a better place and to Rapha\u2019s unique role in advancing that idea.&#8221;<\/p>\n<p id=\"elk-f27126e0-b802-11f1-928e-9936c38c9d31\" aria-hidden=\"true\" class=\"kiosq-b\"><em><strong>Subscribe to Cyclingnews for comprehensive race coverage of both the UCI Road and Gravel World Championships, alongside the final monument of the season, Il Lombardia. Subscribers get unlimited access to exclusive analysis from our expert columnists, in-depth features and industry-leading tech insight. Plus, the Cyclingnews app lets you follow the action wherever you go! <\/strong><\/em><a data-analytics-id=\"inline-link\" href=\"https:\/\/www.cyclingnews.com\/subscription-paid\/?utm_source=Referral+link&amp;utm_medium=Website&amp;utm_campaign=WORLDS26\" data-url=\"https:\/\/www.cyclingnews.com\/subscription-paid\/?utm_source=Referral+link&amp;utm_medium=Website&amp;utm_campaign=WORLDS26\" data-hl-processed=\"none\" data-article-category=\"cycling-kit-accessories\" data-mrf-recirculation=\"inline-link\" data-before-rewrite-localise=\"https:\/\/www.cyclingnews.com\/subscription-paid\/?utm_source=Referral+link&amp;utm_medium=Website&amp;utm_campaign=WORLDS26\" target=\"_blank\" rel=\"noopener\"><em><strong>Join today.<\/strong><\/em><\/a><\/p>\n<\/div>\n<p><a href=\"https:\/\/www.cyclingnews.com\/cycling-kit-accessories\/clothing-shoes\/encouraging-green-shoots-for-rapha-as-the-company-announce-a-ninth-year-of-operating-losses-ahead-of-organisation-restructure\/\" target=\"_blank\" rel=\"noopener\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The day it emerged that CEO Fran Millar had left the business, premium cycling kit brand Rapha announced provisional financial results, which show the company still has a long way to go to regain financial stability. Despite asserting that the structures Millar put in place during her two-year tenure are working, the company\u2019s figures show [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":264183,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[6804],"tags":[],"class_list":{"0":"post-264182","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-cycling"},"_links":{"self":[{"href":"https:\/\/sports.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/264182","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sports.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sports.runfyers.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sports.runfyers.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sports.runfyers.com\/index.php\/wp-json\/wp\/v2\/comments?post=264182"}],"version-history":[{"count":0,"href":"https:\/\/sports.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/264182\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sports.runfyers.com\/index.php\/wp-json\/wp\/v2\/media\/264183"}],"wp:attachment":[{"href":"https:\/\/sports.runfyers.com\/index.php\/wp-json\/wp\/v2\/media?parent=264182"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sports.runfyers.com\/index.php\/wp-json\/wp\/v2\/categories?post=264182"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sports.runfyers.com\/index.php\/wp-json\/wp\/v2\/tags?post=264182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}