IN BRIEF
On 23 September 2026, Rapha reported negative EBITDA of £5.6 million for the financial year ending January 2026, more than double the £2.6 million of the previous year, on turnover of £89 million. The British cycling apparel brand is launching a restructure, with a formal consultation of affected staff, a prelude to job cuts whose number has not been specified, according to road.cc. The same day, Fran Millar stepped down as chief executive (CEO) after two years, explaining that she herself had proposed her departure to the board. Rapha had not announced a successor as of 23 September, according to Velo. Rapha is still aiming for “sustainable profitability” by 2027.
| Financial year | Ended 25 January 2026 (previous: ended 26 January 2025) |
| Turnover | £89m (£96m the previous year, £110m for the year ending January 2024) |
| Negative EBITDA | £5.6m (£2.6m the previous year) |
| Operating loss | £21.2m (£17.2m), according to Cycling Weekly |
| Net loss | £25.3m (£15.6m), according to road.cc |
| Target | “Sustainable profitability” by 2027 |
| Leadership | Departure of Fran Millar, CEO since September 2024; no successor announced as of 23 September, according to Velo |
Rapha made two announcements in a row on the same day, Wednesday 23 September 2026. In the morning, Fran Millar said on social media that she was leaving as chief executive of the British brand, news first reported by Escape Collective. In the afternoon, a Rapha statement quoting shareholder Steuart Walton revealed sharply lower results and announced a restructure.
Rapha’s losses deepen, which the brand links to cutting back on discounts
Turnover for the financial year ending 25 January 2026 stands at £89 million, down £7 million year on year, according to the statement quoted by Cycling Weekly. It was £96 million the previous year and £110 million two years earlier (financial year ending January 2024). EBITDA (earnings before interest, taxes, depreciation and amortisation) went from a loss of £2.6 million to a loss of £5.6 million. The operating loss rose to £21.2 million, against £17.2 million a year earlier, according to Cycling Weekly. The brand has thus posted a ninth consecutive year in the red, according to road.cc and Cycling Weekly. A large share of these losses comes from an amortisation charge of around ten million pounds a year, inherited from the brand’s 2017 acquisition by RZC Investments, the Walton brothers’ investment company, according to road.cc and Cycling Weekly.
Rapha stands by these results. “These numbers reflect deliberate decisions to invest in our brand, product quality, cycling communities and customer experiences,” the statement says, linking them to a reduced reliance on discounts and promotions. The brand adds: “Early signs in the current financial year suggest the strategy is working.” It points to a recovery in Rapha Cycling Club membership, up 18 % since the start of the year, and a 31 % year-on-year rise in new customers at the Bentonville Clubhouse.
A restructure and jobs at risk
To reach the “sustainable profitability” it is targeting in 2027, Rapha is announcing a proposed reorganisation and the opening of a formal consultation with affected staff. “We believe these proposed changes are necessary but recognise the personal impact on affected colleagues,” the brand writes. According to road.cc, the number of jobs set to go had not been made public as of 23 September.
Fran Millar steps down after two years
“After two bonkers and brilliant years, I’ve decided to leave Rapha,” Fran Millar wrote. “The vision and strategy I set are in place, and the path ahead for the brand is clear. What remains is delivery.” In her view, the major organisational changes intended to cut costs and improve efficiency call for a different governance and leadership structure. That is why, she says, she proposed to the board that she step down as CEO.
The board accepted her departure, intended to let new leadership take the next stage forward, according to the statement sent to Velo. According to Velo, Rapha had not announced a successor as of 23 September. Fran Millar joined in September 2024 after running Belstaff, the British motorcycle apparel brand. Before that, she was one of the founders of Team Sky in 2009, of which she later became CEO.
The Waltons keep their faith
Rapha has been owned since 2017 by Steuart and Tom Walton, heirs to Walmart. “My brother and I have been majority owners of Rapha for nine years,” Steuart Walton recalls in the statement, before stating: “Our belief in Rapha has not changed.” The official website remains rapha.cc; the detailed figures are published by road.cc.
