Fran Millar Leaves Rapha as Brand Reports £25.3 Million Loss

Fran Millar has stepped down as Rapha CEO as the cycling apparel brand prepares a major organizational restructuring after recording a £25.3 million net loss in its latest financial year.

Rapha confirmed Millar’s departure Wednesday following an initial report by Escape Collective.

The company said Millar suggested leaving after two years in charge so new leadership could oversee the next steps in its turnaround plan.

“With a new vision and strategy in place, CEO Fran Millar suggested to the Board that she step down to allow new leadership to guide the next phase, a decision the Board has accepted,” Rapha said in a statement provided to Velo.

The leadership change comes as Rapha moves to simplify its business, cut costs, and pursue what it calls “sustainable profitability” by 2027.

Rapha’s proposed restructuring is expected to include job cuts, and a formal consultation process will now begin, officials said Wednesday.

Rapha did not disclose how many positions could be affected or identify Millar’s successor.

Rapha reveals big losses in 2025

The company also provided an early look at financial results it expects to report this month that reveal why big changes are coming.

Rapha reported turnover of £89 million for the financial year ending January 25, 2026, down from £96 million the previous year and £110 million two years earlier.

Its pre-exceptional EBITDA loss widened to £5.6 million, compared with £2.6 million in 2025, according to released numbers.

The company posted an operating loss of £21.2 million and a net loss of £25.3 million. That compares with a £17.2 million operating loss and a £15.6 million net loss in the previous financial year.

The company pointed to signs of progress during its current financial year.

Rapha Cycling Club membership has increased 18 percent year to date, while customer lifetime value rose from £621 to £634. Rapha also reported growth in several key markets and stronger performance at some of its Clubhouses.

“While there are encouraging green shoots, we believe significant changes are essential to establish a stronger, more sustainable path forward,” the company said.

Millar leaves after two years

Millar joined Rapha in September 2024 after leading British motorcycle clothing brand Belstaff. She previously held senior roles with Team Sky and the Ineos Grenadiers.

During her tenure, Rapha ended its seven-year partnership with the EF Education men’s and women’s WorldTour teams, but signed a four-year agreement with USA Cycling running through the 2028 Los Angeles Olympic and Paralympic Games.

“The vision and strategy I set are in place, and the path ahead for the brand is clear. What remains is delivery,” Millar wrote on Instagram on Wednesday.

“To support that, the business will make significant organizational 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’s majority owners, Steuart and Tom Walton, remain committed to the company, according to Steuart Walton.

“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’s unique role in advancing that idea,” Walton said. “We are confident in the long-term future of the brand and committed to helping Rapha achieve its ambitions.”

Rapha Reveals Financial Results: FY23-FY25