Take3 weeks ago
Fran Millar is leaving Rapha after two years as CEO. She proposed the exit herself, stating that "significant organisational changes to reduce cost and drive efficiency" require a different governance and leadership structure.
Millar says the five-year plan she set stays intact, with delivery continuing under new leadership. Her tenure cut Rapha's clothing range, slowed pandemic-era discounting, and closed five Clubhouses — moves aimed at trimming an operating loss that ran £17.2 million in the most recent year, an improvement on the prior £21.2 million. That's not a record that forces someone out; it's one that suggests the harder execution phase belongs to whoever comes next.
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