Take3 weeks ago
Fran Millar resigned as Rapha CEO two years after arriving to fix the brand's finances. She leaves before her own strategy could be tested: Rapha's net loss for FY25 hit £25.3 million, nearly double the £15.6 million lost the year before.
This is nine straight years of losses, but the direction matters more than the streak — the loss accelerated under the leadership brought in specifically to stop it. Co-owner Steuart Walton calls the widening gap "deliberate decisions to invest in our brand", yet EBITDA losses doubled to £5.6 million and revenue fell £7 million to £89 million. Rapha now heads into a formal restructuring and job cuts to reach profitability by 2027, with the CEO who set that path already gone.
Sources
Rapha's loss widens amid corporate turmoil - Escape CollectiveRapha's trading losses more than double and job cuts expected as part of bid to reach "sustainable profitability" by 2027 - road.ccRapha set for "significant organisational changes to reduce cost and drive efficiency" as Fran Millar steps down as CEO of British brand - road.cc
Analysed 3 sources, written and summarised with AI · How we work