LONDON (BRAIN) — Rapha announced Wednesday that CEO Fran Millar was stepping down after two years in the role as the company also revealed a continued decline in revenues and profitability in its most recent reporting period.
The Walton family-owned company also said its continued turnaround plan will include job cuts.
“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 BRAIN on Wednesday.
The company said it hopes to return to profitability next year.
“We need to concentrate resources on the products and experiences that matter most to riders, with a simpler organization,” the company said.
As a U.K.-registered company, Rapha’s financial reports lag about three quarters from their reporting period; next month the company will publish its financials for the 12 months that ended in January 25, 2026. On Wednesday Rapha disclosed some of those figures earlier than necessary.
Rapha reported revenue of 89 million pounds ($118 million at current exchange rates) for the year, down from 96 million pounds the previous year and 110 million pounds two years earlier.
The company posted an operating loss of 21.2 million pounds and a net loss of 25.3 million pounds. That compares with a 17.2 million pound operating loss and a 15.6 million pound net loss in the previous financial year.
In its current fiscal year, Rapha says it has seen an 18% increase in Rapha Cycling Club membership sales an improved performance at some of its Clubhouse locations.
“While there are encouraging green shoots, we believe significant changes are essential to establish a stronger, more sustainable path forward,” the company said.
Millar shared thoughts about her departure on her Instagram page on Wednesday.
“The vision and strategy I set are in place, and the path ahead for the brand is clear. What remains is delivery,” Millar wrote. “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.”
Millar, a former manager with several pro cycling teams, CEO of the Belstaff apparel brand and sister of retired pro David Millar, joined Rapha in 2024. She replaced William Kim, who was CEO for less than a year.
