Fran Millar has left Rapha after a two-year tenure as the cycling clothing company’s CEO, warning of organisational changes “to reduce cost and drive efficiency”.
In an Instagram post published on Wednesday, Millar said her “vision and strategy” for Rapha are set in place “and the path ahead for the brand is clear”.
Millar wrote: “What remains is delivery. To support that, the business will make significant organisational 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 joined Rapha as CEO in 2024. Previously, she was the CEO of Belstaff, which she joined in 2020 to turn around from an annual loss of £20 million in 2019. The clothing company broke even in 2024.
Her task was similar at Rapha, which had repeatedly made headlines for its financial losses.
Last October, BikeRadar reported that Rapha’s financial results for the period ending January 2025 revealed revenues of £96.2m and a net loss of 15.6m. It was the eighth consecutive year that Rapha posted a net loss.
At the time, Millar said she wanted to get Rapha back to the forefront of cycling. “We’ve got to get back to being brilliant at what we do,” she said.
Part of this vision prompted Millar to cut ties with EF Pro Cycling after seven years. Millar said: “As a customer and fan of the sport, I felt that relationship had gotten tired.”
Rapha also revealed a partnership with USA Cycling in a bid to broaden the company’s reach and customer base.
Millar said the decision was possible due to a renewed belief in Rapha from within the company and its financial backers.
Last year, Rapha also said it was more concerned with Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA).
Rapha’s chief financial officer, Michelle Woolaghan, told BikeRadar Rapha’s losses were due to ongoing amortisation, essentially the depreciation of goodwill and tangible assets, following Rapha’s purchase by the grandsons of the Walmart founder Sam Walton, Steuart and Tom Walton, in 2017.
It also wanted to reduce its discounting and promotional sales. “We're kind of coming off the discounting drug, I suppose,” Woolaghan said.
Millar wrote in her Instagram post: “I am incredibly proud of the passionate, loyal, committed people who work at Rapha across the world and it has been a joy to lead them for two years.
“All that remains to say is THANK YOU to our team, our members, our customers and the brand.”
Rapha has not yet commented on Millar’s departure.
