Fran Millar has departed from her role as chief executive of Rapha, the cycling apparel brand, after serving two years in the position. In announcing her exit, she pointed to forthcoming organisational restructuring aimed at cutting expenses and boosting operational efficiency.
In a statement shared via Instagram on Wednesday, Millar explained that her strategic blueprint for Rapha had already been established and that the company’s direction was well-defined. What was left, she noted, was execution. To facilitate that, she said the business would undergo substantial structural changes, which in turn necessitated a fresh approach to governance and leadership. Consequently, she recommended to the board that she relinquish her CEO position.
Millar originally took the helm at Rapha in 2024. Before that, she led Belstaff as CEO, joining the fashion house in 2020 with a mandate to reverse its fortunes after it recorded a £20 million annual loss in 2019. Under her guidance, Belstaff reached break-even status by 2024.
At Rapha, she faced a comparable challenge, as the brand had frequently drawn attention for its financial struggles.
In October of last year, BikeRadar reported that Rapha’s financial statements for the period concluding in January 2025 showed revenues of £96.2 million alongside a net loss of £15.6 million. This marked the eighth year in a row that the company reported a net loss.
Back then, Millar expressed her ambition to restore Rapha’s standing at the pinnacle of the cycling world. She emphasised the need to return to excellence in everything the brand does.
As part of that strategy, Millar made the decision to end Rapha’s seven-year association with EF Pro Cycling, explaining that from her perspective as both a customer and a fan of the sport, the partnership had lost its vitality.
On a more expansive note, Rapha unveiled a collaboration with USA Cycling, aiming to extend the company’s visibility and attract a broader customer demographic.
Millar indicated that this move was feasible because of reinvigorated confidence in Rapha from both its internal team and its financial supporters.
Additionally, Rapha stated last year that it was placing greater emphasis on Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA).
The company’s chief financial officer, Michelle Woolaghan, told BikeRadar that Rapha’s losses stemmed from ongoing amortisation—essentially the depreciation of goodwill and tangible assets—following the brand’s acquisition in 2017 by Steuart and Tom Walton, the grandsons of Walmart founder Sam Walton.
Rapha also aimed to scale back its reliance on discounting and promotional sales. Woolaghan described the shift as gradually moving away from what she termed the “discounting drug.”
Reflecting on her time at the company, Millar wrote in her Instagram post that she felt immense pride in the dedicated, loyal, and passionate individuals working at Rapha around the globe, describing her two years leading them as a genuine pleasure.
She concluded her message by expressing gratitude to the team, the members, the customers, and the brand itself.
Rapha has not yet issued any statement regarding Millar’s departure.
