Rapha CEO departs amid losses as Financial Times reports record revenue

Fran Millar has stepped down as CEO of the British cycling brand Rapha after two years in the role. Her departure follows a period of financial decline for the company, which reported annual revenues of £89 million, a 7.3% decrease from the previous year. Operating losses for the brand rose to £21.2 million, while net losses increased to £25.3 million. The company is currently undergoing a transformation plan that includes organizational restructuring, cost reductions, and staff cuts.

In contrast, the Financial Times Group reported record financial results for 2025. According to internal documents, the group achieved revenues of £566 million, a 5% increase from 2024, and an operating profit of £51.8 million, representing a 23% rise. The growth is attributed to a strong subscription-based model that reduces reliance on advertising. The Financial Times has been owned by the Japanese company Nikkei since 2015.