Rapha CEO Fran Millar resigns amid deepening financial losses

Fran Millar has resigned as CEO of the British premium cycling apparel brand Rapha after two years in the role. Her departure coincides with the company reporting its ninth consecutive year of financial losses.

Rapha revealed an operating loss of £21.2 million and a net loss of £25.3 million for the most recent financial year, marking a decline from the previous year's operating loss of £17.2 million. Revenues also fell to £89 million, down from £96 million in the prior year.

In response to the financial situation, the company announced an upcoming organizational restructure and a formal consultation process, which is expected to include job cuts. The company stated that these changes are part of an ongoing transformation program aimed at reducing costs and driving efficiency. Despite the losses, Rapha noted that its current strategy is intended to strengthen the business over time by reducing reliance on discounts and investing in brand quality and customer experience.