The game is about to change...
Rapha built modern cycling culture, the minimalist aesthetic, the black and pink palette, the sense of belonging that made every jersey feel like a badge of honour.
But in 2025, the British brand once called “the Apple of cycling” (Anthony Walsh, Roadman Podcast) is deep in a rebuild: eight years of losses, four CEOs in three years, and a bold new pivot toward Team USA and the 2028 Los Angeles Olympics.
In this video, I break down how Rapha went from boom to bust, why it walked away from EF Pro Cycling, and how CEO Fran Millar plans to bring it back to profit by 2027.
Sources referenced
• Financial Times, Olaf Storbeck, “Cycling fashion group Rapha prepares for long climb back to profit” (Oct 18 2025)
• Cycling Weekly, Tom Davidson, “Rapha posts financial losses for eighth year in a row” (Oct 2025)
• CyclingNews, Anne Marije Rook, “Rapha to sponsor Team USA with an eye on 10 Olympic medals in L.A.” (Oct 2025)
• EF Pro Cycling and Rapha joint press release, “EF Pro Cycling and Rapha to part ways after 2025” (Oct 2025)
• Roadman Podcast, Anthony Walsh, Episode (June 2025)
Chapters:
00:00 - Start
00:12 - Boom, Bust and Boredom
00:57 - Demise of the clubroom
2:29 - The EF Era Ends
3:13 - From Pink to Red White and Blue
4:01 - Why Team USA Not GB
5:15 - Can Rapha Find Its Rhythm Again
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