2026 JANUARY ISSUE
RAPHA
THE CYCLING FASHION GROUP
Written by ANDREW SIA
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From the Desk of the Publisher
I came across an article reporting about a cycling fashion brand, Rapha, and I made some research and came up with this writeup. I learned that during the Covid pandemic, cycling happened as the sport surged. At that time gyms were closed and pools, team sports, and indoor studios were stopped. Cycling was classified as solo outdoor exercise to allow the participants to move freely and safely. It is considered the low-infection risk because it is outdoor, keeps the distance, and can be solo participation.
Cycling also avoids public transportation like trains and buses. We saw that in the cities they have expanded temporary bike lanes. It becomes a practical commuting option and also the way to train our physical condition. It has also brought along the digital fitness social media platforms like Strava, Zwift, and Peloton, that track activities for users for cycling, running, GPS data, heart rate, and power output. It is becoming a trend.
I want to emphasize that cycling grew during Covid because it was safe, mentally restorative, socially flexible, and encouraged by the community. It grows alongside with running, hiking, at-home fitness and virtual sports.
Going forward, I’ll explore the opportunities that the cycling sport can bring us for the sports fashion. We can explore deeper into the performance of the fabrics and the benefits that this sport can bring us.
Introducing Rapha
Rapha is a well-known high-end cycling and lifestyle brand founded in 2004 in London by Simon Mottram and Luke Scheybeler. The brand is best known for premium road-cycling jerseys, bibs, and accessories. It redefines cycling fashion with minimalist designs and Rapha Cycling Club (RCC) community spaces called clubhouses are established around the world.
After it was founded, Rapha quickly rose to become one of the biggest names in cycling fashion, known for its minimalist designs, high quality, and details. The cycling fashion brand whose rapid ascent came crushing to a halt with the end of the pandemic bike boom.
Financial Challenge
Financially, Rapha struggled for many years and have been posting losses. It resulted the change of chief executives, and currently Fran Millar is its fourth executive in three years. She was hired from the fashion brand Belstaff and previously run the Team Sky and Ineos Grenadiers professional cycling team.
The company posted a £22 million loss in its most recent financial year with declining sales and fewer new customers. Rapha made operational cuts like closing some distribution centers and layoffs at its North American office.
Rapha’s latest financial numbers show that even with the biggest names in cycling, it is still struggling with the pandemic boom and bust, when a sharp rise in the popularity of cycling during lockdowns was followed by a sudden stop. With a 50% year-on-year revenue growth for more than a decade to 2021, the cyclists were wearing its kit as “badge of honor.”
In 2017, the company sold a majority stake to RZC Investments, a company owned by brothers Steuart and Tom Walton, cycling enthusiast grandsons of Walmart founder Sam Walton. In that deal Rapha was valued at about £200 million. This time, RZC provided £15 million in additional capital. Followed by an earlier £39 million debt-to-equity swap.
Rapha Club Activities
Membership numbers of Rapha Cycling Club have fallen by a third to 15,000 over the past two years. But we can find them in major cities across Europe, the USA, and Asia Pacific. Rapha Cycling Club Chapters/Clubhouses serve as hubs with cafes, retail spaces, and in some locations, also bike rentals.
Its membership fee is about $95 annually., and it covers weekly rides, easy access to products, membership-only events, and access to worldwide Clubhouse locations for networking and support.
It ended its long-term World Tour sponsorship with EF Pro Cycling after the 2025 season. The brand is no longer only for road racing, it has already expanded into lifestyle offerings, travel, event, and mountain bike apparel. It formed a major new partnership with USA Cycling through 2029, including Olympic disciplines and hope for to bring Rapha back to profitability and grow responsibly over the next few years.
Rapha’s RCC clubhouses are iconic physical hubs for members, but recently it has closed several locations to better focus its activities and reduce costs. At the same time, it is continuing its international expansion, including a recent clubhouse in Shanghai and more in selected markets.
Millar is committed to reinvigorate the Rapha Cycling Club which is still the world’s largest cycling club. Its three-year deal with USCycling as mentioned earlier on was to sponsor the U.S. Olympic team to boost American cycling.
Rapha Product Overview
In Millar’s first year, she tried to restore a full-price model to build up the image of the brand. Going forward, Millar dropped the lifestyle-line, paused the production of cycling shoes, and merged the brand’s two long-distance cycling ranges. For the year’s 65 product launches will shrink to roughly half of the number in 2026. Fran Millar is in the process to reduce its product complexity,
Also, its inventory became heavily overwhelmed and the need to be sold at heavy discount which dented the profit, and it is also not good for the brand’s image.
For its cycling garments, it boosts its sustainability with increased use of recycled polyester, and introduced a program known as Rapha ReRoute for trade-in to extend product life.
Rapha is also in the mountain bike (MTB) market, offering a dedicated MTB apparel, and meanwhile it is expanding its presence in pro MTB/cycling and broaden its professional engagement.
Knowing the Competitors
With new rivals including Café du Cycliste and Pas Normal Studios who are targeting fashion-savvy cyclists, Rapha began to supply non-cycling gear such as hoodies and handbags.
We can compare Rapha with other premium cycling brands like Assos and Pas Normal Studios with their better-known products. We will feature this in another writeup. Meanwhile Rapha is prepared to climb back to profit again.
Enjoy to see the energy power of Rapha Films !