Rapha has unveiled an optimistic vision of its future strategy as the company reveals a second successive year of operating losses. Following the news of the brand’s split with EF Education–EasyPost, Rapha has announced an expansive partnership with USA Cycling for the 2028 Olympic Games in Los Angeles.
Rapha’s 2024 results will soon be public, and reveal a turbulent picture for the company as operating losses sit at £17.2m, with an EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation – which more accurately reflects a business’s financial income in a year) loss of £2.6m.
The results came amid a drop in overall turnover, with total turnover sitting at £96m – down from £110m in the 2023 financial year.
Rapha’s CEO Fran Millar spoke to a handful of journalists in the Rapha headquarters in Archway, London, in advance of the financial results, explaining that she was “one year into a multi-year turnaround.” Millar had only been CEO for a handful of months during the 2024 reporting period.
Millar and Rapha CFO Michelle Woolaghan explained that the drop in revenue was partly down to “coming off the discounting drug”, as Rapha aims to rebuild customer quality and full-price sell-through.
The most striking figure in Rapha’s latest results is a major write-down by its parent company, Carpegna Ltd, which has reduced the carrying value — essentially, what an original investment is judged to be worth today — from £169 million to around £65 million. This isn’t a cash loss, but an accounting adjustment: the board has cut the value it records for Rapha by £102 million at the holding-company level. While largely an exercise in bookkeeping, it marks a reassessment of the brand’s worth since its 2017 acquisition by Walmart heirs Steuart and Tom Walton.
“We completed a funding round in May 2025,” revealed Woolaghan, stressing that there had been more investment in the business to move back to profitable growth with a target to be EBITDA-positive by 2027.
“Transformation takes time,” Millar explained. “The strategic decisions we are taking… will enable us to become profitable again as a business and support our vision to use the transformative power of cycling to make a difference to the world.”
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