Fran Millar resigns as Rapha CEO ahead of 'significant organisational changes to reduce cost and drive efficiency'
Millar steps away after two years in role
Fran Millar has resigned as CEO of Rapha, a cycling clothing brand, after two years at the helm. In a post on Instagram, Millar warned of significant operational changes to come, stating that her vision and strategy for the company would continue. The news of her departure was first reported by Escape Collective and later confirmed by Millar herself. Rapha has not yet commented on the situation.
Millar, who joined Rapha in September 2024, was previously the CEO of British clothing brand Belstaff and led Team Ineos in cycling. In October, Rapha announced its eighth consecutive year of financial losses, with an operating loss of £17.2 million, a slight improvement from the previous year's £21.2 million loss. The company reduced its value by £102 million in the same accounts.
Millar attributed the financial struggles to factors such as amortisation, which accounts for around £10 million in losses annually. She proposed that the board make significant organizational changes to reduce costs and improve efficiency. Rapha has closed five Clubhouses across the USA and the UK, a decision Millar described as painful but necessary. The company is owned by the Walton brothers, the grandchildren of the Walmart founder.
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