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Rapha's CEO Fran Miller is out after two years, and the brand that once rewrote the rules of cycling apparel is facing a hard reckoning. In this episode, we talk with two guests about how Rapha got here and whether it can turn things around.
First up is industry expert Juansi Vivo. He walks through the red flags: falling revenue, growing losses, CEO turnover and the £200M Walton acquisition. He argues that Rapha's real asset was never the product. It was the culture, and that culture faded as the company chased growth.
Then brand strategist Zach Heffner looks at it through a branding lens. He explains how Rapha became a true "love mark," balancing exclusivity with inclusivity, and why wider distribution and cost-cutting can turn brand love into a sense of betrayal.
We're rooting for Rapha. But the signals aren't good.
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