For two decades, Rapha has been at the forefront of cycling culture, elevating the sport’s aesthetic and community-driven experience. The British brand encouraged us to wear our passion for cycling with pride, to celebrate our love for the sport and to invite others to join the ride. It wrote the playbook on how to be a successful cycling brand, but as it celebrated its 20th anniversary in 2024, it did so against a backdrop of continued financial challenges.
Reporting its seventh consecutive year in the red—with a pre-tax loss of £22.7 million ($29.5 million) in the latest accounts—Rapha is searching for a new path forward. Yet, despite its financial losses, there is an unmistakable optimism within the company as it bets on a future powered by women.
Rapha’s commitment to women on bikes isn’t new, but it’s never been more visible. Last fall, participation in the Rapha Women’s 100 event grew by 40%, making it its biggest year yet. A month later, Fran Millar stepped in as the brand’s new CEO, and headed into the 2025 season, Rapha is sponsoring more female athletes than male athletes.
The momentum in women’s sports is undeniable, and Rapha is determined to not just be part of it but to lead the way once again.
“It's not a secret that the bike industry has had a tough time, and not all of the news coming out of cycling is particularly positive at the moment, but on the women's side, we still feel that growth is coming and we want to be a big part of it,” Sophie Poston, Rapha’s Influence and Media Manager, told Cycling Weekly.
“It's a magic moment for women's sport where almost anything can happen.”
The women’s sports momentum
Women’s sports are experiencing an unprecedented surge in visibility, investment and fan engagement. In basketball, Caitlin Clark and her peers are electrifying the game, setting record-breaking viewership and attendance numbers. In soccer/football, the 2023 Women’s World Cup shattered records with 2 billion viewers. In cycling, the rebirth of a women’s Tour de France has given women’s racing a long-overdue spotlight, and commercially, it’s been deemed an “absolute, clear, undeniable success” with broadcasts in 190 countries worldwide and tens of millions of viewers for each stage.
“ I feel it’s this moment where the world's sort of waking up to the value of that,” said Poston, acknowledging the commercial opportunities driven by the rapidly growing demand for women’s sports and increasing participation trends.
“It’s a really optimistic time for women’s sport in general. It would be really cool if women’s cycling could have a bit of that Caitlin Clark effect that’s happened in America. There are lots of things going on at Rapha at the moment, as well, where we feel this genuine sense of optimism and momentum around the women's side of the sport.”
Build it and they will come
Of course, Rapha does not expect female customers alone to push the brand back into the green. Currently, the ratio of its male to female customers is estimated at 3 to 1, which is in line with the cycling market at large and also the gender split of this publication’s readership.
Male riders needn’t worry – they remain Rapha’s priority number one – but the women’s sector is increasingly seen as a crucial growth opportunity for the brand’s future success.
“ I think we hope, like everyone else in the industry, that we can be part of growing the customer base that are women by encouraging more women to get out on their bike. That's a big ambition. We want to make that investment. And then we have faith that the customer base will grow as a result of that investment,” Poston explained.
The Women’s 100 is a prime example of a successful initiative to get more women on bikes. It’s been going on for 10 years and growing steadily.
“Rapha’s biggest-ever Women’s 100 last year is another sign of momentum, but we want to move faster. We want to inspire more women to ride by telling the stories that matter, breaking down barriers, and showing the world what women’s cycling really looks and feels like,” said Christina Lindquist, Rapha’s Marketing Director
From the outset, Rapha captured the spirit of cycling with iconic imagery of beauty paired with grit and determination. However, while this ‘by us, for us’ approach resonated deeply within the core cycling community, it may not have been as effective in attracting new customers to the sport. A key part of Rapha’s strategy is recognising the diversity among its riders and expanding its vision of who the 'Rapha rider' can be.
“Cycling as a whole is a really diverse sport with lots of different tribes. Rapha recognises that there are customers out there who feel underserved or who don’t feel like they resonate with anyone at the moment. We hope that we can address that as well and be the brand that sees them, that innovates for them, that designs for them,” said Poston, pointing to the brand’s modest-wear collection as an example.
This range of products includes a cycling-specific hijab, full-length pants and loose-fitting tops.
“ Are there currently a huge number of Muslim cyclists looking for a hijab to ride in? No, but there are some and there will be more once that product exists,” Poston said.
Build it and they will come.
Can women revive Rapha’s profitability?
Rapha understands that women alone won’t flip the market on its head but it recognises the immense purchasing power and influence this sector holds. By investing in inclusivity, storytelling and community-building, Rapha aims to position itself as the brand that women who bike turn to.
The brand is investing in both ends of the spectrum, supporting beginning riders and the world’s top-tier racers alike. To that end, it has assembled an impressive roster of sponsored athletes, from charismatic EF Pro Cycling riders on the women’s WorldTour to privateers like world-record breaker Lael Wilcox, the darling of XCO Kate Courtney, and the most fun group of gravel racers you’d want to be a part of. These athletes will be key in ensuring the brand's products are world-class while helping shape the brand’s narrative.
The challenges facing the cycling industry are significant, but Fran Millar is well-suited for the job. Millar has an impressive track record when it comes to transforming brands. She played a pivotal role in Team Sky’s success, guiding the team’s rise to dominance with seven Tour de France wins under her leadership. Later, as CEO of the struggling British fashion brand Belstaff, she led a remarkable turnaround, revitalising the apparel brand and driving its return to profitability.
“The future is bright," Lindquist concluded. "The future is female."
