LONDON (BRAIN) — Rapha has cut 15 jobs at its headquarters in the name of reducing redundancy and costs, the company said. The company said sales were up significantly last year but that it now focusing on long-term profitable growth rather than short-term sales.
The move comes a little over a year since RZC Investments, a firm run by Walmart heirs Steuart and Tom Walton, had bought a majority stake in the brand for about $250 million.
A Rapha spokesman told BRAIN, "In 2017 Rapha delivered our 14th consecutive year of strong sales growth, with revenue increasing by 32%. As we entered 2018, we adjusted our trading strategy, prioritizing long-term profitable growth above short term sales. As part of this, we are simplifying certain areas of the business, in order to reduce costs, and consolidate and strengthen our position. These actions will result in the reduction of a limited number of positions in our London headquarters."
