Rapha, nice but a bit pricey?

Probably overdue TBH.

They have majority shareholders who are now the founders, and the business is healthy and profitable after more than a decade.

Typically such investors and shareholders are looking for initial returns in the 7-10 year range and more substantial returns in the 10-15 year range. We're well into the latter, and it's a natural point for what is now a large company (typical definition caps headcount below 250 as medium, below 50 as small) to benefit from mature systems, streamline costs, and new investment to reach the next level.

It was always going to happen (investors always want am exit and return), let's hope it's a buyer who will understand the brand...

... the real debate is surely: fashion house vs sports empire? Which would we hope for?

I think it naturally fits a fashion house, and indeed some of their hiring suggests that is what they think too... but if that happens then the prices will be a little pricier in time.