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croft
Fox
Really, was it? I think Vulpine was targeting a different audience. Rapha is targeted at road riders (well, was, now it's a lifestyle brand). Vulpine seemed targeted at people with money who commute and use cycling as transport but who are less serious about cycling.
Rapha sells itself by glorifying road racing and everything around it and started out making nice jerseys, bibs etc. for road riders. Vulpine has never been in that market. As @h2o points out Swerve and probably others were making 'urban cycling attire' before Rapha was so they clearly didn't invent it.
This is all a red herring anyway as I don't think they went bust because they targeted the wrong demographic or were competing with Rapha...