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And I agree, the fade is different from the solid colour-blocked armband. However, as a brand mark becomes more established, it becomes easier to argue an infringement. ie Cadbury now protect the shade of purple used on wrappers, but I probably wouldn't be able to setup a chocolate bar company from my kitchen and register say, a blue foil wrapper, until the colour became ubiquitous with my brand.
There is too little original in the Rapha designs to try to go up against someone as big as Shimano. Sick fades are hardly copyrightable, likewise one could claim prior art on the arm band (Hugo Boss's 1939 collection...)
https://www.newmediarights.org/business_models/artist/can_you_copyright_clothing_designs