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All the data suggests this is not the case. The global cycling apparel market is about $60B so there's plenty of room for a brand to be 10x the size of Rapha. The growth of MAAP / PNS and the countless other new entrants (relatively speaking) suggests that there is still consumer demand for brands that offer the sort of product they want.
Rapha is in a bit of a mid-life crisis, and it shows. Their desire to be a mass-market something-to-everyone brand has diluted all their brand value. It's all become a bit Uniqlo on wheels.
user6927
@hugo7
Is it ultimately just that a business like Rapha has a max size which has been far surpassed?
They had a niche providing really good core cycling gear that didn't look shit. Then migrated into smart prommuter gear that didn't look shit. Whilst always having a sideline in trinkets.
Beyond that what are your options? Ramping up the price and reducing the quality. I just don't see meaningful growth in customers.
Curious to hear opinions from people who know what they're talking about.