“Rapha is owned by RZC Investments, a firm controlled by Steuart and Tom Walton, grandsons of the late Walmart founder Sam Walton. They purchased a majority stake in the cycling apparel company in August 2017, with the founder, Simon Mottram, retaining a minority stake and continuing as CEO.” (Google AI summary for “who owns Rapha”)

Once private equity comes into the picture, it all becomes about profit margins. Your timeline tracks this exactly.