I've seen it launch, build and grow its brand almost entirely through direct marketing, online and offline.
Today Rapha publishes books, Rouler magazine, runs events and gives its name to a pro cycling team. But at the core is its clothes range. Here the Autumn/Winter collection is presented in its trademark style, redolent of cycling's golden age.
But it's only a catalogue you might say, what's clever about that? There isn't even an order form. But follow the brand online, and you will discover that Rapha's writers are continuing to add to cycling's proud literary heritage, while its photographers capture the epic and the everyday life of the sport to wonderful effect.
Rapha builds a rich brand story around something very like what our parents used to call 'mail-order clothing' - just about the most difficult sector in clothing retail to get right.
What you are looking at here is a remarkable combination of very modern marketing with a successful retro twist.