The rapha comparison is daft. Rapha started with an incredibly strong core - good brand and a few good products, from the off. What was it, classic bibs and merino jerseys, if memory serves? Built steadily from there.
Vulpine started with a huge song and dance - very social media-based, very Nick Hussey-based. That's a huge risk because as we all know, people can get very tiring on the socials. If your products aren't strong enough to back up your promises, that's even worse. Did Vulpine ever have a good core product, shrinking socks aside? Everyone I've ever spoken to, even if they liked the look of it, complained the jackets did not work as promised.