An apparatus and method for cutting retainers on a continuous strand is provided. The apparatus may include a rotary head member configured to be rotatably driven about a longitudinal axis. The rotary head member may include a center hole substantially coincident with the longitudinal axis and configured to receive the strand. A retainer forming member may be supported on the rotary head member and may include a cutting edge directed substantially inward toward the longitudinal axis. When the rotary head member rotates about the longitudinal axis and the strand is continuously pulled through the center hole along the longitudinal axis, the cutting edge may intermittently or continuously cuts retainers about an outer surface of the strand.