Sports Direct owner Frasers Group has taken an 8.78 per cent stake in Under Armour, extending its swiftly growing portfolio of investments.
It has acquired 16.6m Class A shares in the brand, according to a filing with the US Securities and Exchange Commission made on 1 October. The filing lists 24 September as the date on which the investment triggered the disclosure requirement.
This makes Frasers a significant shareholder in Under Armour, although founder and chief executive Kevin Plank retains control of the business through around 65 per cent of its voting power.
Frasers, which is led by chief executive Michael Murray and controlled by founder Mike Ashley, has repeatedly used minority investments to build relationships with fashion and sports brands, as well as to take positions in businesses it believes are undervalued.
Earlier this year, Frasers built a near-six per cent holding in Puma, while it has also held investments across retailers and brands including Asos, Mulberry and Debenhams Group. In other cases, Frasers has gone on to pursue larger stakes or outright ownership after initially buying a minority position.
Under Armour is working through a major turnaround programme under Plank, who returned to the chief executive role in 2024.
Under Armour sales fell three per cent to $1.1bn during its first quarter to 30 June, with North American revenue down nine per cent and footwear sales falling eight per cent. The business subsequently downgraded its full-year revenue forecast and now expects sales to decline by a mid-single-digit percentage.
It is also working through a restructuring programme expected to cost around $305m, which it plans to substantially complete by the end of December.
Under Armour shares have been trading close to historic lows, closing at $4.71 last Friday compared with a low of $3.95 reached in November 2025.
Click here to sign up to Retail Gazette‘s free daily email newsletter
