Frasers Group Acquires 8.78 Percent Stake in Under Armour

Frasers Group acquired an 8.78 percent stake in the Class A shares of Under Armour, purchasing 16.576 million shares. The investment was disclosed in a regulatory filing with the U.S. Securities and Exchange Commission on October 1.

Frasers Group founder Mike Ashley and CFO Christopher Wootton certified in the filing that the purchase is a financial investment and not an attempt to influence the governance or control of the company. Under Armour remains under the control of President and CEO Kevin Plank, who holds all Class B shares and roughly 65 percent of the voting rights.

Plank welcomed the retail conglomerate as a strategic shareholder and commercial partner. The investment coincides with a turnaround program at Under Armour intended to shift the company toward a more premium brand positioning, a process expected to continue through the end of 2026. Frasers Group has recently expanded its retail portfolio through stakes in Puma and Burberry, as well as the acquisition of Harvey Nichols.