Mike Ashley’s Frasers Group has bought an 8.8% stake in Under Armour. It acquired 16.6 million shares, valued at approximately $80 million.
Disclosed in a regulatory filing, the investment makes the UK-based retail conglomerate one of Under Armour’s largest shareholders. It fits Frasers’ strategy of investing in sportswear and fashion brands facing turnarounds or market headwinds.
Under Armour founder Kevin Plank, who retains majority voting control, welcomed Frasers as a strategic shareholder and commercial partner. A full takeover is considered unlikely because of Plank’s control.
Frasers also holds significant stakes in Puma and Hugo Boss. It has been expanding its luxury and international retail footprint.