Frasers Group snaps up stake in Under Armour

UK-based Frasers Group, parent company of Sports Direct, has acquired an 8.78 percent stake in Under Armour, according to a Schedule 13G regulatory filing dated October 1.

The filing shows Frasers holds 16.6 million Class A shares in the US sportswear company, giving the British retail giant a significant position as Under Armour continues to navigate a period of restructuring. The brand's founder Kevin Plank retains around 65 percent of total voting interest.

While a full takeover appears unlikely for now, the move mirrors similar approaches Frasers has made in taking minority investments to gain influence with brands, including encouraging strategic changes or deepening commercial ties.

The stake comes as Under Armour’s shares hit nearly historic lows, with the company's stock closing at 4.71 dollars on Friday, compared with a record low of 3.95 dollar in November 2025. The company also lowered its fiscal year guidance in August.

Frasers, meanwhile, has continued to build up a portfolio of minority stakes across the fashion and sportswear sectors. The group acquired a nearly 6 percent stake in Puma in March, and also holds interests in Burberry, Asos, Debenhams Group and Mulberry.

In some cases, the company has also moved beyond minority investment to acquisition. It is currently seeking control of Hugo Boss after raising its stake to 47.89 percent following a voluntary two billion euro cash takeover offer, which Hugo Boss has called for shareholders reject.

In June, Frasers also made an all-cash offer for Australian footwear retailer Accent Group after taking a 22.9 percent stake, which was later rejected.