Frasers Group acquires 8.8% stake in Under Armour

Billionaire Mike Ashley’s Frasers Group Plc acquired an 8.8% stake in Under Armour, expanding the Sports Direct owner’s investments in struggling sportswear brands.

Frasers holds about 16.6 million shares, according to an October 1 filing with the US Securities and Exchange Commission. The stake is worth around $80.1 million, based on Under Armour’s closing share price on Tuesday.

The investment extends Frasers’ push into sports brands that are underperforming or going through a turnaround. It recently disclosed a stake of almost 6% in Puma SE, and acquired Nordic sporting-goods retailer XXL last year.

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Under Armour fits the pattern. Its shares have slumped since August when the Baltimore-based athletic retailer downgraded it outlook, with sales forecast to drop in most of its global markets amid what it called a “challenging consumer demand environment.”

Shares of Frasers were little changed in early trading in London. They were up 21% this year through Tuesday’s close. Under Armour shares are down about 1.8% this year.

Under Chief Executive Officer and founder Kevin Plank, who has majority voting control over the company, Under Armour has been cutting product offerings and reducing discounts. It’s also seeking to revive its core brand after parting ways with NBA star Stephen Curry.

Sports Direct stocks Under Armour products in its UK stores and online.

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