Companies

Frasers Group acquires 8.8% stake in Under Armour

Oct 8, 2026 United States

Frasers Group has acquired an 8.8% stake in Under Armour, comprising approximately 16.6 million shares of Class A common stock, according to a filing with the US Securities and Exchange Commission (SEC)

This move is part of Frasers’ push into sports brands that are underperforming or going through a turnaround. Earlier this year, the company disclosed a stake of 5.77% in Puma, having acquired Nordic sports retailer XXL last year.

Under Armour founder and Chief Executive Kevin Plank will still retain control of the company following the acquisition, holding 64.6% of its total voting power. He owns all the company’s Class B shares, each of which carries 10 votes, compared with one vote per Class A share.

“We are pleased to welcome Frasers Group as a strategic shareholder in Under Armour, joining other significant long-term shareholders, including Fairfax/Hamblin Watsa and BDT/MSD,” Plank said in a statement sent to FN.

He added: “We value their support and remain focused on executing our strategy and creating long-term value for all shareholders. We look forward to building on our relationship with Frasers as both a shareholder and an important commercial partner”.

The news comes as Under Armour reported a 3% fall in first-quarter fiscal 2027 revenue to 1.10 billion US dollars in the three months to the 30th of June. Although revenue from international markets increased by 5% to 490 million US dollars, revenue from North America fell by 9% to 610 million US dollars.

New Luxury Strategy

Frasers Group has also recently announced plans to accelerate its luxury strategy by unifying its UK and US luxury businesses and investments under a single global luxury ecosystem. The strategy centres on Flannels, House of Fraser, Harvey Nichols and the US retailer The Webster, as well as investments in brands such as Mulberry and Burberry.

“Luxury has been a core pillar of Frasers Group for more than a decade, starting with Flannels and growing into a profitable £1b+ luxury ecosystem in just 10 years. With over 100 stores across the UK and U.S., we’ve built the expertise, scale, and brand relationships to support our next phase of growth”, said Michael Murray, Frasers Group Chief Executive Officer.

Murray concluded: “Our ambition is clear: to continue scaling Frasers Group Luxury globally through organic expansion, acquisitions, and strategic investments, creating long-term value for our brand partners, customers, and the Group”.

Image Credits: modaes.com

United Kingdom United States Acquisitions Companies Under Armour