Frasers Group has acquired 16,576 million Class A shares in Under Armour, equivalent to 8.78% of that share class, as the US-based athletic company faces falling sales and a weaker full-year outlook.
Notably the percentage represents Frasers holding in Class A stock, rather than Under Armour’s total equity or voting power. According to the regulatory filing with the Security and Exchange Commission, the shares were not acquired or held for the purpose of changing or influencing control of Under Armour.
The company’s founder and Chief Executive Kevin Plank still retains control of the brand. He holds 64.6% of total voting power and owns all Class B shares in the company, with each Class B share carrying 10 votes, compared to Class A shares, which carry one vote per share.
Frasers’ investment follows it taking a minority 5.77% position in sportswear brand Puma earlier this year, with most of the position assembled using derivatives. Notably, Sports Direct, which is owned by Frasers, counts Puma among its major suppliers.
“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,” said Kevin Plank, President and CEO of Under Armour. “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.”
Frasers’ investment follows Under Armour’s latest financial results, which showed first-quarter fiscal 2027 revenue fell 3% to $1.10 billion in the three months to 30 June. While international markets were up 5% to $490 million, North America revenue fell by 9% to $610 million.
Wholesale sales were 2% lower at $638 million, and DTC revenue fell 6% to $437 million. Within DTC, ecommerce revenue was 12% lower, while sales from owned-and-operated stores declined 3%.
Under Armour revised its full-year revenue outlook from a slight decline to a mid-single-digit percentage decline. Gross margin rose 590 basis points to 54.1%, primarily reflecting refunds linked to tariff expenses recorded in fiscal 2026.
Plank said the turnaround aimed to build “a more premium Under Armour that will consistently earn demand at full price”.
The investment by Frasers also follows major news yesterday, when the group unveiled its new luxury strategy, which aims to bring together its UK and US luxury businesses and investments into one “luxury ecosystem” with ambitions to expand globally.
Michael Murray, Chief Executive of Frasers Group, said: “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 US, we’ve built the expertise, scale, and brand relationships to support our next phase of growth.”
The announcement builds on Frasers recent acquisition of department store chain Harvey Nichols in a pre-pack administration deal, which has seen it taking over six stores in the UK, its online operation, stock, international franchise agreements and more than 1,000 employees.
Flannels, which has more than 80 UK stores, forms the retail core of the new strategy, alongside House of Fraser, Harvey Nichols and US luxury retailer The Webster, which joined the group in 2025. The strategy also encompasses investments in Mulberry, Burberry and HULCAN’s Mile.
Shortly after the announcement was made, Frasers Group further increased its derivatives position in Burberry to the equivalent of 6.321% of voting rights, held entirely through sold put options.