Frasers Group builds Under Armour stake as retail investment push expands
Frasers Group is extending its pattern of taking positions in challenged retail and consumer brands with a new investment in Under Armour. The UK retailer has built an 8.8 per cent holding in the U.S. sportswear company, adding to recent moves involving Hugo Boss and Harvey Nichols.
Highlights
- Frasers Group acquired 16.6 million shares, securing an 8.8 per cent stake in Under Armour, according to an October 1 regulatory filing.
- Frasers Group increased its Hugo Boss stake to 48 per cent last month, following its acquisition of Harvey Nichols in the prior month.
- Under Armour shares closed at $4.88 on Tuesday, reflecting ongoing struggles since its 2015 peak and failed athleisure expansion.
Regulatory filing outlines Under Armour investment
As reported by Financial Times, Frasers Group acquired 16.6 million shares in Under Armour, giving it an 8.8 per cent stake in the U.S. sportswear maker, according to an October 1 filing with U.S. regulators.The investment adds Under Armour to a portfolio of retail bets by the UK company controlled by Mike Ashley, who is best known for building Sports Direct.
Recent deals show broader acquisition strategy
Frasers has a record of buying into other retail groups, and the Under Armour purchase is the latest step in that approach. Last month, the company raised its stake in German fashion brand Hugo Boss to 48 per cent, a move that followed its acquisition of UK department store Harvey Nichols a month earlier.Under Armour, founded in 1996 by former American football player Kevin Plank, once expanded rapidly as it took market share from Nike and Adidas. But the Baltimore-based company has struggled since its shares peaked in 2015, after a failed expansion into athleisure wear weakened investor confidence; the stock closed at $4.88 on Tuesday.
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