Frasers’ stake-buying push spans Puma, Hugo Boss, and Burberry
Frasers Group disclosed the 8.8% Under Armour position in a regulatory filing made public Wednesday. The 16.6 million shares represent a significant bet on a Baltimore-based sportswear brand that has struggled to grow amid weakening demand for its apparel and footwear.
The transaction extends a pattern of stake-buying that has reshaped Frasers’ portfolio over the past year. Earlier in 2026, Frasers built a 5.77% stake in German sneaker maker Puma, which is undergoing its own business revamp.
Frasers’ relationship with Hugo Boss deepened last month when the German apparel company appointed Frasers Chief Executive Michael Murray as the next chairman of its supervisory board. The appointment came weeks after Frasers achieved near-majority ownership in the German apparel maker, giving the British group significant influence over Hugo Boss’s direction.
The Frasers portfolio also includes British luxury groups Burberry and Mulberry, both part of a deliberate push into the higher end of fashion. In August, Frasers acquired the British luxury department store chain Harvey Nichols and outlined plans to implement what it called “clear meaningful change” at the retailer, including a review of its store portfolio and organizational structure.
Under Armour, the latest target, has faced challenges in its consumer market. The company cut its sales outlook earlier this year, citing a weak consumer backdrop that has weighed on demand for its sportswear. In August, Under Armour lowered its annual revenue target.
The Baltimore-based brand’s challenges mirror those of larger rivals Nike and Adidas, which have similarly flagged faltering demand amid inflation and youth unemployment in some key markets, as well as increasing competition from newer brands.
Analysts at Panmure Liberum said Frasers’ strong cash flow and balance sheet put the company “in an excellent position to further strengthen its strategic investments,” according to a recent research note. The note did not name specific future targets.
Frasers, the parent company of retailer Sports Direct, was founded by Mike Ashley and operates from the United Kingdom. The Under Armour filing does not specify when the shares were acquired, and the financial terms of the transaction were not disclosed beyond the stake size and share count.