Frasers Nets Stake in Under Armour in Latest Push Into Sportswear -- Update
By Andrea Figueras Frasers Group bought up a stake in embattled sportswear brand Under Armour, the latest deal in the British retailer's expansion strategy. The group--founded by billionaire Mike Ashley--bought 16.6 million shares in Baltimore-based Under Armour, representing 8.8% of the company, according to a filing. Through Frasers, Ashley has bought up stakes in other sportswear and fashion retail chains. Earlier this year, Frasers--owner of retailer Sports Direct--built a 5.77% stake in German sneaker maker Puma, which is going through a business revamp. Last month, Hugo Boss appointed Frasers' Chief Executive Michael Murray as the next chairman of its supervisory board, weeks after the U.K. group achieved a near-majority ownership in the German apparel company. Frasers' strong cash flow and balance sheet put it "in an excellent position to further strengthen its strategic investments," analysts at Panmure Liberum said in a recent research note. Under Armour earlier this year cut its sales outlook, citing a weak consumer backdrop that has weighed on demand for its sportswear. The brand is far from alone in navigating a tricky arena for sportswear companies; sector giant
By Andrea Figueras Frasers Group bought up a stake in embattled sportswear brand Under Armour, the latest deal in the British retailer's expansion strategy. 8% of the company, according to a filing. Through Frasers, Ashley has bought up stakes in other sportswear and fashion retail chains. 77% stake in German sneaker maker Puma, which is going through a business revamp.
K. group achieved a near-majority ownership in the German apparel company. Frasers' strong cash flow and balance sheet put it "in an excellent position to further strengthen its strategic investments," analysts at Panmure Liberum said in a recent research note. Under Armour earlier this year cut its sales outlook, citing a weak consumer backdrop that has weighed on demand for its sportswear.
The brand is far from alone in navigating a tricky arena for sportswear companies; sector giants Nike and Adidas have similarly flagged faltering demand amid inflation and youth unemployment in some key markets, as well as increasing competition from newer brands. In August, Frasers acquired the British luxury retail chain Harvey Nichols and outlined plans to implement what it called a "clear meaningful change," which included, among other things, a review of its store portfolio and organizational structure. Frasers also holds stakes in British luxury groups Burberry and Mulberry, part of a push into the higher end of fashion.
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