Frasers Group buys 8.8% stake in US sportswear brand Under Armour

(Sharecast News) - Mike Ashley's Frasers Group has bought an 8.8% stake in US sportswear brand Under Armour. According to a 1 October filing with the US Securities and Exchange Commission, Frasers holds just under 16.6m shares in Under Armour, worth around $80.1m based on the closing share price on Tuesday.

Frasers already has stakes in Hugo Boss, AO World, Mulberry, Puma and Asos.

The company lifted its stake in German fashion brand Hugo Boss to 48% in August, two months after its near €2bn takeover approach was rebuffed by the board for being "inadequate". However, nearly 18% of shareholders accepted Ashley's offer of €38 per share.

Frasers first acquired a stake in Hugo Boss in June 2020 and has stated that it plans to increase its holding to above 50%.

At 1050 BST, Frasers shares were up 2.9% at 844p.