A U.K. retail conglomerate founded by British billionaire Michael Ashley has become a significant investor in Baltimore-based Under Armour.

Frasers Group, the parent company of Sports Direct stores and other sports and luxury retail brands, acquired an 8.8% stake in Under Armour, according to an Oct. 1 filing with the U.S. Securities and Exchange Commission. The investor bought 16.6 million shares of the sports apparel and footwear maker’s Class A common stock, the filing shows.

Under Armour CEO Kevin Plank continues to control the business he founded in 1996. Plank’s ownership of all Class B shares gives him about 65% of voting power, though his ownership stake is around 12%.

Under Armour did not immediately respond to a request for comment Monday.

Shares of Under Armour have fallen roughly 90% since hitting an all-time high in 2015. The company’s stock slipped 0.21% Monday, closing at $4.70 per share.

In a statement to Footwear News, Plank said Frasers Group joins other significant, long-term strategic shareholders such as “Airfax/Hamblin Watsa and BDT/MSD.

“We value their support and remain focused on executing our strategy and creating long-term value for all shareholders,” Plank said in the statement. “We look forward to building on our relationship with Frasers as both a shareholder and an important commercial partner.”

Under Armour has faced fierce competition in a challenging sports apparel market, with first-quarter sales down 3.2% to $1.1 billion. As part of a turnaround strategy, the brand has narrowed its product assortment, streamlined operations and relied less on promotions and discounts and more on “premium” brand positioning.

Frasers is known for buying into sportswear and fashion brands facing challenges. It also has used its minority shareholder role in some companies to push for change or enter into partnerships, SGB Media reported Monday.

The group acquired a nearly 6% stake in German sports brand Puma in March and has invested in Burberry, ASOS, Boohoo, Curry’s, Mulberry and AO World, SGB said. It is seeking a controlling or full stake in German fashion brand Hugo Boss, which has recommended shareholders reject the bid.

Frasers’ all-cash offer to buy Accent Group Ltd., a sports performance and lifestyle retailer in Australia and New Zealand, was rejected.

Forbes lists Ashley’s net worth at $6.1 billion. He founded Sports Direct in 1982, expanded it into hundreds of stores, took it public in 2007 and renamed the parent company after buying the House of Fraser department store chain, the publication said. Ashley’s son-in-law, Michael Murray, now serves as CEO.

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