Itochu Acquires 70% Stake In Under Armour's Japan Distributor: Nikkei Asia

Trading house Itochu has agreed to acquire a majority stake in Under Armour Inc’s UAA Japanese distributor, Dome, Nikkei Asia reported.
Itochu is expected to own about 70% of Dome after completing the transactions, leaving Under Armour with a 30% stake.
The report noted that Itochu and Under Armour are expected to manage the business in Japan together.
Itochu is the top shareholder in Japanese sportswear maker Descente.
Price Action: UAA shares are trading higher by 2.21% at $17.14 on the last check Monday.