Influencer marketing is an important tool to change and reinforce consumers brand associations. Influencers post content that is trying to create intended brand associations. The consumers’ reactions then decide what the realized brand associations are. The purpose of this study is to explore through semiotic and netnographic Instagram analysis how influencer marketing affects brand associations in the sports fashion industry. This research has a qualitative methodology and has used semiotic and netnographic analysis to explore the case of Gymshark. The research consists of 100 analyzed posts from Instagram influencers related to Gymshark. It was found that influencers’ personal brands affect the realized brand associations. Also, gender has an affecting role on both, intended and realized brand associations.