The company is a serial acquirer of other businesses or stakes in firms and also has substantial holdings in big names Hugo BossMulberry

There’s no talk of anything like that so far with ASOS, although earlier this year it was reported that Frasers had been interested in getting more involved with ASOS and helping it with financing in exchange for a bigger stake, but was rebuffed. That was never confirmed.

The group has previously talked of its “long track record of establishing supportive shareholder positions in attractive retail companies” and its “clear strategy to identify opportunities to invest in businesses which complement our existing sport, premium and luxury businesses, or help us to build and further utilise our sector-leading ecosystem”.

Is the growing ASOS stake simply that or something more?  It will be interesting to see what happens next.