Asos shares soared nearly 11% this week as Danish billionaire Anders Holch Povlsen increased his stake in the online fashion retailer, sparking renewed speculation of a potential takeover bid. Povlsen, who is Asos's largest shareholder, upped his stake from 27% to 28%. Should he reach 30%, he would be required to make a formal takeover offer under UK rules. The move has fuelled market chatter that he may be positioning himself to take the online fashion giant private in a bid to revive the struggling retailer. According to Thisismoney, Dan Coatsworth, an analyst at AJ Bell, suggested that Povlsen may believe Asos would fare better as a private entity. "Povlsen might feel Asos is better taken off the market and nursed back to health out of the spotlight," he commented. If Povlsen were to make a move, he could face a potential battle with retail tycoon Mike Ashley, whose Frasers Group holds a 22% stake in Asos.