Danish retailer and investor Bestseller has ruled out bidding for online fashion specialist Asos.

Bestseller has built up a stake of just over 12% in Asos in the space of three months, prompting speculation that it might attempt a takeover.

The possibility contributed to a rise in Asos’s share price, which has soared by more than 26% in the last three months and earlier this month reached a record high.

But Bestseller has crushed the speculation. A spokesman told Retail Week: “The investment is purely financial and we have no ambition to take over the entire company.” He said Asos is operating “in an interesting market that is familiar to us”. Asos sells Bestseller brands such as Vero Moda.

Some analysts believe Asos may be on the radar of other potential buyers, such as Amazon. However, KBC Peel Hunt analyst John Stevenson believes bid speculation is “misplaced” and is more interested in developments such as the imminent launch of a US website, which he thinks will beat expectations.

Asos declined to comment.