THE richest man in Scotland has seen his wealth increase still further as his firm recorded a rise in profits of more than 250% through the Covid lockdown.

Anders Holch Povlsen, a billionaire who owns a 26.4% stake in online clothing retailer Asos, has a net worth of around £4.7 billion, according to 2020’s Sunday Times rich list.

Asos, which took over the Topshop, Topman, Miss Selfridge and HIIT brands following the collapse of Sir Philip Green's Arcadia empire, saw a 24% increase in revenue during the six months to February 28.

This meant the firm’s revenues hit £1.98bn over those six months, as other fashion stores with a high street presence were forced to close their shops during lockdown.

Asos said the pandemic drove a 1.5 million rise in its active customer base over the six months, almost hitting 25 million.

Povlsen’s company also reported a 253% rise in pre-tax profits, up to £112.9 million. This is compared to £30.1m in the same period 12 months earlier.

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The jump in profits came after the company was forced to “rip up the playbook” by the pandemic, as its core customer base normally used it to buy clothes for going out.

Instead, Asos chief executive Nick Beighton oversaw a swift “pivot” to meet customer demand, instead focusing on casualwear, active wear, and beauty products.

Beighton said Asos was expecting a "shift back to occasion wear" as lockdown restrictions eased. This would begin with daywear, then evening wear, he said.

Its £295m acquisition of the former Arcadia brands did not include a takeover of the chain’s 70 high street locations.

Povlsen owns more than 200,000 acres of land across Scotland, including Glenfeshie in the Cairngorms, the Strathmore estate at Altnaharra, the 24,000-acre Ben Loyal and the 23,000-acre Ben Hope estate near Tongue.

Late in 2018 the Danish clothing billionaire became Scotland’s largest private landowner after buying a 1100-acre estate near Aviemore. He now owns as much as 220,000 acres across the Highlands, where he champions rewilding.