Anders Holch Povlsen has accumulated stakes in listed online retailers, banks, and other finance firms over the past two decades, while overseeing one of the world’s largest closely held fashion fortunes.

But it’s a lucrative bet on Klarna Group Plc that’s currently driving the 52-year-old billionaire’s wealth revamp.

Povlsen, chief executive officer of Danish clothing retailer Bestseller , is among the biggest winners from the initial public offering of the financial technology company, which began trading Wednesday in New York and closed almost 15% above its offering price of $40 per share.

He now owns a roughly $1.4 billion stake in the Swedish business, making it his largest holding in a publicly traded company, while also cashing in at least $250 million from the offering, wh

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