Focus: House of Fraser and Mary Quant

Mary Quant is known for many things: fashion icon, a personification of London's Kings Road during the swinging 60s, "inventor" (apparently) of the mini-skirt, the name behind a beauty and cosmetic empire spanning the world.

Now her fans can add "law-breaker" to the list following what can only have been the purely accidental failure to tell House of Fraser (where Ms Quant is a non-executive) about her dealings in the department store group's stock.

Ms Quant, it has emerged, was in the market in the middle of July, snapping up 11,500 shares at 89p. But, while directors are supposed to tell the company about any dealings immediately so all investors are informed, House of Fraser did not hear until August 5.

Strangely, the company then delayed a public announcement on the trade for a further week. The market, meanwhile, was left in the dark, and yesterday no one from the company or its advisers seemed to be able to explain why.

Much was made of Ms Quant joining the board two years ago, bringing with her all that fashion nous. The company had been a disappointment to investors since the Fayed brothers lumbered the London market with the thing back in 1994, floating the business at 180p a share.

But punters tempted to follow Ms Quant's lead and pick up stock - albeit belatedly - should be aware of two further facts: the last time this director bought shares was in March, when the price stood at 163p, and the time before that was July last year, when the price was 172p.

Indeed, to use investment terminology, it looks as though Ms Quant is simply "averaging down" - legitimately buying shares as the price falls to reduce the average price paid for her holding. Yesterday the stock was steady at 90p.

Then again, with the Barclay brothers and Philip Green set to attack Storehouse (up 7 at 118p), Ms Quant may sense that a recovery in HoF's rating is finally under way.