Luxury goods company Burberry's chief executive, Rose Marie Bravo, is to quit her position with the company when it demerges from majority shareholder GUS, according to media reports.

Bravo, who has been credited with turning around the image of the once-tired label, will reportedly leave when her contract is due for renewal next July.

She will receive a payout of £10 million of company shares, The Financial Times newspaper said.

GUS, which owns 66 per cent of Burberry, said back in May it would demerge Burberry as part of its restructuring.

Burberry said in response to the reports that Bravo's role would change, but didn't give specific details on whether she would remain as chief executive.