Luxury UK fashion label Burberry will be valued at between £1.15 billion and £1.45 billion when it floats next month after owner GUS announced on Monday it had set a guide price of 230p to 290p.

The 146-year-old label, best know for its beige check-lined raincoats, enjoyed a 30 per cent leap in full-year profits earlier this year and retail sales are up by at least 10 per cent in the first 11 weeks of its current fiscal year.

GUS, which would reap £282 million at the mid-price range, is selling a 25 per cent stake in Burberry and said today it will announce its final share price when transactions begin on July 12.

Burberry chief executive, Rose Marie Bravo, is also set for a major windfall as her annual salary of around £1 million will be boosted by bonuses and share options as well as a one per cent stake in Burberry worth up to £14.5m.

"Burberry is a distinctive luxury brand with international recognition and broad appeal," said Bravo, who joined the firm five years ago from New York store Saks Fifth Avenue.

"We have a rich heritage and uniquely British image. Burberry has strong business momentum with multiple growth opportunities."