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.