Burberry boss reaps up to £15m

Burberry: Set to be floated in July

Rose Marie Bravo, the woman credited with turning around the Burberry brand, is to get a stake worth up to £15m when the firm floats next month.

We have a rich heritage and a uniquely British image

Rose Marie Bravo

That is likely to make her the UK's highest paid female chief executive during 2002.

Ms Bravo, who currently earns £1m a year, will take a 1% stake in the firm as well as share options and other options.

The 51-year-old New Yorker is also reportedly paid a five-figure yearly clothing allowance.

The revelations came in the Burberry prospectus issued by the owner of the fashion house, GUS.

GUS has confirmed that it is pressing ahead with Burberry's listing on the London Stock Exchange, setting a float date of 12 July.

Added value

Burberry - famed for the checked fabric on its goods - was originally meant to have been floated in June, but tough market conditions have pushed its debut back a month.

One-quarter of the firm will be floated at an offer price of 230p-290p.

That values the brand at £1.15bn-1.45bn.

When Ms Bravo took over as chief executive of Burberry five years ago, the business was worth about £200m.

GUS also revealed on Monday that Burberry enjoyed double digit sales growth during the first 11 weeks of the year.

"We have a rich heritage and a uniquely British image," Ms Bravo said of the strength of the Burberry brand.