FASHION icon Burberry yesterday unveiled a pay package that will make boss Rose Marie Bravo one of the highest paid female executives in the City.

Ms Bravo, who as chief executive has been instrumental in turning round Burberry's fortunes, has an annual salary of $1.5m (£1m).

She is also entitled to a bonus of up to 100 per cent, dependent on meeting certain financial targets, as well as share options and other extras.

But parent company Great Universal Stores (Gus) has also confirmed that Ms Bravo will take a one per cent stake in Burberry, 25 per cent of which is floating on the London Stock Exchange next month.

The price range for the partial flotation has now been set at between 230p and 290p. That values Burberry at between £1.15bn and £1.45bn, meaning Ms Bravo's stake would be worth £14.5m at the highest point.

Ms Bravo joined Burberry from New York store Saks Fifth Avenue in 1997 and since then celebrities such as Madonna and Kate Moss have all rediscovered the label, spreading its appeal from Knightsbridge to nightclubs and even football terraces.

The firm, famous for its distinctive check pattern and raincoats, was founded 146 years ago.

Ms Bravo was confident the deal would be a success. She said: "Burberry is a distinctive luxury brand with international recognition and broad appeal. We have a rich heritage and uniquely British image.

"Burberry has strong business momentum with multiple growth opportunities."

As well as unveiling the price range, Gus, which includes Argos as a ubiquitous stablemate for the high class brand, gave an update on current trading at Burberry.

It said there had been "double-digit" revenue growth in retail stores in the first 11 weeks of the current financial year.

It is now a global brand, although the luxury goods sector has suffered since September 11 as tourism and business travel both stalled.

Gus snapped up the label in 1955 for £1m and will use proceeds from the float to repay short-term bank borrowings.