UK-headquartered luxury brand Burberry has reportedly rejected multiple takeover bids from US fashion accessories brand Coach.

According to the Financial Times a Coach takeover bid was launched behind the scenes, said to value Burberry at £20 billion.

The newspaper says Burberry has received “numerous offers” for a cash-and-stock takeover from Coach.

According to Retail Gazette, despite a dent in its share price in the first half of 2016, Burberry currently has a market value of £6.2 billion.

The Financial Times says both companies refused to comment on the reported negotiations.