Samantha Cameron, the Prime Minister’s wife, is to reduce her role at Smythson, the upmarket Bond Street retailer she is credited with having helped turn around.

Cameron, who as Smythson’s creative director breathed new life into the famous name with innovative product such as the Nancy handbag – named after the Camerons’ daughter – will now work two days a week as a consultant.

She said: “This is a personal decision made when I discovered I was pregnant and one that I have been considering for some time during what has been an understandably difficult year.

“As a creative consultant working two days a week I will be involved in all the same areas as before, however I will not be directly responsible for them.”

Smythson, founded in 1887, was originally a stationer but has become known for its handbags. Stars such as Halle Berry and Cat Deeley have been seen with Nancy handbags.

Cameron is said to have been instrumental in Smythson’s use of bold colours for its leather goods and last year was named Accessories Designer of the Year, the Daily Telegraph reported.

Smythson was sold last year to Italian leather goods firm Tivoli Group for £18m.