Burberry will use its British heritage appeal to win back customers by focusing on trench coats and scarves and be less ambitious with prices on bags and shoes, the loss-making luxury brand said in a revamp that sent its shares up sharply.

Following the company’s disappointing H2 results, Joshua Schulman presented ‘Burberry Forward’ — a detailed plan that includes a reset of its pricing structure and a renewed focus on the core customer.

Burberry Thursday outlined a new strategy that will focus on scarves and the outerwear such as trenchcoats it is known for as the British luxury group reels from a sharp quarterly loss.