Shares in Burberry jumped by a fifth after the British fashion brand’s new boss pledged to “act with urgency to course correct” the company after it swung to a first-half loss.

Burberry also plans to slash costs by millions and has set a lofty new revenue target under CEO Josh Schulman.

Burberry will put the focus back on its core trench coats and scarves, be less ambitious with prices for bags and shoes, and use its British heritage appeal to win back customers, the struggling luxury brand said on Thursday in a strategy update.