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 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.

Read what analysts think of Burberry's turnaround plan that involves cost cutting of 40 million pounds and focussing on core strengths.

The luxury group said it was taking steps to cut costs and change its pricing strategy, after it slid to a first-half loss on sharply lower sales.

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.

The luxury group said it is taking steps to cut costs and reduce inventory as part of a new plan to revitalize the brand.