KEY TAKEAWAYS 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.The strategy shift drove Burberry shares up as much as 17% in London trading though the stock remains 40% lower this year.

Burberry hasn’t got a lot right in recent years. But its new CEO, Joshua Schulman, wants to act fast and “course correct” to save the ailing British luxury brand. The London-listed company has been rattled by the luxury downturn affecting the rest of ...

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.

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 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.

Burberry's CEO Joshua Schulman said the troubled British retailer will act "with urgency" to address woes fueled by "inconsistent brand execution."

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.

Troubled British fashion house Burberry on Thursday announced cost-cutting plans after posting a loss, with the global luxury sector pressured by weak Chinese demand.