Luxury fashion house Burberry ( BRBY.L) launched an “urgent” turnaround plan today as it revealed another slump in sales and a fall into the red in the first half of the year.

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 is taking steps to cut costs and reduce inventory as part of a new plan to revitalize the brand.

Troubled British fashion house Burberry on Thursday announced a turnaround plan to kickstart the brand as it reported tumbling profits and a drop in 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.