Revenue was down 22 percent in the fiscal first half, and the company posted an operating loss of 53 million pounds amid myriad challenges for the brand.

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 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.