LONDON (Reuters) -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.