In its turnaround plan, Burberry puts focus back on trench coats, scarves in turnaround plan. New CEO Joshua Schulman laid out his turnaround plan on Thursday after Burberry reported a loss for the first half of its financial year and announced a 40 million pound ($50.

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.

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