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.

Heavy weather. As one of the few global luxury groups without a controlling family shareholder, it’s little surprise that Britain’s 3-billion-pound ($3.9 billion) Burberry is perennially the subject of takeover talk.