Burberry flagged that its “assortment is generally wider than our peers and we have an opportunity to simplify this to give greater visibility to fashion and newness”.
The company said it planned to “rebalance marketing from brand towards key products”.
Part of that would be a renewed focus on bags, where it admitted it had fallen behind peers.
Burberry has experienced a tough 12 months, during which time its share price has tumbled by more than 35 per cent. The company, which said it would commence a share buyback programme of up to £150m next year, has struggled to counter falling demand for its goods in once popular shopping destinations in Hong Kong and Macau.