1) remove the braid from the existing hem.
2 pin the braid so that the bottom edge is 5/8" from the new hemline. I have a pin marking the new hem in the picture.
3) Stitch along the bottom of the braid a scant 1/4"
4) Trim excess fabric
5) Turn braid to wrong side of fabric
6) Stitch through all layers close to top fold
7) Here's how it will look from the wrong side
and right side