I have always found that to get rid of excess material you need to shrink it good and propper. Now you can fcuk around with hot water and that will work in time. The best and most overlooked method is to put it on a hot wash this will ensure its shrunk and as a brucie it will be fluff free.
Also cut out the crap inner lining it dont do bugger all. And dont listen to any know it all who tells you that the leather band will shrink it doesnt leather stretches with heat how else do they shape shoes.
Good luck mate about 95 degrees should do it just make sure ther is no powder in it, just water will do fine.