Burberry's new CEO Gobbetti to join on 27 January

Burberry has confirmed that new chief executive Marco Gobbetti will join the fashion retailer at the end of this month, sending its shares to an 18-month high.

Joining from LVMH's luxury brand Céline on 27 January, Gobetti will initially be given the role as executive chairman of the Asia Pacific and Middle East regions, not taking over as chief executive officer from current incumbent Christopher Bailey until early July.

When Burberry announced the Italian's appointment last July, the FTSE 100 company had ambiguously said he would start on "a date in 2017 as soon as he is contractually able to do so".

On Monday, it was confirmed that Bailey will move to the new role of president and chief creative officer on 5 July, where he will remain on the board and continue to report directly to the chairman alongside Gobbetti.

Burberry is due to report third quarter retail sales on Wednesday.

In a preview last week, UBS analysts predicted 3% retail growth in the quarter, taking note of recent exceptionally strong UK tourism spend, the company's commentary suggesting Hong Kong and mainland China continue to sequentially improve, and an expected very positive contribution from currency effects.

Assailed by concerns about slowing China and Hong Kong growth, shares in Burberry fell from 2015's all-time high above £19 to just above £10 at the beginning of 2016. Renewed confidence about Asia and expectations for this week's results sent them above £16 on Friday and confirmation of Gobbetti's arrival date sent them spiking to 1,631p in early trade on Monday.