CORRECTED - CORRECTED-UPDATE 2-Richemont names Rupert CEO

(Corrects paragraph 14 to operating profit of 390 million euros, not net profit)

* Chairman Johann Rupert to take over role of CEO

* H1 operating profit 390 mln eur vs 333 mln eur forecast

* Cautious on sustainability of economic recovery

* Shares rise up 5 pct, outperform sector

(Adds details, background)

By Katie Reid

ZURICH, Nov 13 (Reuters) - Richemont (CFR.VX) chairman Johann Rupert tightened his grip on the luxury goods group by taking the chief executive role too, as its latest sales figures suggested the watch industry could be set for recovery.

Richemont, the world's second-largest luxury goods group which is controlled by the South African Rupert family, said on Friday Executive Chairman Rupert will take over from Norbert Platt as CEO from April 1.

Platt, a German citizen born in 1947, is stepping down for health reasons after running the 17 maisons under the Richemont umbrella for five years. [ID:nLK399424]

Investors welcomed the appointment of billionaire former investment banker Rupert, 59, to the helm of the company behind Cartier jewellery and Montblanc pens.

At 0859 GMT, Richemont shares were trading 4.9 percent higher at 31.76 Swiss francs, outperforming a near flat DJ Stoxx European personal and household goods index .SXQP.

Consumers' appetite for watches and jewellery, which represent about 78 percent of Richemont's total revenues, has dwindled during the sharpest economic downturn in decades due to worries about job cuts and the shrinking value of investment portfolios.

"We welcome the announcement of Mr Rupert as CEO again, as he always was responsible for the company's strategy," said Vontobel analyst Rene Weber.

Rupert, who acted as CEO for around a year after the departure of Alain Perrin in 2003 before handing over to Montblanc veteran Platt, said he would be chief executive for a minimum of two years this time.

"In these challenging times, we want to ensure consistency in our management approach. Richemont has strong management in the maisons, in the regions and in our central functions and I look forward to working more closely with my colleagues," Rupert said.

ON THE PATH TO RECOVERY?

Richemont was cautious in its outlook for the global economy saying that it was prepared for a long recovery process, as its October sales figures suggested the beleaguered watch industry may be picking up.

October sales in the Asia-Pacific region rose 11 percent, but weakness persisted in the Americas, Japan and Europe and Rupert said he could not predict what Christmas sales would be like.

French rival Hermes (HRMS.PA) said it was optimistic about the festive season after its sales improved in October, while LVMH's (LVMH.PA) watch and jewellery head forecast stronger demand for the group's watchbrands this Christmas. [ID:nL5586738] [ID:nL534356] "The (Richemont) outlook is typically cautious but sales growth in Asia in October speaks for itself and I suspect we are on the road to recovery led by Asia in luxury watches," Kepler Capital Markets analyst Jon Cox said.

Richemont posted a 39 percent fall in first-half operating profit to 390 million euros ($584.9 million), ahead of the 333 million euros forecast on average in a Reuters poll. [ID:nLA604690]

Sales of Richemont's products, which include high-end watchbrands IWC and Jaeger-LeCoultre and Chloe handbags, slipped 15 percent to 2.38 billion euros in the six months to the end of September.

"Richemont's high emerging markets exposure, tighter capital discipline/cost control and strong balance sheet make the company's profile and medium-term earnings outlook attractive," said Citi analyst Thomas Chauvet.

"Richemont could emerge from this recessionary cycle in a much stronger position," he said. (Editing by Erica Billingham)