May 23 (Reuters) - Ralph Lauren ( RL ) on Thursday

forecast annual revenue growth below market expectations and

named insider Justin Picicci as its chief financial officer,

effective immediately.

The apparel maker's shares, which have risen about 16%

so far this year, were down 4.5% in premarket trade after the

company also forecast current-quarter revenue growth below

estimates.

Demand for pricier apparel in the United States has been

choppy as consumers become increasingly particular about

quality, style and value on their stressed discretionary

budgets.

Ralph Lauren ( RL ), much like its peers in the apparel space,

resorted to promotions in markets like the United States in

order to appeal to a more price-sensitive lower-income consumer.

The company expects annual revenue to rise in low-single

digits, centering on about 2% to 3%, below market expectations

of a 3.98% increase to $6.89 billion, as per LSEG data.

Ralph Lauren's ( RL ) wholesale business has come under

pressure in the United States as retailers and department stores

limit orders while they face the brunt of weak demand from a

cautious consumer.

Wholesale revenue in Ralph Lauren's ( RL ) biggest market,

North America, fell 2% in the quarter following a 15% fall in

the prior quarter.

"We continue to evaluate our brand presence on a

door-by-door basis, resulting in approximately 20 department

store exits completed in the region (North America) this fiscal

year," the company said.

It also forecast first-quarter revenue to rise slightly,

against expectations of a 2.82% increase to $1.54 billion.

However, the company's fourth-quarter revenue of $1.57

billion edged past estimates of $1.56 billion, benefiting from

robust demand in its direct-to-consumer channel in Europe and

Asia.

Picicci, who most recently served as Ralph Lauren's ( RL )

Enterprise CFO, succeeds Jane Nielsen. Nielsen joined the

company as CFO in 2016, and took on the role of chief operating

officer as well in 2019. She will remain as the apparel maker's

COO.