Acquisitions

6 Months Ended

Sep. 28, 2019

Business Combinations [Abstract]

Acquisitions

Acquisitions

Acquisition of Versace

On December 31, 2018, the Company completed the acquisition of Versace for a total enterprise value of approximately €1.753 billion (or approximately $2.005 billion), giving effect to an investment made by the Versace family at acquisition of 2.4 million shares of CPRI stock. The acquisition was funded through a combination of borrowings under the Company’s 2018 Term Loan Facility, drawings under the Company’s Revolving Credit Facility and cash on hand (see Note 11 for additional information).

Versace’s results of operations have been included in our consolidated financial statements beginning on December 31, 2018. Versace contributed total revenue of $228 million and $435 million, respectively, for the three and six months ended August 31, 2019 and net income from operations of $9 million and $6 million, respectively, after amortization of non-cash purchase accounting adjustments, for the three and six months ended August 31, 2019 (reflecting a one-month reporting lag).

As the Company finalizes the fair value of assets acquired and liabilities assumed, additional purchase price adjustments may be recorded during the measurement period. See Note 4 in the Company’s Annual Report on Form 10-K for the fiscal year ended March 30, 2019 for additional disclosures relating to the Company’s acquisitions.