Intangible Assets and Goodwill (Tables)

12 Months Ended

Apr. 01, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Carrying Values of Finite-Lived Intangible Assets

The following table details the carrying values of the Company’s intangible assets other than goodwill (in millions):

	April 1, 2023						April 2, 2022
	Gross Carrying Amount		Accumulated Amortization/Impairment		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization/Impairment		Net Carry Amount
Definite-lived intangible assets:
Reacquired rights	$	400	$	109	$	291	$	400	$	94	$	306
Trademarks	23		23		—		23		22		1
Customer relationships	397		136		261		414		112		302
Total definite-lived intangible assets	820		268		552		837		228		609
Indefinite-lived intangible assets:
Jimmy Choo brand (1)	550		273		277		570		249		321
Versace brand (2)	899		—		899		917		—		917
Total indefinite-lived intangible assets	1,449		273		1,176		1,487		249		1,238
Total intangible assets, excluding goodwill	$	2,269	$	541	$	1,728	$	2,324	$	477	$	1,847

(1)The year-over-year change in net carrying amount reflects an impairment charge of $24 million and foreign currency translation of $20 million for the fiscal year ended April 1, 2023. There was no impairment charge for the fiscal year ended April 2, 2022.

(2)The year-over-year change in net carrying amount reflects foreign currency translation for the fiscal year ended April 1, 2023.

Carrying Values of Indefinite-Lived Intangible Assets

The following table details the carrying values of the Company’s intangible assets other than goodwill (in millions):

	April 1, 2023						April 2, 2022
	Gross Carrying Amount		Accumulated Amortization/Impairment		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization/Impairment		Net Carry Amount
Definite-lived intangible assets:
Reacquired rights	$	400	$	109	$	291	$	400	$	94	$	306
Trademarks	23		23		—		23		22		1
Customer relationships	397		136		261		414		112		302
Total definite-lived intangible assets	820		268		552		837		228		609
Indefinite-lived intangible assets:
Jimmy Choo brand (1)	550		273		277		570		249		321
Versace brand (2)	899		—		899		917		—		917
Total indefinite-lived intangible assets	1,449		273		1,176		1,487		249		1,238
Total intangible assets, excluding goodwill	$	2,269	$	541	$	1,728	$	2,324	$	477	$	1,847

(1)The year-over-year change in net carrying amount reflects an impairment charge of $24 million and foreign currency translation of $20 million for the fiscal year ended April 1, 2023. There was no impairment charge for the fiscal year ended April 2, 2022.

(2)The year-over-year change in net carrying amount reflects foreign currency translation for the fiscal year ended April 1, 2023.

Estimated Amortization Expense

Estimated amortization expense for each of the next five years is as follows (in millions):

Fiscal 2024	$	44
Fiscal 2025	44
Fiscal 2026	44
Fiscal 2027	44
Fiscal 2028	43
Fiscal 2029 and thereafter	333
Total	$	552

Changes in Goodwill for Reportable Segments

The following table details the changes in goodwill for each of the Company’s reportable segments (in millions):

	Versace		Jimmy Choo		Michael Kors		Total
Balance at March 27, 2021	$	933	$	445	$	120	$	1,498
Foreign currency translation	(59)		(21)		—		(80)
Balance at April 2, 2022	874		424		120		1,418
Impairment charges(1)	—		(82)		—		(82)
Foreign currency translation	(17)		(26)		—		(43)
Balance at April 1, 2023	$	857	$	316	$	120	$	1,293

(1)The Company recorded impairment charges of $82 million during Fiscal 2023 related to the Jimmy Choo retail and wholesale reporting units. As of April 1, 2023, the Company had accumulated impairment charges of $347 million related to Jimmy Choo reporting units.