Intangible Assets and Goodwill (Tables)

12 Months Ended

Mar. 30, 2024

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):

	March 30, 2024						April 1, 2023
	Gross Carrying Amount		Accumulated Amortization/Impairment		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization/Impairment		Net Carrying Amount
Definite-lived intangible assets:
Reacquired rights	$	400	$	126	$	274	$	400	$	109	$	291
Trademarks	23		23		—		23		23		—
Customer relationships	401		165		236		397		136		261
Total definite-lived intangible assets	824		314		510		820		268		552
Indefinite-lived intangible assets:
Jimmy Choo brand (1)	558		343		215		550		273		277
Versace brand (2)	896		227		669		899		—		899
Total indefinite-lived intangible assets	1,454		570		884		1,449		273		1,176
Total intangible assets, excluding goodwill	$	2,278	$	884	$	1,394	$	2,269	$	541	$	1,728

(1)The year-over-year change in net carrying amount reflects an impairment charge of $70 million and foreign currency translation of $8 million for the fiscal year ended March 30, 2024. For the fiscal year ended April 1, 2023, the Company recorded impairment charges of $24 million.

(2)The year-over-year change in net carrying amount reflects an impairment charge of $227 million and foreign currency translation of $3 million for the fiscal year ended March 30, 2024. There were no impairment charges 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):

	March 30, 2024						April 1, 2023
	Gross Carrying Amount		Accumulated Amortization/Impairment		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization/Impairment		Net Carrying Amount
Definite-lived intangible assets:
Reacquired rights	$	400	$	126	$	274	$	400	$	109	$	291
Trademarks	23		23		—		23		23		—
Customer relationships	401		165		236		397		136		261
Total definite-lived intangible assets	824		314		510		820		268		552
Indefinite-lived intangible assets:
Jimmy Choo brand (1)	558		343		215		550		273		277
Versace brand (2)	896		227		669		899		—		899
Total indefinite-lived intangible assets	1,454		570		884		1,449		273		1,176
Total intangible assets, excluding goodwill	$	2,278	$	884	$	1,394	$	2,269	$	541	$	1,728

(1)The year-over-year change in net carrying amount reflects an impairment charge of $70 million and foreign currency translation of $8 million for the fiscal year ended March 30, 2024. For the fiscal year ended April 1, 2023, the Company recorded impairment charges of $24 million.

(2)The year-over-year change in net carrying amount reflects an impairment charge of $227 million and foreign currency translation of $3 million for the fiscal year ended March 30, 2024. There were no impairment charges 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 2025	$	44
Fiscal 2026	44
Fiscal 2027	44
Fiscal 2028	44
Fiscal 2029	43
Fiscal 2030 and thereafter	291
Total	$	510

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 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
Impairment charges(1)	—		(192)		—		(192)
Foreign currency translation	(4)		9		—		5
Balance at March 30, 2024	$	853	$	133	$	120	$	1,106

(1)The Company recorded impairment charges of $192 million during Fiscal 2024 related to the Jimmy Choo retail and wholesale reporting units. As of March 30, 2024, the Company had accumulated impairment charges of $539 million related to its Jimmy Choo reporting units.