Segment Information (Tables)

12 Months Ended

Mar. 30, 2024

Segment Reporting [Abstract]

Key Performance Information of Reportable Segments

The following table presents the key performance information of the Company’s reportable segments (in millions):

		Fiscal Years Ended
		March 30, 2024		April 1, 2023		April 2, 2022
Total revenue:
	Versace	$	1,030	$	1,106	$	1,088
	Jimmy Choo	618		633		613
	Michael Kors	3,522		3,880		3,953
Total revenue		$	5,170	$	5,619	$	5,654
Income from operations:
	Versace	$	25	$	152	$	185
	Jimmy Choo	3		38		13
	Michael Kors	634		868		1,005
Total segment income from operations		662		1,058		1,203
Less:	Corporate expenses	(275)		(233)		(190)
	Impairment of assets (1)	(575)		(142)		(73)
	Merger related costs	(20)		—		—
	COVID-19 related charges (2)	—		9		14
	Impact of war in Ukraine (3)	—		3		(9)
	Restructuring and other expense(4)	(33)		(16)		(42)
Total (loss) income from operations		$	(241)	$	679	$	903

(1)Impairment of assets during Fiscal 2024 includes $283 million, $267 million and $25 million of impairment charges related to the Versace, Jimmy Choo and Michael Kors reportable segments, respectively. Impairment of assets during Fiscal 2023 includes $110 million, $30 million and $2 million of impairment charges related to the Jimmy Choo, Michael Kors and Versace reportable segments, respectively. Impairment of assets during Fiscal 2022 includes $50 million, $19 million and $4 million of impairment charges related to the Michael Kors, Versace and Jimmy Choo reportable segments, respectively.

(2)COVID-19 related charges during Fiscal 2023 primarily include net inventory credits of $9 million. COVID-19 related charges during Fiscal 2022 primarily include net inventory credits and severance expense of $16 million and $2 million, respectively. Inventory related costs are recorded within costs of goods sold and severance expense and credit losses are recorded within selling, general and administrative expenses in the consolidated statements of operations and comprehensive (loss) income.

(3)These charges primarily relate to incremental credit losses and inventory reserves which are a direct impact of the war in Ukraine. Credit losses are recorded within selling, general and administrative expenses and inventory related costs are recorded within costs of goods sold in the consolidated statements of operations and comprehensive (loss) income.

(4)See Note 11 for details on the Company's restructuring program.

Depreciation and Amortization Expense for Each Segment

Depreciation and amortization expense for each segment are as follows (in millions):

	Fiscal Years Ended
	March 30, 2024		April 1, 2023		April 2, 2022
Depreciation and amortization:
Versace	$	55	$	51	$	52
Jimmy Choo	29		29		31
Michael Kors	82		95		110
Corporate	22		4		—
Total depreciation and amortization	$	188	$	179	$	193

Total Revenue (as Recognized Based on Country of Origin)

Total revenue (based on country of origin) and long-lived assets by geographic location are as follows (in millions):

	Fiscal Years Ended
	March 30, 2024		April 1, 2023		April 2, 2022
Revenue:
The Americas (1)	$	2,812	$	3,220	$	3,210
EMEA	1,501		1,542		1,489
Asia	857		857		955
Total revenue	$	5,170	$	5,619	$	5,654

	As of
	March 30, 2024		April 1, 2023		April 2, 2022
Long-lived assets:
The Americas (1)	$	1,031	$	882	$	908
EMEA	1,818		2,129		2,156
Asia	562		599		617
Total long-lived assets	$	3,411	$	3,610	$	3,681

(1)Net revenues earned in the United States during Fiscal 2024, Fiscal 2023 and Fiscal 2022 were $2.546 billion, $2.951 billion and $2.989 billion, respectively. Long-lived assets located in the United States as of March 30, 2024, April 1, 2023 and April 2, 2022 were $993 million, $826 million and $858 million, respectively.

Long-Lived Assets by Geographic Location

Total revenue (based on country of origin) and long-lived assets by geographic location are as follows (in millions):

	Fiscal Years Ended
	March 30, 2024		April 1, 2023		April 2, 2022
Revenue:
The Americas (1)	$	2,812	$	3,220	$	3,210
EMEA	1,501		1,542		1,489
Asia	857		857		955
Total revenue	$	5,170	$	5,619	$	5,654

	As of
	March 30, 2024		April 1, 2023		April 2, 2022
Long-lived assets:
The Americas (1)	$	1,031	$	882	$	908
EMEA	1,818		2,129		2,156
Asia	562		599		617
Total long-lived assets	$	3,411	$	3,610	$	3,681

(1)Net revenues earned in the United States during Fiscal 2024, Fiscal 2023 and Fiscal 2022 were $2.546 billion, $2.951 billion and $2.989 billion, respectively. Long-lived assets located in the United States as of March 30, 2024, April 1, 2023 and April 2, 2022 were $993 million, $826 million and $858 million, respectively.

Net Revenues by Major Product Category

Total revenue by major product category are as follows (in millions):

	Fiscal Years Ended
	March 30, 2024		% of Total		April 1, 2023		% of Total		April 2, 2022		% of Total
Accessories	$	2,570	49.7	%	$	2,826	50.3	%	$	2,901	51.3	%
Footwear	1,151		22.3	%	1,217		21.7	%	1,208		21.4	%
Apparel	965		18.7	%	1,107		19.7	%	1,027		18.2	%
Licensed product	230		4.4	%	222		4.0	%	241		4.3	%
Licensing revenue	219		4.2	%	211		3.8	%	212		3.7	%
Other	35		0.7	%	36		0.5	%	65		1.1	%
Total revenue	$	5,170			$	5,619			$	5,654