Intangible Assets and Goodwill

3 Months Ended

Jun. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Intangible Assets and Goodwill

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

	June 29, 2024		March 30, 2024
Definite-lived intangible assets:
Reacquired rights	$	400	$	400
Trademarks	23		23
Customer relationships	400		401
Gross definite-lived intangible assets	823		824
Less: accumulated amortization	(324)		(314)
Net definite-lived intangible assets	499		510
Indefinite-lived intangible assets:
Jimmy Choo brand (1)	215		215
Versace brand (2)	664		669
Net indefinite-lived intangible assets	879		884
Total intangible assets, excluding goodwill	$	1,378	$	1,394
Goodwill (3)	$	1,108	$	1,106

(1)Includes accumulated impairment of $343 million as of June 29, 2024 and March 30, 2024.

(2)Includes accumulated impairment of $227 million as of June 29, 2024 and March 30, 2024. The change in the carrying value since March 30, 2024 reflects the impact of foreign currency translation.

(3)Includes accumulated impairment of $539 million related to the Jimmy Choo reporting units as of June 29, 2024 and March 30, 2024. The change in the carrying value since March 30, 2024 reflects the impact of the Sicla Acquisition, as well as the impact of foreign currency translation.

On May 2, 2024, the Company completed the acquisition of Calzaturificio Sicla S.r.l. (“Sicla Acquisition”), an Italian shoe manufacturer, for cash consideration of $9 million, net of cash acquired. The acquired identifiable assets and liabilities net to a nominal amount, with $9 million recognized in goodwill allocated to the Jimmy Choo reportable segment.

Amortization expense for the Company’s definite-lived intangible assets was $11 million for the three months ended June 29, 2024 and July 1, 2023.