Intangible Assets and Goodwill (Tables)

9 Months Ended

Dec. 28, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of 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 30, 2024	853		133		120		1,106
Acquisition(1)	—		9		—		9
Impairment charges(2)	(364)		(66)		—		(430)
Foreign currency translation	(18)		—		—		(18)
Balance at December 28, 2024	$	471	$	76	$	120	$	667

(1)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.

(2)The Company recorded impairment charges of $430 million during Fiscal 2025 related to the Versace Retail and Wholesale reporting units and the Jimmy Choo Wholesale reporting unit. As of December 28, 2024, the Company had accumulated impairment charges of $605 million related to its Jimmy Choo reporting units and $364 million related to its Versace reporting units, respectively.

Schedule of Indefinite-Lived Intangible Assets

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

	December 28, 2024		March 30, 2024
Definite-lived intangible assets:
Reacquired rights	$	400	$	400
Trademarks	23		23
Customer relationships (1)	394		401
Gross definite-lived intangible assets	817		824
Less: accumulated amortization (2)	(353)		(314)
Net definite-lived intangible assets	464		510
Indefinite-lived intangible assets:
Jimmy Choo brand (3)	199		215
Versace brand (4)	436		669
Net indefinite-lived intangible assets	635		884
Total intangible assets, excluding goodwill	$	1,099	$	1,394

(1)The change in the carrying value since March 30, 2024 reflects the impact of foreign currency translation adjustments.

(2)The change in accumulated amortization since March 30, 2024 includes an impairment charge of $10 million.

(3)The change in the carrying value since March 30, 2024 reflects an impairment charge of $15 million and the impact of foreign currency translation adjustments. As of December 28, 2024, the Company had accumulated impairment charges of $358 million related to its Jimmy Choo brand intangible assets.

(4)The change in the carrying value since March 30, 2024 reflects and impairment charge of $216 million and the impact of foreign currency translation adjustments. As of December 28, 2024, the Company had accumulated impairment charges of $443 million related to its Versace brand intangible assets.

Schedule of Finite-Lived Intangible Assets

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

	December 28, 2024		March 30, 2024
Definite-lived intangible assets:
Reacquired rights	$	400	$	400
Trademarks	23		23
Customer relationships (1)	394		401
Gross definite-lived intangible assets	817		824
Less: accumulated amortization (2)	(353)		(314)
Net definite-lived intangible assets	464		510
Indefinite-lived intangible assets:
Jimmy Choo brand (3)	199		215
Versace brand (4)	436		669
Net indefinite-lived intangible assets	635		884
Total intangible assets, excluding goodwill	$	1,099	$	1,394

(1)The change in the carrying value since March 30, 2024 reflects the impact of foreign currency translation adjustments.

(2)The change in accumulated amortization since March 30, 2024 includes an impairment charge of $10 million.

(3)The change in the carrying value since March 30, 2024 reflects an impairment charge of $15 million and the impact of foreign currency translation adjustments. As of December 28, 2024, the Company had accumulated impairment charges of $358 million related to its Jimmy Choo brand intangible assets.

(4)The change in the carrying value since March 30, 2024 reflects and impairment charge of $216 million and the impact of foreign currency translation adjustments. As of December 28, 2024, the Company had accumulated impairment charges of $443 million related to its Versace brand intangible assets.

Schedule of Estimated Amortization Expense

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

Remainder of Fiscal 2025	$	10
Fiscal 2026	41
Fiscal 2027	41
Fiscal 2028	41
Fiscal 2029	41
Fiscal 2030 and thereafter	290
Total	$	464