CAPRI HOLDINGS LTD, 10-Q filed on 11/7/2024
Quarterly Report
v3.24.3
Cover Page - shares
 6 Months Ended
Sep. 28, 2024
Oct. 31, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 28, 2024  
Document Transition Report false  
Entity File Number 001-35368  
Entity Registrant Name CAPRI HOLDINGS LTD  
Entity Incorporation, State or Country Code D8  
Entity Address, Address Line One 90 Whitfield Street  
Entity Address, Address Line Two 2nd Floor  
Entity Address, City or Town London  
Entity Address, Country GB  
Entity Address, Postal Zip Code W1T 4EZ  
Country Region 44  
City Area Code 207  
Local Phone Number 632 8600  
Title of 12(b) Security Ordinary Shares, no par value  
Trading Symbol CPRI  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   117,894,437
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Entity Central Index Key 0001530721  
Current Fiscal Year End Date --03-29  
v3.24.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Sep. 28, 2024
Mar. 30, 2024
Current assets    
Cash and cash equivalents $ 182 $ 199
Receivables, net 298 332
Inventories, net 984 862
Prepaid expenses and other current assets 203 215
Total current assets 1,667 1,608
Property and equipment, net 565 579
Operating lease right-of-use assets 1,375 1,438
Intangible assets, net 1,418 1,394
Goodwill 1,153 1,106
Deferred tax assets 410 352
Other assets 204 212
Total assets 6,792 6,689
Current liabilities    
Accounts payable 472 352
Accrued payroll and payroll related expenses 108 107
Accrued income taxes 37 64
Short-term operating lease liabilities 377 400
Short-term debt 471 462
Accrued expenses and other current liabilities 325 310
Total current liabilities 1,790 1,695
Long-term operating lease liabilities 1,387 1,452
Deferred tax liabilities 356 362
Long-term debt 1,237 1,261
Other long-term liabilities 536 319
Total liabilities 5,306 5,089
Commitments and contingencies
Shareholders’ equity    
Ordinary shares, no par value; 650,000,000 shares authorized; 227,571,175 shares issued and 117,824,265 outstanding at September 28, 2024; 226,271,074 shares issued and 116,629,634 outstanding at March 30, 2024 0 0
Treasury shares, at cost (109,746,910 shares at September 28, 2024 and 109,641,440 shares at March 30, 2024) (5,462) (5,458)
Additional paid-in capital 1,454 1,417
Accumulated other comprehensive income 3 161
Retained earnings 5,489 5,479
Total shareholders’ equity of Capri 1,484 1,599
Noncontrolling interest 2 1
Total shareholders’ equity 1,486 1,600
Total liabilities and shareholders’ equity $ 6,792 $ 6,689
v3.24.3
CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares
Sep. 28, 2024
Mar. 30, 2024
Shareholders’ equity    
Ordinary shares, shares authorized (in shares) 650,000,000 650,000,000
Ordinary shares, shares issued (in shares) 227,571,175 226,271,074
Ordinary shares, shares outstanding (in shares) 117,824,265 116,629,634
Treasury shares (in shares) 109,746,910 109,641,440
v3.24.3
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME - USD ($)
 3 Months Ended 6 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Income Statement [Abstract]        
Total revenue $ 1,079,000,000 $ 1,291,000,000 $ 2,146,000,000 $ 2,520,000,000
Cost of goods sold 385,000,000 459,000,000 763,000,000 876,000,000
Gross profit 694,000,000 832,000,000 1,383,000,000 1,644,000,000
Selling, general and administrative expenses 639,000,000 664,000,000 1,288,000,000 1,353,000,000
Depreciation and amortization 49,000,000 48,000,000 96,000,000 93,000,000
Impairment of assets 43,000,000 20,000,000 43,000,000 20,000,000
Restructuring and other expense (income) 1,000,000 0 2,000,000 (2,000,000)
Total operating expenses 732,000,000 732,000,000 1,429,000,000 1,464,000,000
(Loss) income from operations (38,000,000) 100,000,000 (46,000,000) 180,000,000
Other income, net 0 (1,000,000) 0 0
Interest (income) expense, net (10,000,000) 3,000,000 (14,000,000) 11,000,000
Foreign currency (gain) loss (17,000,000) (3,000,000) (12,000,000) 18,000,000
(Loss) income before income taxes (11,000,000) 101,000,000 (20,000,000) 151,000,000
(Benefit) provision for income taxes (34,000,000) 11,000,000 (31,000,000) 13,000,000
Net income 23,000,000 90,000,000 11,000,000 138,000,000
Less: Net (loss) income attributable to noncontrolling interest (1,000,000) 0 1,000,000 0
Net income attributable to Capri $ 24,000,000 $ 90,000,000 $ 10,000,000 $ 138,000,000
Weighted average ordinary shares outstanding:        
Basic (in shares) 118,467,372 116,674,030 117,953,855 117,052,986
Diluted (in shares) 118,777,723 117,563,573 118,517,098 117,923,103
Net income per ordinary share attributable to Capri:        
Basic (in dollars per share) $ 0.20 $ 0.77 $ 0.09 $ 1.18
Diluted (in dollars per share) $ 0.20 $ 0.77 $ 0.09 $ 1.17
Statements of Comprehensive (Loss) Income:        
Net income $ 23,000,000 $ 90,000,000 $ 11,000,000 $ 138,000,000
Foreign currency translation adjustments (118,000,000) (6,000,000) (147,000,000) (13,000,000)
Net loss on derivatives (11,000,000) (1,000,000) (11,000,000) (4,000,000)
Comprehensive (loss) income (106,000,000) 83,000,000 (147,000,000) 121,000,000
Less: Net (loss) income attributable to noncontrolling interest (1,000,000) 0 1,000,000 0
Comprehensive (loss) income attributable to Capri $ (105,000,000) $ 83,000,000 $ (148,000,000) $ 121,000,000
v3.24.3
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Millions
Total
Total Equity of Capri
Ordinary Shares
Additional Paid-in Capital
Treasury Shares
Accumulated Other Comprehensive Income
Retained Earnings
Non-controlling Interest
Beginning balance (in shares) at Apr. 01, 2023     224,166,000          
Beginning balance at Apr. 01, 2023 $ 1,849 $ 1,848 $ 0 $ 1,344 $ (5,351) $ 147 $ 5,708 $ 1
Beginning balance (in shares) at Apr. 01, 2023         (106,819,000)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) 138 138         138  
Other comprehensive loss (17) (17)       (17)    
Comprehensive (loss) income 121 121            
Vesting of restricted awards, net of forfeitures (in shares)     1,588,000          
Exercise of employee share options (in shares)     14,000          
Exercise of employee share options 1 1   1        
Share-based compensation expense 47 47   47        
Repurchase of ordinary shares (in shares)         (2,809,000)      
Repurchase of ordinary shares (106) (106)     $ (106)      
Ending balance (in shares) at Sep. 30, 2023     225,768,000          
Ending balance at Sep. 30, 2023 1,912 1,911 $ 0 1,392 $ (5,457) 130 5,846 1
Ending balance (in shares) at Sep. 30, 2023         (109,628,000)      
Beginning balance (in shares) at Jul. 01, 2023     225,684,000          
Beginning balance at Jul. 01, 2023 1,812 1,811 $ 0 1,375 $ (5,457) 137 5,756 1
Beginning balance (in shares) at Jul. 01, 2023         (109,620,000)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) 90 90         90  
Other comprehensive loss (7) (7)       (7)    
Comprehensive (loss) income 83 83            
Vesting of restricted awards, net of forfeitures (in shares)     84,000          
Share-based compensation expense 17 17   17        
Repurchase of ordinary shares (in shares)         (8,000)      
Repurchase of ordinary shares 0              
Ending balance (in shares) at Sep. 30, 2023     225,768,000          
Ending balance at Sep. 30, 2023 $ 1,912 1,911 $ 0 1,392 $ (5,457) 130 5,846 1
Ending balance (in shares) at Sep. 30, 2023         (109,628,000)      
Beginning balance (in shares) at Mar. 30, 2024 226,271,074   226,271,000          
Beginning balance at Mar. 30, 2024 $ 1,600 1,599 $ 0 1,417 $ (5,458) 161 5,479 1
Beginning balance (in shares) at Mar. 30, 2024 (109,641,440)       (109,641,000)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) $ 11 10         10 1
Other comprehensive loss (158) (158)       (158)    
Comprehensive (loss) income (147) (148)           1
Vesting of restricted awards, net of forfeitures (in shares)     1,300,000          
Share-based compensation expense 37 37   37        
Repurchase of ordinary shares (in shares)         (106,000)      
Repurchase of ordinary shares $ (4) (4)     $ (4)      
Ending balance (in shares) at Sep. 28, 2024 227,571,175   227,571,000          
Ending balance at Sep. 28, 2024 $ 1,486 1,484 $ 0 1,454 $ (5,462) 3 5,489 2
Ending balance (in shares) at Sep. 28, 2024 (109,746,910)       (109,747,000)      
Beginning balance (in shares) at Jun. 29, 2024     227,517,000          
Beginning balance at Jun. 29, 2024 $ 1,582 1,579 $ 0 1,443 $ (5,461) 132 5,465 3
Beginning balance (in shares) at Jun. 29, 2024         (109,735,000)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) 23 24         24 (1)
Other comprehensive loss (129) (129)       (129)    
Comprehensive (loss) income (106) (105)           (1)
Vesting of restricted awards, net of forfeitures (in shares)     54,000          
Share-based compensation expense 11 11   11        
Repurchase of ordinary shares (in shares)         (12,000)      
Repurchase of ordinary shares $ (1) (1)     $ (1)      
Ending balance (in shares) at Sep. 28, 2024 227,571,175   227,571,000          
Ending balance at Sep. 28, 2024 $ 1,486 $ 1,484 $ 0 $ 1,454 $ (5,462) $ 3 $ 5,489 $ 2
Ending balance (in shares) at Sep. 28, 2024 (109,746,910)       (109,747,000)      
v3.24.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net income $ 11 $ 138
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 96 93
Share-based compensation expense 37 47
Deferred income taxes 3 (4)
Impairment of assets 43 20
Changes to lease related balances, net (67) (59)
Foreign currency (gain) loss (15) 16
Other non-cash adjustments 6 8
Change in assets and liabilities:    
Receivables, net 40 (23)
Inventories, net (93) (70)
Prepaid expenses and other current assets 23 (80)
Accounts payable 107 (112)
Accrued expenses and other current liabilities (28) (57)
Other long-term assets and liabilities (30) (14)
Net cash provided by (used in) operating activities 133 (97)
Cash flows from investing activities    
Capital expenditures (70) (90)
Cash paid for business acquisitions, net of cash acquired (9) 0
Net cash used in investing activities (79) (90)
Cash flows from financing activities    
Debt borrowings 938 1,102
Debt repayments (999) (799)
Debt issuance costs (2) 0
Repurchase of ordinary shares (4) (106)
Exercise of employee share options 0 1
Net cash (used in) provided by financing activities (67) 198
Effect of exchange rate changes on cash, cash equivalents and restricted cash (1) (23)
Net decrease in cash, cash equivalents and restricted cash (14) (12)
Beginning of period 205 256
End of period 191 244
Supplemental disclosures of cash flow information    
Cash paid for interest 41 48
Net cash paid for income taxes 33 65
Supplemental disclosure of non-cash investing and financing activities    
Accrued capital expenditures $ 16 $ 26
v3.24.3
Business and Basis of Presentation
 6 Months Ended
Sep. 28, 2024
Accounting Policies [Abstract]  
Business and Basis of Presentation Business and Basis of Presentation
The Company was incorporated in the British Virgin Islands on December 13, 2002 as Michael Kors Holdings Limited and changed its name to Capri Holdings Limited (“Capri,” and together with its subsidiaries, the “Company”) on December 31, 2018. The Company is a holding company that owns brands that are leading designers, marketers, distributors and retailers of branded women’s and men’s accessories, apparel and footwear bearing the Versace, Jimmy Choo and Michael Kors tradenames and related trademarks and logos. The Company operates in three reportable segments: Versace, Jimmy Choo and Michael Kors. See Note 17 for additional information.
The interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and include the accounts of the Company and its wholly-owned or controlled subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The interim consolidated financial statements as of September 28, 2024 and for the three and six months ended September 28, 2024 and September 30, 2023 are unaudited. The Company consolidates the results of its Versace business on a one-month lag, as consistent with prior periods. In addition, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The interim consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, necessary for a fair presentation in conformity with U.S. GAAP. The interim consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended March 30, 2024, as filed with the Securities and Exchange Commission on May 29, 2024, in the Company’s Annual Report on Form 10-K. The results of operations for the interim periods should not be considered indicative of results to be expected for the full fiscal year.
The Company utilizes a 52- to 53-week fiscal year and the term “Fiscal Year” or “Fiscal” refers to that 52-week or 53-week period. The results for the three and six months ended September 28, 2024 and September 30, 2023 are based on 13-week and 26-week periods, respectively. The Company’s Fiscal Year 2025 is a 52-week period ending March 29, 2025.
v3.24.3
Merger Agreement
 6 Months Ended
Sep. 28, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Merger Agreement Merger Agreement
On August 10, 2023, Capri entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Tapestry, Inc., a Maryland corporation (“Tapestry”), and Sunrise Merger Sub, Inc., a British Virgin Islands business company limited by shares and a direct wholly owned subsidiary of Tapestry (“Merger Sub”).
The Merger Agreement provides that, among other things and on the terms and subject to the conditions set forth therein, Tapestry will acquire Capri in an all-cash transaction by means of a merger of Merger Sub with and into Capri (the “Merger”), with Capri surviving the Merger as a wholly owned subsidiary of Tapestry. For additional information related to the Merger Agreement, please refer to Capri’s Definitive Proxy Statement on Schedule 14A filed with the U.S. Securities and Exchange Commission (the “SEC”) on September 20, 2023, as well as the supplemental disclosures contained in Capri’s Current Report on Form 8-K filed with the SEC on October 17, 2023.
The Merger has been approved by the boards of directors of Capri and Tapestry and by the shareholders of Capri. Completion of the Merger is subject to, among other customary conditions, the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The Company has received regulatory approval from all countries except for the United States. In connection with the Merger, on April 22, 2024, the U.S. Federal Trade Commission (“FTC”) filed a lawsuit in the United States District Court for the Southern District of New York (the “District Court”) against Tapestry and the Company seeking to block the Merger, claiming that the Merger would violate Section 7 of the Clayton Act and that the Merger Agreement and the Merger constitute unfair methods of competition in violation of Section 5 of the Federal Trade Commission Act and should be enjoined. The preliminary injunction hearing concluded in September 2024, and on October 24, 2024, the District Court granted the FTC's motion for a preliminary injunction to enjoin the Merger pending the completion of the FTC's in-house administrative proceeding which is currently expected to begin on December 9, 2024. On October 28, 2024, Tapestry and Capri jointly filed a notice of appeal to the U.S. Court of Appeals for the Second Circuit. The parties may not be successful on appeal and the appeal may not be heard on a timely basis. If the Merger is unable to be consummated, there can be no assurance that any other transaction acceptable to us will be offered and our business, prospects and/or results of operations may be adversely affected.
v3.24.3
Summary of Significant Accounting Policies
 6 Months Ended
Sep. 28, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Use of Estimates
The preparation of financial statements in accordance with U.S. GAAP requires management to use judgment and make estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The level of uncertainty in estimates and assumptions increases with the length of time until the underlying transactions are completed. The most significant assumptions and estimates involved in preparing the financial statements include allowances for customer deductions, sales returns, credit losses, estimates of inventory net realizable value, the valuation of share-based compensation, the valuation of deferred taxes, goodwill, intangible assets, operating lease right-of-use assets and property and equipment, along with the estimated useful lives assigned to these assets. Actual results could differ from those estimates.
Seasonality
The Company experiences certain effects of seasonality with respect to its business. The Company generally experiences greater sales during its third fiscal quarter, primarily driven by holiday season sales, and the lowest sales during its first fiscal quarter.
Cash, Cash Equivalents and Restricted Cash
All highly liquid investments with original maturities of three months or less are considered to be cash equivalents. Included in the Company’s cash and cash equivalents as of September 28, 2024 and March 30, 2024 are credit card receivables of $26 million and $28 million, respectively, which generally settle within two to three business days.
A reconciliation of cash, cash equivalents and restricted cash as of September 28, 2024 and March 30, 2024 from the consolidated balance sheets to the consolidated statements of cash flows is as follows (in millions):
 September 28,
2024		March 30,
2024
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents$182 $199 
Restricted cash included within prepaid expenses and other current assets9 6 
Total cash, cash equivalents and restricted cash shown on the consolidated statements of cash flows$191 $205 
Inventories
Inventories primarily consist of finished goods with the exception of raw materials and work in process. The combined total of raw materials and work in process recorded on the Company’s consolidated balance sheets was $48 million and $45 million as of September 28, 2024 and March 30, 2024, respectively.
Derivative Financial Instruments
Forward Foreign Currency Exchange Contracts
The Company may use forward foreign currency exchange contracts to manage its exposure to fluctuations in foreign currencies for certain transactions. The Company, in its normal course of business, enters into transactions with foreign suppliers and seeks to minimize risks related to these transactions. The Company employs these forward contracts to hedge the Company’s cash flows, as they relate to transactions denominated in foreign currencies. Certain of these contracts are designated as hedges for accounting purposes, while others remain undesignated. All of the Company’s derivative instruments are recorded on the Company’s consolidated balance sheets at fair value on a gross basis, regardless of their hedge designation.
The Company designates certain contracts related to the purchase of inventory that qualify for hedge accounting as cash flow hedges. Formal hedge documentation is prepared for all derivative instruments designated as hedges, including a description of the hedged transaction, the hedging instrument and the risk being hedged. The changes in the fair value for contracts designated as cash flow hedges are recorded in equity as a component of accumulated other comprehensive income until the hedged item affects earnings. When the inventory related to forecasted inventory purchases that are being hedged is
sold to a third-party, the gains or losses deferred in accumulated other comprehensive income are recognized within cost of goods sold. The Company uses regression analysis to assess effectiveness of derivative instruments that are designated as hedges, which compares the change in the fair value of the derivative instrument to the change in the related hedged item. If the hedge is no longer expected to be highly effective, future changes in the fair value are recognized in earnings. For those contracts that are not designated as hedges, changes in the fair value are recorded to foreign currency (gain) loss in the Company’s consolidated statements of operations and comprehensive (loss) income. The Company classifies cash flows relating to its forward foreign currency exchange contracts related to purchase of inventory consistently with the classification of the hedged item, within cash flows from operating activities.
The Company is exposed to the risk that counterparties to derivative contracts will fail to meet their contractual obligations. In order to mitigate counterparty credit risk, the Company only enters into contracts with carefully selected financial institutions based upon their credit ratings and certain other financial factors, adhering to established limits for credit exposure. The aforementioned forward contracts generally have a term of no more than 12 months. The period of these contracts is directly related to the transactions they are intended to hedge.
Net Investment Hedges
The Company uses cross-currency swap agreements to hedge its net investments in foreign operations against future volatility in the exchange rates between different currencies. The Company has elected the spot method of designating these contracts under Accounting Standards Update (“ASU”) 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities”, and has designated these contracts as net investment hedges. The net gain or loss on the net investment hedge is reported within foreign currency translation adjustments (“CTA”), as a component of accumulated other comprehensive income on the Company’s consolidated balance sheets. Interest accruals and coupon payments are recognized directly in interest (income) expense, net, in the Company’s consolidated statements of operations and comprehensive (loss) income. Upon discontinuation of a hedge, all previously recognized amounts remain in CTA until the net investment is sold or liquidated.
Fair Value Hedges
When a cross-currency swap is designated as a fair value hedge and qualifies as highly effective, the fair value hedge will be recorded at fair value each period on the Company’s consolidated balance sheets, with the difference resulting from the changes in the spot rate recognized in foreign currency (gain) loss on the Company’s consolidated statements of operations and comprehensive (loss) income, which will offset the earnings impact of the original transaction being hedged. If the fair value hedge is terminated and the underlying intercompany loans are settled, the accumulated other comprehensive income (“AOCI”) remaining from the hedge at the time of termination will be reclassified to foreign currency (gain) loss on the Company’s consolidated statements of operations and comprehensive (loss) income.
Interest Rate Swap Agreements
The Company also uses interest rate swap agreements to hedge the variability of its cash flows resulting from variable interest rates on the Company’s borrowings. When an interest rate swap agreement qualifies for hedge accounting as a cash flow hedge, the changes in the fair value are recorded in equity as a component of accumulated other comprehensive income and are reclassified into interest (income) expense, net in the same period during which the hedged transactions affect earnings.
Leases

The Company leases retail stores, office space and warehouse space under operating lease agreements that expire at various dates through September 2043. The Company’s leases generally have terms of up to ten years, generally require fixed rent payments and may require the payment of additional rent if store sales exceed a negotiated amount. Although most of the Company’s equipment is owned, the Company has limited equipment leases that expire on various dates through December 2028. The Company acts as sublessor in certain leasing arrangements, primarily related to closed stores under its restructuring initiatives, as defined in Note 9. The Company recognizes sublease income on a straight-line basis over the sublease term. The Company determines the sublease term based on the date it provides possession to the subtenant through the expiration date of the sublease.

The Company recognizes operating lease right-of-use assets and lease liabilities at the lease commencement date, based on the present value of fixed lease payments over the expected lease term. The Company uses its incremental borrowing rates to determine the present value of fixed lease payments based on the information available at the lease commencement date, as the rate implicit in the lease is not readily determinable for the Company’s leases. The Company’s incremental borrowing rates are based on the term of the leases, the economic environment of the leases and reflect the expected interest rate it would incur to
borrow on a secured basis. Certain leases include one or more renewal options, generally for the same period as the initial term of the lease. The exercise of lease renewal options is generally at the Company’s sole discretion and as such, the Company typically determines that exercise of these renewal options is not reasonably certain. As a result, the Company generally does not include the renewal option period in the expected lease term and the associated lease payments are not included in the initial measurement of the operating lease right-of-use asset and lease liability. Certain leases also contain termination options with an associated penalty. Generally, the Company is reasonably certain not to exercise these options and as such, they are not included in the determination of the expected lease term. The Company recognizes operating lease expense on a straight-line basis over the lease term.

Leases with an initial lease term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for its short-term leases on a straight-line basis over the lease term.

The Company’s leases generally provide for payments of non-lease components, such as common area maintenance, real estate taxes and other costs associated with the leased property. The Company accounts for lease and non-lease components of its real estate leases together as a single lease component and, as such, includes fixed payments of non-lease components in the measurement of the operating lease right-of-use assets and lease liabilities for its real estate leases. Variable lease payments, such as percentage rent based on location sales, periodic adjustments for inflation, reimbursement of real estate taxes, any variable common area maintenance and any other variable costs associated with the leased property, are expensed as incurred as variable lease costs and are not recorded on the balance sheet. The Company’s lease agreements do not contain any material residual value guarantees or material restrictions or covenants.
The following table presents the Company’s supplemental cash flow information related to leases (in millions):
Six Months Ended
September 28,
2024		September 30,
2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases
$248 $261 
During the three and six months ended September 28, 2024, the Company recorded sublease income of $3 million and $5 million, respectively, within selling, general and administrative expenses. During the three and six months ended September 30, 2023, the Company recorded sublease income of $2 million and $4 million, respectively, within selling, general and administrative expenses.

Net Income per Share
The Company’s basic net income per ordinary share is calculated by dividing net income by the weighted average number of ordinary shares outstanding during the period. Diluted net income per ordinary share reflects the potential dilution that would occur if restricted share units (“RSUs”) or any other potentially dilutive instruments, including share options, were converted or exercised into ordinary shares. These potentially dilutive securities are included in diluted shares to the extent they are dilutive under the treasury stock method for the applicable periods. Performance-based RSUs are included in diluted shares if the related performance conditions are considered satisfied as of the end of the reporting period and to the extent they are dilutive under the treasury stock method.
The components of the calculation of basic net income per ordinary share and diluted net income per ordinary share are as follows (in millions, except share and per share data):
 Three Months EndedSix Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Numerator:
Net income attributable to Capri$24 $90 $10 $138 
Denominator:
Basic weighted average shares118,467,372 116,674,030 117,953,855 117,052,986 
Weighted average dilutive share equivalents:
Share options, restricted stock units, and performance restricted stock units310,351 889,543 563,243 870,117 
Diluted weighted average shares118,777,723 117,563,573 118,517,098 117,923,103 
Basic net income per share (1)
$0.20 $0.77 $0.09 $1.18 
Diluted net income per share (1)
$0.20 $0.77 $0.09 $1.17 
(1)Basic and diluted net income per share are calculated using unrounded numbers.
During the three and six months ended September 28, 2024, share equivalents of 486,717 and 354,607 shares, respectively, have been excluded from the above calculations due to their anti-dilutive effect. Share equivalents of 441,685 and 364,628 shares have been excluded from the above calculations for the three and six months ended September 30, 2023, respectively, due to their anti-dilutive effect.
See Note 3 in the Company’s Annual Report on Form 10-K for the fiscal year ended March 30, 2024 for a complete disclosure of the Company’s significant accounting policies.
Recently Adopted Accounting Pronouncements
Supplier Finance Programs
In September 2022, the FASB issued ASU 2022-04, “Disclosure of Supplier Finance Program Obligations” which makes a number of changes. The amendments require a buyer in a supplier finance program to disclose sufficient information about the program to allow users of the financial statements to understand the program’s nature, activity during the period, changes from period to period and potential magnitude. The amendments in this update do not affect the recognition, measurement or financial statement presentation of obligations covered by supplier finance programs. The Company adopted the update in the first quarter of Fiscal 2024 on a retrospective basis, except for the requirement to disclose rollforward information, which will be effective for the Company in Fiscal 2025 for annual disclosure on a prospective basis. See Note 10 for the Company’s disclosures relating to this update.
Recently Issued Accounting Pronouncements
The Company has considered all new accounting pronouncements and, other than the recent pronouncements discussed below, has concluded that there are no new pronouncements that may have a material impact on the Company’s results of operations, financial condition or cash flows based on current information.
In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”. The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. The ASU is effective for the Company in Fiscal 2025 for annual disclosure, and subsequent interim periods, with early adoption permitted. The Company is evaluating the impact of adopting this ASU on the consolidated financial statements and related disclosures.
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, to enhance transparency and decision usefulness of income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, on a prospective basis, with early adoption permitted. The Company is evaluating the impact of adopting this ASU on the consolidated financial statements and related disclosures.
Tax Legislation
On August 16, 2022, the Inflation Reduction Act of 2022 was signed into law by the Biden Administration, with tax provisions primarily focused on implementing a 15% corporate alternative minimum tax on global adjusted financial statement income ("CAMT") and a 1% excise tax on share repurchases. The CAMT was effective beginning Fiscal 2024 and is not expected to have a material impact on the Company’s effective tax rate, however the Company will continue to monitor for any potential impact as additional guidance becomes available. With respect to the 1% excise tax on net share repurchases, this provision of the Inflation Reduction Act was effective on January 1, 2023 and did not have a material impact on the Company’s consolidated financial statements.
On December 12, 2022, the European Union member states reached an agreement to implement the OECD’s reform of international taxation known as Pillar Two Global Anti-Base Erosion ("GloBE") Rules, which broadly mirrors certain provisions of the Inflation Reduction Act by imposing a 15% global minimum tax on multinational companies. GloBE has become effective for the Company during Fiscal 2025. Based upon the Company’s initial analysis, the Pillar Two initiatives are not projected to have a material impact on the Company’s consolidated financial statements. The Company will continue to evaluate its impact as further information becomes available.
On August 6, 2024, the United States Treasury and the Internal Revenue Service (“IRS”) released proposed regulations that address several long-standing issues related to dual consolidated losses and introduce new rules for disregarded payment losses. If finalized as proposed, the changes related to disregarded payment losses could impact how the Company utilizes certain deductions and losses to offset its U.S. income as part of its global financing activities. The Company will continue to evaluate its impact as further information becomes available.
v3.24.3
Revenue Recognition
 6 Months Ended
Sep. 28, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The Company accounts for contracts with its customers when there is approval and commitment from both parties, the rights of the parties and payment terms have been identified, the contract has commercial substance and collectability of consideration is probable. Revenue is recognized when control of the promised goods or services is transferred to the Company’s customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for goods or services.
The Company sells its products through three primary channels of distribution: retail, wholesale and licensing. Within the retail and wholesale channels, substantially all of the Company’s revenues consist of sales of products that represent a single performance obligation where control transfers at a point in time to the customer. For licensing arrangements, royalty and advertising revenue is recognized over time based on access provided to the Company’s brands.
The Company has chosen to apply the practical expedient allowing it not to disclose the amount of the transaction price allocated to remaining performance obligations that have an expected duration of 12 months or less.
Retail
The Company generates sales through directly operated stores and e-commerce sites throughout the Americas (United States, Canada and Latin America), certain parts of EMEA (Europe, Middle East and Africa) and certain parts of Asia (Asia and Oceania). Retail revenue is recognized when control of the product is transferred at the point of sale at Company owned stores, including concessions. For e-commerce transactions, control is transferred and revenue is recognized when products are delivered to the customer. To arrive at net sales for retail, gross sales are reduced by actual customer returns, as well as by a provision for estimated future customer returns.
Sales tax collected from retail customers are presented on a net basis and, as such, are excluded from revenue. Shipping and handling costs that are billed to customers are included in net sales, with the related costs recorded in cost of goods sold. Shipping and handling costs that are not billed to customers are accounted for as fulfillment costs.
Gift Cards. The Company sells gift cards that can be redeemed for merchandise, resulting in a contract liability upon issuance. Revenue is recognized when a gift card is redeemed or upon “breakage” for the estimated portion of gift cards that are not expected to be redeemed. “Breakage” revenue is calculated under the proportional redemption methodology, which considers the historical patterns of redemption in jurisdictions where the Company is not required to remit the value of the unredeemed gift cards as unclaimed property. The Company anticipates that substantially all of its outstanding gift cards will be redeemed within the next 12 months. The contract liability related to gift cards, net of estimated “breakage”, was $14 million and $15 million as of September 28, 2024 and March 30, 2024, respectively, is included in accrued expenses and other current liabilities on the Company’s consolidated balance sheets.
Loyalty Program. The Company offers a loyalty program, which allows its Michael Kors North America customers to earn points on qualifying purchases toward monetary and non-monetary rewards, which may be redeemed for purchases at Michael Kors retail stores and e-commerce sites. The Company defers a portion of the initial sales transaction based on the estimated relative fair value of the benefits based on projected timing of future redemptions and historical activity. These amounts include estimated “breakage” for points that are not expected to be redeemed.
Wholesale
The Company’s products are sold primarily to major department stores, specialty stores and travel retail shops throughout the Americas, EMEA and Asia. The Company also has arrangements where its products are sold to geographic licensees in certain parts of EMEA, Asia and South America. Wholesale revenue is recognized net of estimates for sales returns, discounts, markdowns and allowances, when merchandise is shipped and control of the underlying product is transferred to the Company’s wholesale customers. To arrive at net sales for wholesale, gross sales are reduced by provisions for estimated future returns, as well as trade discounts, markdowns, allowances, operational chargebacks and certain cooperative selling expenses. These estimates are developed based on historical trends, actual and forecasted performance and market conditions, and are reviewed by management on a quarterly basis. Unfulfilled, non-cancelable purchase orders for products from wholesale customers (including the Company’s geographic licensees) are expected to be fulfilled within the next 12 months.
Licensing
The Company provides its third-party licensees with the right to access its Versace, Jimmy Choo and Michael Kors trademarks under product and geographic licensing arrangements. Under product licensing arrangements, the Company allows third-parties to manufacture and sell luxury goods, including watches and jewelry, fragrances, eyewear and home furnishings, using the Company’s trademarks. Under geographic licensing arrangements, third party licensees receive the right to distribute and sell products bearing the Company’s trademarks in retail and/or wholesale channels within certain geographical areas, including Brazil, the Middle East, Eastern Europe, South Africa and certain parts of Asia.
The Company recognizes royalty revenue and advertising contributions based on the percentage of sales made by the licensees. Advertising contributions are received to support the Company’s branded advertising and marketing campaigns and are viewed as part of a single performance obligation with the right to access the Company’s trademarks. Royalty revenue generated from licenses, which includes contributions for advertising, may be subject to contractual minimum levels, as defined in the contract. Such minimums are generally fixed annually, based on the previous year’s sales. Licensing revenue is based on reported current period sales of licensed products at rates that are specified in the license agreements for contracts that are expected to exceed the related guaranteed minimums. If the Company expects the minimum guaranteed amounts to exceed amounts calculated based on actual sales, the guaranteed minimums are recognized ratably over the contractual year to which they relate. Generally, the Company’s guaranteed minimum royalty amounts due from licensees relate to contractual periods that do not exceed 12 months, however, some of the Company’s guaranteed minimums for Versace are multi-year based.
As of September 28, 2024, contractually guaranteed minimum fees from the Company’s license agreements expected to be recognized as revenue during future periods were as follows (in millions):
Contractually Guaranteed Minimum Fees
Remainder of Fiscal 2025$19 
Fiscal 202634 
Fiscal 202730 
Fiscal 202822 
Fiscal 202919 
Fiscal 2030 and thereafter15 
 Total$139 
Sales Returns
The refund liability recorded as of September 28, 2024 was $37 million, and the related asset for the right to recover returned product as of September 28, 2024 was $11 million. The refund liability recorded as of March 30, 2024 was $48 million, and the related asset for the right to recover returned product as of March 30, 2024 was $14 million.
Contract Balances
Total contract liabilities were $25 million and $23 million as of September 28, 2024 and March 30, 2024, respectively. For the three and six months ended September 28, 2024, the Company recognized $4 million and $16 million, respectively, in revenue which related to contract liabilities that existed at March 30, 2024. For the three and six months ended September 30, 2023, the Company recognized $2 million and $7 million, respectively, in revenue which related to contract liabilities that existed at April 1, 2023. There were no material contract assets recorded as of September 28, 2024 and March 30, 2024.
There were no changes in historical variable consideration estimates that were materially different from actual results.
Disaggregation of Revenue
The following table presents the Company’s segment revenue disaggregated by geographic location (in millions):
 Three Months EndedSix Months Ended
 September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Versace - the Americas$64 $96 $134 $178 
Versace - EMEA90 125 180 241 
Versace - Asia47 59 106 120 
 Total Versace201 280 420 539 
Jimmy Choo - the Americas35 38 87 87 
Jimmy Choo - EMEA71 57 148 138 
Jimmy Choo - Asia34 37 78 90 
Total Jimmy Choo140 132 313 315 
Michael Kors - the Americas492 556 943 1,057 
Michael Kors - EMEA187 219 325 394 
Michael Kors - Asia59 104 145 215 
 Total Michael Kors738 879 1,413 1,666 
Total - the Americas591 690 1,164 1,322 
Total - EMEA348 401 653 773 
Total - Asia140 200 329 425 
Total revenue$1,079 $1,291 $2,146 $2,520 
See Note 4 in the Company’s Annual Report on Form 10-K for the fiscal year ended March 30, 2024 for a complete disclosure of the Company’s revenue recognition policy.
v3.24.3
Receivables, net
 6 Months Ended
Sep. 28, 2024
Receivables [Abstract]  
Receivables, net Receivables, net
Receivables, net, consist of (in millions):
September 28,
2024		March 30,
2024
Trade receivables (1)
$289 $342 
Receivables due from licensees59 37 
348 379 
Less: allowances(50)(47)
Total receivables, net$298 $332 
(1)As of September 28, 2024 and March 30, 2024, $68 million and $102 million, respectively, of trade receivables were insured.
Receivables are presented net of allowances for discounts, markdowns, operational chargebacks and credit losses. Discounts are based on open invoices where trade discounts have been extended to customers. Markdowns are based on wholesale customers’ sales performance, seasonal negotiations with customers, historical deduction trends and an evaluation of current market conditions. Operational chargebacks are based on deductions taken by customers, net of expected recoveries. Such provisions, and related recoveries, are reflected in revenues.
The Company’s allowance for credit losses is determined through analysis of periodic aging of receivables and assessments of collectibility based on an evaluation of historic and anticipated trends, the financial condition of the Company’s customers and the impact of general economic conditions. The past due status of a receivable is based on its contractual terms. Amounts deemed uncollectible are written off against the allowance when it is probable the amounts will not be recovered. Allowance for credit losses was $17 million and $13 million as of September 28, 2024 and March 30, 2024, respectively. The Company had credit losses of $3 million and $4 million for the three and six months ended September 28, 2024, respectively.
The Company had credit losses of $1 million and $2 million for the three and six months ended September 30, 2023, respectively.
v3.24.3
Property and Equipment, net
 6 Months Ended
Sep. 28, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment, net Property and Equipment, net
Property and equipment, net, consists of (in millions):
September 28,
2024		March 30,
2024
Leasehold improvements$552 $535 
Computer equipment and software337 279 
Furniture and fixtures199 187 
Equipment118 112 
Building54 49 
In-store shops41 43 
Land19 18 
Total property and equipment, gross1,320 1,223 
Less: accumulated depreciation and amortization(798)(726)
Subtotal522 497 
Construction-in-progress43 82 
Total property and equipment, net$565 $579 
Depreciation and amortization of property and equipment for the three and six months ended September 28, 2024 was $37 million and $73 million, respectively. Depreciation and amortization of property and equipment for the three and six months ended September 30, 2023 was $37 million and $71 million, respectively. During the three and six months ended September 28, 2024 and September 30, 2023, the Company recorded $6 million in property and equipment impairment charges
v3.24.3
Intangible Assets and Goodwill
 6 Months Ended
Sep. 28, 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):
 September 28,
2024		March 30,
2024
Definite-lived intangible assets:
Reacquired rights $400 $400 
Trademarks23 23 
Customer relationships (1)
420 401 
Gross definite-lived intangible assets843 824 
Less: accumulated amortization(344)(314)
Net definite-lived intangible assets499 510 
Indefinite-lived intangible assets:
Jimmy Choo brand (2)
227 215 
Versace brand (3)
692 669 
Net indefinite-lived intangible assets919 884 
Total intangible assets, excluding goodwill$1,418 $1,394 
Goodwill (4)
$1,153 $1,106 
(1)The change in the carrying value since March 30, 2024 reflects the impact of foreign currency translation adjustments.
(2)Includes accumulated impairment of $343 million as of September 28, 2024 and March 30, 2024. The change in the carrying value since March 30, 2024 reflects the impact of foreign currency translation adjustments.
(3)Includes accumulated impairment of $227 million as of September 28, 2024 and March 30, 2024. The change in the carrying value since March 30, 2024 reflects the impact of foreign currency translation adjustments.
(4)Includes accumulated impairment of $539 million related to the Jimmy Choo reporting units as of September 28, 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 adjustments.

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 $12 million and $23 million, respectively, for the three and six months ended September 28, 2024. Amortization expense for the Company’s definite-lived intangible assets was $11 million and $22 million, respectively, for the three and six months ended September 30, 2023.
v3.24.3
Current Assets and Current Liabilities
 6 Months Ended
Sep. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Current Assets and Current Liabilities Current Assets and Current Liabilities
Prepaid expenses and other current assets consist of the following (in millions):
September 28,
2024		March 30,
2024
Prepaid taxes$87 $88 
Interest receivable related to hedges39 42 
Prepaid contracts19 21 
Restricted cash9 6 
Other accounts receivables6 8 
Other43 50 
Total prepaid expenses and other current assets$203 $215 

Accrued expenses and other current liabilities consist of the following (in millions):
September 28,
2024		March 30,
2024
Other taxes payable$41 $29 
Return liabilities37 48 
Accrued advertising and marketing37 29 
Professional services34 18 
Accrued purchases and samples25 16 
Accrued rent (1)
18 17 
Accrued capital expenditures16 35 
Accrued E-commerce16 12 
Gift cards and retail store credits14 15 
Accrued interest12 17 
Accrued retail store expense6 8 
Advance royalties6 4 
Restructuring liability4 22 
Accrued litigation4 4 
Other55 36 
Total accrued expenses and other current liabilities$325 $310 
(1)The accrued rent balance relates to variable lease payments.
v3.24.3
Restructuring and Other Expense (Income)
 6 Months Ended
Sep. 28, 2024
Restructuring and Related Activities [Abstract]  
Restructuring and Other Expense (Income) Restructuring and Other Expense (Income)
Restructuring Charges - Global Optimization Plan
As previously announced during the fourth quarter of Fiscal 2024, the Board of Directors of the Company approved a Global Optimization Plan in order to streamline the Company’s operating model, maximize efficiency and support long-term profitable growth.
During the three and six months ended September 28, 2024, the Company closed 8 and 19, respectively, of its retail stores which have been incorporated into the Global Optimization Plan. Net restructuring expenses recorded in connection with the Global Optimization Plan during the three and six months ended September 28, 2024 were $1 million and $2 million, respectively, primarily related to lease termination and store closure costs. The below table presents a roll forward of the Company’s restructuring liability related to its Global Optimization Plan (in millions):
Severance and benefit costsLease-related and other costsTotal
Balance at March 30, 2024
$21 $1 $22 
Additions charged to expense
— 3 
(1)
3 
Payments(17)(4)(21)
Balance at September 28, 2024
$4 $— $4 
(1)Excludes $1 million of a gain on lease termination and store closure costs related to operating lease right-of-use assets recorded within restructuring and other expense (income) on the consolidated statements of operations and comprehensive (loss) income for the six months ended September 28, 2024.
Other Restructuring Costs
During the three months ended September 30, 2023, the Company recorded no net restructuring and other expense (income) which was the result of gains on the termination of leases fully offset by expenses primarily related to equity awards associated with the acquisition of Versace.
During the six months ended September 30, 2023, the Company recorded other income of $2 million, primarily related to a $10 million gain on the sale of a long-lived corporate asset, partially offset by expenses related to equity awards associated with the acquisition of Versace
v3.24.3
Debt Obligations
 6 Months Ended
Sep. 28, 2024
Debt Disclosure [Abstract]  
Debt Obligations Debt Obligations
The following table presents the Company’s debt obligations (in millions):
September 28,
2024		March 30,
2024
Revolving Credit Facilities$719 $764 
Versace Term Loan502 486 
Senior Notes due 2024 (1)
450 450 
Other38 24 
Total debt 1,709 1,724 
Less: Unamortized debt issuance costs1 1 
Total carrying value of debt1,708 1,723 
Less: Short-term debt (1)
471 462 
Total long-term debt
$1,237 $1,261 
(1)As of September 28, 2024, the Senior Notes, due in November 2024, are recorded within short-term debt on the Company’s consolidated balance sheets.
Senior Revolving Credit Facility
On July 1, 2022, the Company entered into a revolving credit facility (the “2022 Credit Facility”) with, among others, JPMorgan Chase Bank, N.A. (“JPMorgan Chase”), as administrative agent (the “Administrative Agent”), which refinanced its existing senior unsecured revolving credit facility. The Company, a U.S. subsidiary of the Company, a Canadian subsidiary of the Company, a Dutch subsidiary of the Company and a Swiss subsidiary of the Company are the borrowers under the 2022 Credit Facility, and the borrowers and certain subsidiaries of the Company provide unsecured guaranties of the 2022 Credit Facility. The 2022 Credit Facility replaced the third amended and restated senior unsecured credit facility, dated as of November 15, 2018 (the “2018 Credit Facility”), and matures on July 1, 2027.
The 2022 Credit Facility provides for a $1.5 billion revolving credit facility (the “2022 Revolving Credit Facility”), which may be denominated in U.S. dollars and other currencies, including Euros, Pounds Sterling, Japanese Yen and Swiss Francs. The 2022 Revolving Credit Facility also includes sub-facilities for the issuance of letters of credit of up to $125 million and swing line loans at the Administrative Agent’s discretion of up to $100 million. The Company has the ability to expand its borrowing availability under the 2022 Credit Facility in the form of increased revolving commitments or one or more tranches of term loans by up to an additional $500 million, subject to the agreement of the participating lenders and certain other customary conditions. See Note 11 to the Company’s Fiscal 2024 Annual Report on Form 10-K for information regarding the Company’s interest rates associated with borrowings under the 2022 Credit Facility.
The 2022 Credit Facility provides for an annual administration fee and a commitment fee equal to 7.5 basis points to 17.5 basis points per annum, which was 15.0 basis points as of September 28, 2024. The fees are based on the Company’s public debt ratings and/or net leverage ratio, applied to the average daily unused amount of the 2022 Credit Facility.
Loans under the 2022 Credit Facility may be prepaid and commitments may be terminated or reduced by the borrowers without premium or penalty other than customary “breakage” costs with respect to loans bearing interest based upon Adjusted Term SOFR, the Adjusted EURIBOR Rate and the Adjusted TIBOR Rate.
The 2022 Credit Facility requires the Company to maintain a net leverage ratio as of the end of each fiscal quarter of no greater than 4.0 to 1.0. Such net leverage ratio is calculated as the ratio of the sum of total indebtedness as of the date of the measurement plus the capitalized amount of all operating lease obligations, minus unrestricted cash and cash equivalents not to exceed $200 million, to Consolidated EBITDAR for the last four consecutive fiscal quarters. Consolidated EBITDAR is defined as consolidated net income plus provision for taxes based on income, profits or capital, net interest expense, depreciation and amortization expense, consolidated rent expense and other non-cash losses, charges and expenses, subject to certain additions and deductions. The 2022 Credit Facility also includes covenants that limit additional indebtedness, liens, acquisitions and other investments, restricted payments and affiliate transactions.
The 2022 Credit Facility also contains events of default customary for financings of this type, including, but not limited to, payment defaults, material inaccuracy of representations and warranties, covenant defaults, cross-defaults to certain indebtedness, certain events of bankruptcy or insolvency, certain events under the Employee Retirement Income Security Act, material judgments, actual or asserted failure of any guaranty supporting the 2022 Credit Facility to be in full force and effect, and changes of control. If such an event of default occurs and is continuing, the lenders under the 2022 Credit Facility would be entitled to take various actions, including, but not limited to, terminating the commitments and accelerating amounts outstanding under the 2022 Credit Facility.
As of September 28, 2024 and March 30, 2024, the Company had $719 million and $764 million of borrowings outstanding under the 2022 Revolving Credit Facility, respectively. In addition, stand-by letters of credit of $2 million were outstanding as of both September 28, 2024 and March 30, 2024. As of September 28, 2024 and March 30, 2024, the amount available for future borrowings under the 2022 Revolving Credit Facility was $779 million and $734 million, respectively. The Company had $4 million and $5 million of deferred financing fees related to Revolving Credit Facilities for September 28, 2024 and March 30, 2024, respectively, and are recorded within other assets on the Company’s consolidated balance sheets.
On August 23, 2024, the Company entered into a first incremental term loan amendment (the “Amendment”) to its existing 2022 Credit Facility with, among others, JPMorgan Chase Bank, N.A., as Administrative Agent. The Amendment amended the Existing Credit Facility, to, among other things, provide for a $450 million senior unsecured delayed draw term loan facility (the “364 Day Term Loan”) that is available until November 1, 2024, the proceeds which must be used to repay the 4.25% senior unsecured notes issued by Michael Kors (USA), Inc., which mature on November 1, 2024.
The borrowing of the delayed draw term loan is subject to customary conditions, including pro forma compliance with the financial covenant in the Credit Facility, which requires the Company to maintain a net leverage ratio as of the end of each fiscal quarter of no greater than 4.0 to 1.0. When borrowed, the term loan will have a maturity date that is 364 days after the borrowing date. Amounts repaid or prepaid with respect of the term loan may not be reborrowed. The term loan will bear interest, at the Company’s option, at (i) an alternate base rate, which is the greatest of (x) the prime rate publicly announced from time to time by JPMorgan Chase, (y) the greater of the federal funds effective rate and the Federal Reserve Bank of New York overnight bank funding rate and zero, plus 50 basis points, and (z) the greater of term SOFR for an interest period of one month plus 10 basis points and zero, plus 100 basis points, or (ii) the greater of term SOFR for the applicable interest period plus 10 basis points (“Adjusted Term SOFR”) and zero; in each case, plus an applicable margin based on the Company’s public debt ratings and/or net leverage ratio. The 364 Day Term Loan is subject to a commitment fee which begins to accrue 45 days after the effective date of the Amendment until the facility terminates or the term loans are funded, which is equal to 10 basis points to 20 basis points per annum, based on the Company’s public debt ratings and/or net leverage ratio, applied to the average daily unused amount of the 364 Day Term Loan.
The term loan may be prepaid and commitments may be terminated or reduced by the Company without premium or penalty other than customary “breakage” costs with respect to loans bearing interest based upon Adjusted Term SOFR. In addition, the Company is required to apply an amount equal to the net proceeds from certain incurrences of indebtedness for borrowed money, issuances of equity interests and dispositions of assets (subject to customary reinvestment rights) to reduce the commitments under the 364 Day Term Loan, or after the term loan is funded, to prepay the term loan, subject to certain qualifications and exceptions.
As of September 28, 2024, there was no carrying value of the 364 Day Term Loan as it is yet to be drawn upon. As of September 28, 2024, $2 million of deferred financing fees were recorded within prepaid and other current assets on the Company’s consolidated balance sheet until the 364 Day Term Loan is drawn upon, which then will be recorded within short-term debt on the Company’s consolidated balance sheets.
As of September 28, 2024, and the date these financial statements were issued, the Company was in compliance with all covenants related to the 2022 Credit Facility.
Versace Term Loan
On December 5, 2022, Gianni Versace S.r.l., a wholly owned subsidiary of Capri Holdings Limited, entered into a credit facility with Intesa Sanpaolo S.p.A., Banco Nazionale del Lavoro S.p.A., and UniCredit S.p.A., as arrangers and lenders, and Intesa Sanpaolo S.p.A., as agent, which provides a senior unsecured term loan (the “Versace Term Loan”) in an aggregate principal amount of €450 million. The Versace Term Loan is not subject to amortization and matures on December 5, 2025. The Company provides an unsecured guaranty of the Versace Term Loan.
The Versace Term Loan bears interest at a rate per annum equal to the greater of EURIBOR for the applicable interest period and zero, plus a margin of 1.35%.
The Versace Term Loan may be prepaid without premium or penalty other than customary “breakage” costs. The Versace Term Loan requires the Company to maintain a net leverage ratio as of the end of each fiscal quarter of no greater than 4.0 to 1.0. Such net leverage ratio is calculated as the ratio of the sum of total indebtedness as of the date of the measurement plus the capitalized amount of all operating lease obligations, minus unrestricted cash and cash equivalents not to exceed $200 million, to Consolidated EBITDAR for the last four consecutive fiscal quarters. Consolidated EBITDAR is defined as consolidated net income plus provision for taxes based on income, profits or capital, net interest expense, depreciation and amortization expense, consolidated rent expense and other non-cash losses, charges and expenses, subject to certain additions and deductions. The Versace Term Loan also includes covenants that limit additional financial indebtedness, liens, acquisitions, loans and guarantees, restricted payments and mergers of GIVI Holding S.r.l., Gianni Versace S.r.l. and their respective subsidiaries.
The Versace Term Loan contains events of default customary for financings of this type, including, but not limited to payment defaults, material inaccuracy of representations and warranties, covenant defaults, cross-defaults to material financial indebtedness, certain events of bankruptcy or insolvency, illegality or repudiation of any loan document under the Versace Term Loan or any failure thereof to be in full force and effect, and changes of control. If such an event of default occurs and is continuing, the lenders under the Versace Term Loan would be entitled to take various actions, including, but not limited to, accelerating amounts outstanding under the Versace Term Loan.
As of September 28, 2024 and March 30, 2024, the carrying value of the Versace Term Loan was $501 million and $485 million, respectively, net of $1 million of deferred financing fees, which were recorded within long-term debt on the Company’s consolidated balance sheets.
As of September 28, 2024, and the date these financial statements were issued, the Company was in compliance with all covenants related to the Versace Term Loan.
Senior Notes
On October 20, 2017, Michael Kors (USA), Inc. (the “Issuer”), the Company’s wholly owned subsidiary, completed its offering of $450 million aggregate principal amount senior notes due November 1, 2024 (the “Senior Notes”), pursuant to an exemption from registration under the Securities Act of 1933, as amended. The Senior Notes were issued under an indenture dated October 20, 2017, among the Issuer, the Company, the subsidiary guarantors party thereto and U.S. Bank National Association, as trustee (the “Indenture”).
As of September 28, 2024, the Senior Notes bear interest at a rate of 4.250% per year, subject to adjustments from time to time if either Moody’s or S&P (or a substitute rating agency therefore) downgrades (or downgrades and subsequently upgrades) the credit rating assigned to the Senior Notes. Interest on the Senior Notes is payable semi-annually on May 1 and November 1 of each year, beginning on May 1, 2018.
The Senior Notes are unsecured and are guaranteed by the Company and its existing and future subsidiaries that guarantee or are borrowers under the 2022 Credit Facility (subject to certain exceptions, including subsidiaries organized in China). The Senior Notes may be redeemed at the Company’s option at any time in whole or in part at a price equal to 100% of the principal amount, plus accrued and unpaid interest, plus a “make-whole” amount calculated at the applicable Treasury Rate plus 30 basis points.
The Indenture contains covenants, including those that limit the Company’s ability to create certain liens and enter into certain sale and leaseback transactions. In the event of a “Change of Control Triggering Event,” as defined in the Indenture, the Issuer will be required to make an offer to repurchase the Senior Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of the Senior Notes being repurchased plus any unpaid interest. These covenants are subject to important limitations and exceptions, as per the Indenture.
As of both September 28, 2024 and March 30, 2024, the carrying value of the Senior Notes was $450 million, which is recorded within short-term debt on the Company’s consolidated balance sheets.
Versace Facilities
During Fiscal 2022, the Company's subsidiary, GIVI Holding S.r.l, entered into an agreement with Banco BPM Banking Group (“the Bank”) to sell certain tax receivables to the Bank in exchange for cash. The arrangement was determined to be a financing arrangement because the de-recognition criteria for the receivables was not met at the time of the cash receipt from the Bank. As of September 28, 2024 and March 30, 2024, the outstanding balance was $11 million, with $1 million and $10 million recorded within short-term debt and long-term debt, respectively, on the Company’s consolidated balance sheets.
Supplier Financing Program
The Company offers a supplier financing program which enables the Company’s inventory suppliers, at their sole discretion, to sell their receivables (i.e., the Company’s payment obligations to suppliers) to a financial institution on a non-recourse basis in order to be paid earlier than current payment terms provide. The Company’s obligations, including the amount due and scheduled payment dates, which generally do not exceed 90 days, are not impacted by a suppliers’ decision to participate in this program. The Company does not reimburse suppliers for any costs they incur to participate in the program and their participation is voluntary. The amount outstanding under this program as of September 28, 2024 and March 30, 2024 was $20 million and $11 million, respectively, and is presented as short-term debt on the Company’s consolidated balance sheets.
See Note 12 to the Company’s Fiscal 2024 Annual Report on Form 10-K for additional information regarding the Company’s credit facilities and debt obligations.
v3.24.3
Commitments and Contingencies
 6 Months Ended
Sep. 28, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
We are involved in various routine legal proceedings incident to the ordinary course of our business. We believe that the outcome of all pending, routine legal proceedings, in the aggregate, will not have a material adverse effect on our business, results of operations and financial condition.
See Item 1 Legal Proceedings to the accompanying Part II Other Information for additional information on Merger-Related Litigation.
Please refer to the Contractual Obligations and Commercial Commitments disclosure within the Liquidity and Capital Resources section of the Company’s Annual Report on Form 10-K for the fiscal year ended March 30, 2024 for a detailed disclosure of other commitments and contractual obligations as of March 30, 2024.
v3.24.3
Fair Value Measurements
 6 Months Ended
Sep. 28, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Financial assets and liabilities are measured at fair value using the three-level valuation hierarchy for disclosure of fair value measurements. The determination of the applicable level within the hierarchy of a particular asset or liability depends on the inputs used in the valuation as of the measurement date, notably the extent to which the inputs are market-based (observable) or internally derived (unobservable). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from independent sources. Unobservable inputs are inputs based on a company’s own assumptions about market participant assumptions based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of inputs as follows:
Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that a company has the ability to access at the measurement date.
Level 2 – Valuations based on quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability and inputs derived principally from or corroborated by observable market data.
Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

At September 28, 2024 and March 30, 2024, the fair values of the Company’s derivative contracts were determined using broker quotations, which were calculations derived from observable market information: the applicable currency rates at the balance sheet date and those forward rates particular to the contract at inception. The Company makes no adjustments to these broker obtained quotes or prices, but assesses the credit risk of the counterparty and would adjust the provided valuations for counterparty credit risk when appropriate. The fair value of the Company's derivative instruments are included in prepaid expenses and other current assets, other assets, accrued expenses and other current liabilities, and in other long-term liabilities on the consolidated balance sheets depending on whether they represent assets or liabilities of the Company and based on the maturity date of each individual hedge contract to classify as either short-term or long-term. See Note 13 for further detail.
All contracts are measured and recorded at fair value on a recurring basis and are categorized in Level 2 of the fair value hierarchy, as shown in the following table (in millions):
 
Fair value at September 28, 2024 using:
Fair value at March 30, 2024 using:
 Quoted prices in
active markets for
identical assets
(Level 1)		Significant
other observable
inputs
(Level 2)		Significant
unobservable
inputs
(Level 3)		Quoted prices in
active markets for
identical assets
(Level 1)		Significant
other observable
inputs
(Level 2)		Significant
unobservable
inputs
(Level 3)
Derivative assets:
Net investment hedges$— $— $— $— $12 $— 
Total derivative assets$— $— $— $— $12 $— 
Derivative liabilities:
Net investment hedges$— $342 $— $— $88 $— 
Interest rate swaps— 15 — — — — 
Total derivative liabilities$— $357 $— $— $88 $— 
The Company’s debt obligations are recorded on its consolidated balance sheets at carrying values, which may differ from the related fair values. The fair value of the Company’s debt is estimated using external pricing data, including any available quoted market prices and based on other debt instruments with similar characteristics. Borrowings under revolving credit facilities, if outstanding, are recorded at carrying value, which approximates fair value due to the frequent nature of such borrowings and repayments. See Note 10 for detailed information related to carrying values of the Company’s outstanding debt. The following table summarizes the carrying values and estimated fair values of the Company’s debt, based on Level 2 measurements (in millions):
September 28, 2024March 30, 2024
Carrying
Value		Estimated
Fair Value 		Carrying
Value		Estimated
Fair Value
Revolving Credit Facilities$719 $719 $764 $764 
Versace Term Loan$502 $502 $485 $487 
Senior Notes due 2024 $450 $451 $450 $441 
The Company’s cash and cash equivalents, accounts receivable and accounts payable are recorded at carrying value, which approximates fair value.
Non-Financial Assets and Liabilities
The Company’s non-financial assets include goodwill, intangible assets, operating lease right-of-use assets and property and equipment. Such assets are reported at their carrying values and are not subject to recurring fair value measurements. The Company’s goodwill and its indefinite-lived intangible assets (Versace and Jimmy Choo brands) are assessed for impairment at least annually, while its other long-lived assets, including operating lease right-of-use assets, property and equipment and definite-lived intangible assets, are assessed for impairment whenever events or changes in circumstances indicate that the carrying amount of any such asset may not be recoverable. The Company determines the fair values of these assets based on Level 3 measurements using the Company’s best estimates of the amount and timing of future discounted cash flows, based on historical experience, market conditions, current trends and performance expectations.
The Company recorded $43 million impairment charges during the three and six months ended September 28, 2024. The Company recorded $20 million of impairment charges during the three and six months ended September 30, 2023. The following table details the carrying values and fair values of the Company’s assets that have been impaired during the three and six months ended September 28, 2024 and the three and six months ended September 30, 2023 (in millions):
Three and Six Months Ended
September 28, 2024		Three and Six Months Ended
September 30, 2023
Carrying Value Prior to ImpairmentFair ValueImpairment ChargeCarrying Value Prior to ImpairmentFair Value
Impairment Charge
Operating Lease Right-of-Use Assets
$75 $38 $37 

$24 $10 $14 
Property and Equipment, net9 3 6 7 1 6 
Total$84 $41 $43 $31 $11 $20 
v3.24.3
Derivative Financial Instruments
 6 Months Ended
Sep. 28, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
Forward Foreign Currency Exchange Contracts
The Company may use forward foreign currency exchange contracts to manage its exposure to fluctuations in foreign currencies for certain of its transactions. The Company, in its normal course of business, enters into transactions with foreign suppliers and seeks to minimize risks related to certain forecasted inventory purchases by using forward foreign currency exchange contracts. The Company only enters into derivative instruments with highly credit-rated counterparties. The Company does not enter into derivative contracts for trading or speculative purposes.
Changes in the fair value of the Company’s forward foreign currency exchange contracts that are designated as accounting hedges are recorded in equity as a component of accumulated other comprehensive income and are reclassified from accumulated other comprehensive income into earnings when the items underlying the hedged transactions are recognized into earnings, as a component of cost of goods sold within the Company’s consolidated statements of operations and comprehensive (loss) income. As of September 28, 2024, there were no forward foreign currency exchange contracts outstanding.
Net Investment Hedges
As of March 30, 2024, the Company had $2.5 billion of hedges outstanding to hedge its net investment in Swiss Franc (“CHF”) denominated subsidiaries, of which the Company will exchange semi-annual fixed rate payments on United States Dollar notional amounts for fixed rate payments of 0.0% in CHF. During the first quarter of Fiscal 2025, the Company entered into additional fixed-to-fixed cross-currency swap agreements with aggregate notional amounts of $450 million, of which the Company will exchange monthly fixed rate payments on United States Dollar notional amounts for fixed rate payments of 0.0% in CHF.
During the second quarter of Fiscal 2025, the Company terminated multiple fixed-to-fixed cross-currency swap agreements with aggregate notional amounts of $325 million related to its net investment in CHF denominated subsidiaries, of which resulted in the Company receiving an immaterial amount of cash. Subsequently, the Company entered into multiple fixed-to-fixed cross-currency swap agreements with aggregate notional amounts of $325 million related to its net investment in CHF denominated subsidiaries, of which the Company will exchange monthly fixed rate payments on United States Dollar notional amounts for fixed rate payments of 0.0% in CHF. As of September 28, 2024, the Company had $2.95 billion of hedges outstanding to hedge its net investment in CHF denominated subsidiaries. These contracts have maturity dates between July 2025 and October 2030 and are designated as net investment hedges.
As of March 30, 2024 and September 28, 2024, the Company had $1 billion of float-to-float cross-currency hedges outstanding to hedge its net investment in Euro denominated subsidiaries. The Company will exchange Euro floating rate payments based on EURIBOR for the United States dollar floating rate amounts based on SOFR CME Term over the life of the agreement. The fixed rate component of semi-annual Euro payments range from 1.149% to 1.215%. These contracts have maturity dates between May 2028 and August 2030 and are designated as net investment hedges.
As of March 30, 2024, the Company had $350 million of fixed-to-fixed cross-currency hedges outstanding related to its net investment in Euro denominated subsidiaries, of which the Company will exchange semi-annual fixed rate payments on United States Dollar notional amounts for fixed rate payments of 0.0% in Euro. During the first quarter of Fiscal 2025, the Company entered into fixed-to-fixed cross-currency swap agreements with aggregate notional amounts of $534 million, of which the Company will exchange monthly fixed rate payments on United States Dollar notional amounts for fixed rate payments of 0.0% in Euro.
During the second quarter of Fiscal 2025, the Company entered into additional fixed-to-fixed cross-currency swap agreements with aggregate notional amounts of $500 million, of which the Company will exchange monthly fixed rate payments on United States Dollar notional amounts for fixed rate payments of 0.0% in Euro. As of September 28, 2024, the Company had $1.384 billion of fixed-to-fixed cross-currency hedges outstanding related to its net investment in Euro denominated subsidiaries. These contracts have maturity dates between January 2027 and July 2031 and have been designated as net investment hedges.
When a cross-currency swap is used as a hedging instrument in a net investment hedge assessed under the spot method, the cross-currency basis spread is excluded from the assessment of hedge effectiveness and is recognized as a reduction in interest expense in the Company’s consolidated statements of operations and comprehensive (loss) income. Accordingly, the Company recorded interest income of $29 million and $53 million during the three and six months ended September 28, 2024, respectively, and $25 million and $40 million during the three and six months ended September 30, 2023, respectively.
The net gain or loss on net investment hedges are reported within CTA as a component of accumulated other comprehensive income on the Company’s consolidated balance sheets. Upon discontinuation of the hedge, such amounts remain in CTA until the related net investment is sold or liquidated.
Interest Rate Swaps
During the second quarter of Fiscal 2025, the Company entered into multiple interest rate swaps with aggregate notional amounts of €800 million. The swaps were designed to mitigate the impact of adverse interest rate fluctuations for a portion of the Company’s variable rate debt. €500 million of the total interest rate swaps entered into relate to the Company’s
Senior Revolving Credit Facility expiring July 2027. The Company will exchange monthly fixed rate payments of 2.922% and receive variable interest based on 1 month EURIBOR rate. The remaining €300 million of the interest rate swaps entered into relate to the Company’s Versace Term Loan expiring December 2025. The Company will exchange monthly fixed rate payments of 3.371% and receive variable interest based on 6 month EURIBOR rate. As of March 30, 2024, the Company did not have any interest rate swap agreements outstanding.

When an interest rate swap agreement qualifies for hedge accounting as a cash flow hedge, the changes in the fair value are recorded in equity as a component of accumulated other comprehensive income and are reclassified into interest (income) expense, net, in the same period in which the hedged transactions affect earnings. During the three and six months ended September 28, 2024, the Company recorded $1 million of interest income related to this agreement. As of September 30, 2023, the Company did not have interest income related to interest rate swap agreements as they were entered into during the second quarter of Fiscal 2025.
Fair Value Hedges
The Company is exposed to transaction risk from foreign currency exchange rate fluctuations with respect to various cross-currency intercompany loans which will impact earnings on a consolidated basis. To manage the foreign currency exchange rate risk related to these balances, the Company had previously entered into cross-currency swap agreements to hedge its exposure in GBP denominated subsidiaries (the “GBP Fair Value Hedge”) on Euro denominated intercompany loans. As of March 30, 2024 and September 28, 2024, there were no fair value hedges outstanding.
When a cross-currency swap is designated as a fair value hedge and qualifies as highly effective, the fair value hedge will be recorded at fair value each period on the Company’s consolidated balance sheets, with the difference resulting from the changes in the spot rate recognized in foreign currency (gain) loss on the Company’s consolidated statements of operations and comprehensive (loss) income, which will offset the earnings impact of the underlying transaction being hedged. If the fair value hedge is terminated and the underlying intercompany loans are settled, the accumulated other comprehensive income (“AOCI”) remaining from the hedge at the time of termination will be reclassified to foreign currency (gain) loss on the Company’s consolidated statements of operations and comprehensive (loss) income. Accordingly, the Company recorded a foreign currency loss of $7 million and a foreign currency gain of $21 million during the three and six months ended September 30, 2023, respectively.
The following table details the fair value of the Company’s derivative contracts, which are recorded on a gross basis on the consolidated balance sheets as of September 28, 2024 and March 30, 2024 (in millions):
Fair Value
 Notional AmountsAssetsLiabilities
 September 28,
2024		March 30,
2024		September 28,
2024		March 30,
2024		September 28,
2024		March 30,
2024
Designated net investment hedges$5,334 $3,850 $— $12 
(1)
$342 
(2)
$88 
(2)
Designated interest rate swaps893 — — — 15 
(2)
— 
Total$6,227 $3,850 $— $12 $357 $88 
(1)Recorded within other assets on the Company’s consolidated balance sheets.
(2)As of September 28, 2024, the Company recorded $23 million within accrued expenses and current liabilities and $334 million within other long-term liabilities on the Company’s consolidated balance sheets. As of March 30, 2024, the Company recorded $3 million within accrued expenses and current liabilities and $85 million within other long-term liabilities on the Company’s consolidated balance sheets.
The Company records and presents the fair value of all of its derivative assets and liabilities on its consolidated balance sheets on a gross basis, as shown in the above table. However, if the Company were to offset and record the asset and liability balances for its derivative instruments on a net basis in accordance with the terms of its master netting arrangements, which provide for the right to set-off amounts for similar transactions denominated in the same currencies and with the same banks, the resulting impact as of September 28, 2024 and March 30, 2024 would be as follows (in millions):
Net Investment HedgesInterest Rate Swaps
September 28,
2024		March 30,
2024		September 28,
2024		March 30,
2024
Assets subject to master netting arrangements
$— $12 $— $— 
Liabilities subject to master netting arrangements
$342 $88 $15 $— 
Derivative assets, net$— $8 $— $— 
Derivative liabilities, net$342 $84 $15 $— 
Currently, the Company’s master netting arrangements do not require cash collateral to be pledged by the Company or its counterparties.
The following table summarizes the pre-tax impact of the losses on the Company’s designated net investment hedges, fair value hedges and interest rate swaps (in millions):
Three Months Ended
Six Months Ended
September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Pre-Tax Losses
Recognized in OCI		Pre-Tax Losses
Recognized in OCI		Pre-Tax Losses
Recognized in OCI		Pre-Tax Losses
Recognized in OCI
Designated net investment hedges$(240)$(79)$(266)$(25)
Designated interest rate swaps$(15)$— $(15)$— 
Designated fair value hedge$— $(16)$— $(9)
The following tables summarize the pre-tax impact of the gains within the consolidated statements of operations and comprehensive (loss) income related to the designated forward foreign currency exchange contracts for the three and six months ended September 28, 2024 and September 30, 2023 (in millions):
Three Months Ended
Pre-Tax Gain Reclassified from
Accumulated OCI		Location of Gain Recognized
September 28, 2024September 30, 2023
Designated forward foreign currency exchange contracts
$— $1 Cost of goods sold
Six Months Ended
Pre-Tax Gain Reclassified from
Accumulated OCI		Location of Gain Recognized
September 28, 2024September 30, 2023
Designated forward foreign currency exchange contracts
$— $4 Cost of goods sold
v3.24.3
Shareholders' Equity
 6 Months Ended
Sep. 28, 2024
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
Share Repurchase Program
On November 9, 2022, the Company announced its Board of Directors approved a share repurchase program (the “Existing Share Repurchase Plan”) to purchase up to $1.0 billion of its outstanding ordinary shares, providing additional capacity to return cash to shareholders over the longer term. Share repurchases may be made in open market or privately negotiated transactions and/or pursuant to Rule 10b5-1 trading plans, subject to market conditions, applicable legal requirements, trading restrictions under the Company’s insider trading policy and other relevant factors; however, pursuant to the terms of the Merger Agreement, and subject to certain limited exceptions, the Company may not repurchase its ordinary
shares other than the acceptance of Company ordinary shares as payment of the exercise price of Company options or for withholding taxes with respect of Company equity awards. Accordingly, the Company did not repurchase any of its ordinary shares since entering into the Merger Agreement pursuant to the Existing Share Repurchase Plan, and the Company does not expect to repurchase any of its ordinary shares in connection with the Existing Share Repurchase Plan prior to the Merger or earlier termination of the Merger Agreement.
During the six months ended September 28, 2024, the Company did not purchase any shares, including commissions, through open market transactions under the Existing Share Repurchase Plan. As of September 28, 2024, the remaining availability under the Company’s Existing Share Repurchase Plan was $300 million.
During the six months ended September 30, 2023, the Company purchased 2,637,102 shares for a total cost of approximately $100 million including commissions, through open market transactions under the Existing Share Repurchase Plan.
The Company also has in place a “withhold to cover” repurchase program, which allows the Company to withhold ordinary shares from certain executive officers and directors to satisfy minimum tax withholding obligations relating to the vesting of their restricted share awards. During the six month periods ended September 28, 2024 and September 30, 2023, the Company withheld 105,470 shares and 172,112 shares, respectively, with a fair value of $4 million and $6 million, respectively, in satisfaction of minimum tax withholding obligations relating to the vesting of restricted share awards.
Accumulated Other Comprehensive Income
The following table details changes in the components of accumulated other comprehensive income (“AOCI”), net of taxes, for the six months ended September 28, 2024 and September 30, 2023, respectively (in millions):
Foreign Currency Translation Adjustments (1)
Net (Loss) Gain on Derivatives (2)
Other Comprehensive Income Attributable to Capri
Balance at March 30, 2024$161 $— $161 
Other comprehensive loss before reclassifications(147)(11)(158)
Less: amounts reclassified from AOCI to earnings
— — — 
Other comprehensive loss, net of tax(147)(11)(158)
Balance at September 28, 2024$14 $(11)$3 
Balance at April 1, 2023$143 $4 $147 
Other comprehensive loss before reclassifications (13)— (13)
Less: amounts reclassified from AOCI to earnings
— 4 4 
Other comprehensive loss, net of tax(13)(4)(17)
Balance at September 30, 2023$130 $— $130 
(1)Foreign currency translation adjustments for the six months ended September 28, 2024 primarily include a $199 million loss, net of taxes of $67 million, relating to the Company’s net investment hedges partially offset by a net $52 million translation gain. Foreign currency translation adjustments for the six months ended September 30, 2023 primarily include a net $29 million translation loss, partially offset by a $16 million gain, net of taxes, relating to the Company’s net investment and fair value hedges.
(2)Reclassified amounts primarily relate to the Company’s forward foreign currency exchange contracts for inventory purchases and are recorded within cost of goods sold in the Company’s consolidated statements of operations and comprehensive (loss) income. All tax effects were not material for the periods presented.
v3.24.3
Share-Based Compensation
 6 Months Ended
Sep. 28, 2024
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
The Company grants equity awards to certain employees and directors of the Company at the discretion of the Company’s Compensation and Talent Committee. The Company has two equity plans, one stock option plan adopted in Fiscal 2008 (as amended and restated, the “2008 Plan”), and an Omnibus Incentive Plan adopted in the third fiscal quarter of Fiscal 2012 and amended and restated with shareholder approval in May 2015, and again in June 2020 (the “Incentive Plan”). The 2008 Plan only provided for grants of share options and was authorized to issue up to 23,980,823 ordinary shares. As of September 28, 2024, there were no shares available to grant equity awards under the 2008 Plan.
The Incentive Plan allows for grants of share options, restricted shares and RSUs, and other equity awards, and authorizes a total issuance of up to 22,471,000 ordinary shares after amendments in August 2022. At September 28, 2024, there were 2,506,038 ordinary shares available for future grants of equity awards under the Incentive Plan. Option grants issued from the 2008 Plan generally expire ten years from the date of the grant, and those issued under the Incentive Plan generally expire seven years from the date of the grant.
The following table summarizes the Company’s share-based compensation activity during the six months ended September 28, 2024:
 OptionsService-Based RSUsPerformance-Based RSUs
Outstanding/Unvested at March 30, 2024
191,967 2,688,284 368,932 
Granted— 1,972,776 — 
Exercised/Vested— (1,337,365)(12,318)
Canceled/Forfeited(9,036)(210,329)— 
Outstanding/Unvested at September 28, 2024
182,931 3,113,366 356,614 
The weighted average grant date fair value of service-based RSUs granted during the six months ended September 28, 2024 was $32.20. There were no performance-based RSUs granted during the six months ended September 28, 2024. The weighted average grant date fair value of service-based and performance-based RSUs granted during the six months ended September 30, 2023 was $36.87 and $36.82, respectively.
Share-Based Compensation Expense
The following table summarizes compensation expense attributable to share-based compensation for the three and six months ended September 28, 2024 and September 30, 2023 (in millions):
Three Months EndedSix Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Share-based compensation expense$11 $17 $37 $47 
Tax benefit related to share-based compensation expense$3 $2 $7 $7 
Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company estimates forfeitures based on historical forfeiture rates. The estimated value of future forfeitures for equity awards as of September 28, 2024 is approximately $7 million. There are no forfeitures for performance-based RSUs.
See Note 17 in the Company’s Fiscal 2024 Annual Report on Form 10-K for additional information relating to the Company’s share-based compensation awards.
v3.24.3
Income Taxes
 6 Months Ended
Sep. 28, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company’s effective tax rate for the three and six months ended September 28, 2024 was 309.1% and 155.0%, respectively. This rate differs from the United Kingdom (“U.K.”) federal statutory rate of 25% primarily related to the release of $29 million of an uncertain tax provision related to Italian share-based compensation tax deductions as a result of a recently issued tax ruling for the three and six months ended September 28, 2024.
The Company’s effective tax rate for the three and six months ended September 30, 2023 was 10.9% and 8.6%, respectively. This rate differs from the U.K. federal statutory rate of 25% primarily due to the impact of global financing activities, the release of uncertain tax positions outside the U.S. for the three and six months ended September 30, 2023 and the release of a valuation allowance on Korean deferred tax assets during the six months ended September 30, 2023.
The global financing activities are related to the Company’s 2014 move of its principal executive office from Hong Kong to the U.K. and decision to become a U.K. tax resident. In connection with this decision, the Company funded its international growth strategy through intercompany debt financing arrangements. These debt financing arrangements reside between certain of our U.S. and U.K. subsidiaries. Due to the difference in the statutory income tax rates between these jurisdictions, the Company generally realizes lower effective tax rates compared to its statutory rate as a result of these financing activities.
On August 6, 2024, the United States Treasury and the IRS released proposed regulations that address several long-standing issues related to dual consolidated losses and introduce new rules for disregarded payment losses. If finalized as proposed, the changes related to disregarded payment losses could impact how the Company utilizes certain deductions and losses to offset its U.S. income as part of its global financing activities. The Company will continue to evaluate its impact as further information becomes available.
v3.24.3
Segment Information
 6 Months Ended
Sep. 28, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company operates its business through three operating segments — Versace, Jimmy Choo and Michael Kors, which are based on its business activities and organization. The reportable segments are segments of the Company for which separate financial information is available and for which operating results are evaluated regularly by the Company’s chief operating decision maker (“CODM”) in deciding how to allocate resources, as well as in assessing performance. The primary key performance indicators are revenue and operating income for each segment. The Company’s reportable segments represent components of the business that offer similar merchandise, customer experience and sales/marketing strategies.
The Company’s three reportable segments are as follows:
•Versace — segment includes revenue generated through the sale of Versace luxury ready-to-wear, accessories and footwear through directly operated Versace boutiques throughout the Americas, certain parts of EMEA and certain parts of Asia, as well as through Versace outlet stores and e-commerce sites. In addition, revenue is generated through wholesale sales to distribution partners (including geographic licensing arrangements that allow third parties to use the Versace trademarks in connection with retail and/or wholesale sales of Versace branded products in specific geographic regions), multi-brand department stores and specialty stores worldwide, as well as through product license agreements in connection with the manufacturing and sale of jeans, fragrances, watches, jewelry, eyewear and home furnishings.
•Jimmy Choo — segment includes revenue generated through the sale of Jimmy Choo luxury footwear, handbags and small leather goods through directly operated Jimmy Choo retail and outlet stores throughout the Americas, certain parts of EMEA and certain parts of Asia, through its e-commerce sites, as well as through wholesale sales of luxury goods to distribution partners (including geographic licensing arrangements that allow third parties to use the Jimmy Choo trademarks in connection with retail and/or wholesale sales of Jimmy Choo branded products in specific geographic regions), multi-brand department stores and specialty stores worldwide. In addition, revenue is generated through product licensing agreements, which allow third parties to use the Jimmy Choo brand name and trademarks in connection with the manufacturing and sale of fragrances and eyewear.
•Michael Kors — segment includes revenue generated through the sale of Michael Kors products through four primary Michael Kors retail formats: “Collection” stores, “Lifestyle” stores (including concessions), outlet stores and e-commerce sites, through which the Company sells Michael Kors products, as well as licensed products bearing the Michael Kors name, directly to consumers throughout the Americas, certain parts of EMEA and certain parts of Asia. The Company also sells Michael Kors products directly to department stores, primarily located across the Americas and Europe, to specialty stores and travel retail shops, and to its geographic licensees. In addition, revenue is generated through product and geographic licensing arrangements, which allow third parties to use the Michael Kors brand name and trademarks in connection with the manufacturing and sale of products, including watches, jewelry, fragrances and eyewear.
In addition to these reportable segments, the Company has certain corporate costs that are not directly attributable to its brands and, therefore, are not allocated to its segments. Such costs primarily include certain administrative, corporate occupancy, shared service and information technology system expenses, including enterprise resource planning system implementation costs and Capri transformation program costs. In addition, certain other costs are not allocated to segments, including Merger related costs, impairment charges and restructuring and other (expense) income. The segment structure is consistent with how the Company’s CODM plans and allocates resources, manages the business and assesses performance. All intercompany revenues are eliminated in consolidation and are not reviewed when evaluating segment performance.
The following table presents the key performance information of the Company’s reportable segments (in millions):
 Three Months EndedSix Months Ended
 September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Total revenue:
Versace$201 $280 $420 $539 
Jimmy Choo140 132 313 315 
Michael Kors738 879 1,413 1,666 
Total revenue$1,079 $1,291 $2,146 $2,520 
Income (loss) from operations:
Versace$(3)$35 $(20)$38 
Jimmy Choo(5)(9)(1)7 
Michael Kors87 169 162 299 
Total segment income from operations79 195 141 344 
Less: Corporate expenses
(63)(71)(127)(142)
Impairment of assets (1)
(43)(20)(43)(20)
Merger related costs(10)(4)(15)(4)
Restructuring and other (expense) income(1)— (2)2 
Total (loss) income from operations$(38)$100 $(46)$180 
(1)Impairment of assets during the three and six months ended September 28, 2024 and September 30, 2023 primarily related to operating lease right-of-use assets at certain Versace and Michael Kors store locations.
Depreciation and amortization expense for each segment are as follows (in millions):
 Three Months EndedSix Months Ended
 September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Depreciation and amortization:
Versace$14 $13 $28 $26 
Jimmy Choo8 8 15 15 
Michael Kors20 20 40 41 
Corporate7 7 13 11 
Total depreciation and amortization$49 $48 $96 $93 
Total revenue (based on country of origin) by geographic location are as follows (in millions):
 Three Months EndedSix Months Ended
 September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Revenue:
The Americas (United States, Canada and Latin America) (1)
$591 $690 $1,164 $1,322 
EMEA348 401 653 773 
Asia140 200 329 425 
Total revenue$1,079 $1,291 $2,146 $2,520 
(1)Total revenue earned in the U.S. was $529 million and $1.052 billion, respectively, for the three and six months ended September 28, 2024. Total revenue earned in the U.S. was $617 million and $1.195 billion, respectively, for the three and six months ended September 30, 2023.
v3.24.3
Subsequent Events
 6 Months Ended
Sep. 28, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On October 24, 2024, the District Court granted the FTC's motion for a preliminary injunction to enjoin the Merger pending the completion of the FTC's in-house administrative proceeding which is currently expected to begin on December 9, 2024. On October 28, 2024, Tapestry and Capri jointly filed a notice of appeal to the U.S. Court of Appeals for the Second Circuit. See Note 2 for additional information related to the proposed Merger.
On November 1, 2024, the Company’s Senior Notes matured. In order to pay the Senior Notes at maturity, the Company borrowed $450 million under its 364 Day Term Loan which is due on October 31, 2025. See Note 10 for additional information related to the 364 Day Term Loan.
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Pay vs Performance Disclosure        
Net Income (Loss) $ 24 $ 90 $ 10 $ 138
v3.24.3
Insider Trading Arrangements
 3 Months Ended
Sep. 28, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.3
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Sep. 28, 2024
Accounting Policies [Abstract]  
Consolidation
The interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and include the accounts of the Company and its wholly-owned or controlled subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The interim consolidated financial statements as of September 28, 2024 and for the three and six months ended September 28, 2024 and September 30, 2023 are unaudited. The Company consolidates the results of its Versace business on a one-month lag, as consistent with prior periods. In addition, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The interim consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, necessary for a fair presentation in conformity with U.S. GAAP. The interim consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended March 30, 2024, as filed with the Securities and Exchange Commission on May 29, 2024, in the Company’s Annual Report on Form 10-K. The results of operations for the interim periods should not be considered indicative of results to be expected for the full fiscal year.
Fiscal Period
The Company utilizes a 52- to 53-week fiscal year and the term “Fiscal Year” or “Fiscal” refers to that 52-week or 53-week period. The results for the three and six months ended September 28, 2024 and September 30, 2023 are based on 13-week and 26-week periods, respectively. The Company’s Fiscal Year 2025 is a 52-week period ending March 29, 2025.
Use of Estimates
The preparation of financial statements in accordance with U.S. GAAP requires management to use judgment and make estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The level of uncertainty in estimates and assumptions increases with the length of time until the underlying transactions are completed. The most significant assumptions and estimates involved in preparing the financial statements include allowances for customer deductions, sales returns, credit losses, estimates of inventory net realizable value, the valuation of share-based compensation, the valuation of deferred taxes, goodwill, intangible assets, operating lease right-of-use assets and property and equipment, along with the estimated useful lives assigned to these assets. Actual results could differ from those estimates.
Seasonality
The Company experiences certain effects of seasonality with respect to its business. The Company generally experiences greater sales during its third fiscal quarter, primarily driven by holiday season sales, and the lowest sales during its first fiscal quarter.
Cash, Cash Equivalents and Restricted Cash All highly liquid investments with original maturities of three months or less are considered to be cash equivalents.
Inventories Inventories primarily consist of finished goods with the exception of raw materials and work in process.
Derivative Financial Instruments
Forward Foreign Currency Exchange Contracts
The Company may use forward foreign currency exchange contracts to manage its exposure to fluctuations in foreign currencies for certain transactions. The Company, in its normal course of business, enters into transactions with foreign suppliers and seeks to minimize risks related to these transactions. The Company employs these forward contracts to hedge the Company’s cash flows, as they relate to transactions denominated in foreign currencies. Certain of these contracts are designated as hedges for accounting purposes, while others remain undesignated. All of the Company’s derivative instruments are recorded on the Company’s consolidated balance sheets at fair value on a gross basis, regardless of their hedge designation.
The Company designates certain contracts related to the purchase of inventory that qualify for hedge accounting as cash flow hedges. Formal hedge documentation is prepared for all derivative instruments designated as hedges, including a description of the hedged transaction, the hedging instrument and the risk being hedged. The changes in the fair value for contracts designated as cash flow hedges are recorded in equity as a component of accumulated other comprehensive income until the hedged item affects earnings. When the inventory related to forecasted inventory purchases that are being hedged is
sold to a third-party, the gains or losses deferred in accumulated other comprehensive income are recognized within cost of goods sold. The Company uses regression analysis to assess effectiveness of derivative instruments that are designated as hedges, which compares the change in the fair value of the derivative instrument to the change in the related hedged item. If the hedge is no longer expected to be highly effective, future changes in the fair value are recognized in earnings. For those contracts that are not designated as hedges, changes in the fair value are recorded to foreign currency (gain) loss in the Company’s consolidated statements of operations and comprehensive (loss) income. The Company classifies cash flows relating to its forward foreign currency exchange contracts related to purchase of inventory consistently with the classification of the hedged item, within cash flows from operating activities.
The Company is exposed to the risk that counterparties to derivative contracts will fail to meet their contractual obligations. In order to mitigate counterparty credit risk, the Company only enters into contracts with carefully selected financial institutions based upon their credit ratings and certain other financial factors, adhering to established limits for credit exposure. The aforementioned forward contracts generally have a term of no more than 12 months. The period of these contracts is directly related to the transactions they are intended to hedge.
Net Investment Hedges
The Company uses cross-currency swap agreements to hedge its net investments in foreign operations against future volatility in the exchange rates between different currencies. The Company has elected the spot method of designating these contracts under Accounting Standards Update (“ASU”) 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities”, and has designated these contracts as net investment hedges. The net gain or loss on the net investment hedge is reported within foreign currency translation adjustments (“CTA”), as a component of accumulated other comprehensive income on the Company’s consolidated balance sheets. Interest accruals and coupon payments are recognized directly in interest (income) expense, net, in the Company’s consolidated statements of operations and comprehensive (loss) income. Upon discontinuation of a hedge, all previously recognized amounts remain in CTA until the net investment is sold or liquidated.
Fair Value Hedges
When a cross-currency swap is designated as a fair value hedge and qualifies as highly effective, the fair value hedge will be recorded at fair value each period on the Company’s consolidated balance sheets, with the difference resulting from the changes in the spot rate recognized in foreign currency (gain) loss on the Company’s consolidated statements of operations and comprehensive (loss) income, which will offset the earnings impact of the original transaction being hedged. If the fair value hedge is terminated and the underlying intercompany loans are settled, the accumulated other comprehensive income (“AOCI”) remaining from the hedge at the time of termination will be reclassified to foreign currency (gain) loss on the Company’s consolidated statements of operations and comprehensive (loss) income.
Interest Rate Swap Agreements
The Company also uses interest rate swap agreements to hedge the variability of its cash flows resulting from variable interest rates on the Company’s borrowings. When an interest rate swap agreement qualifies for hedge accounting as a cash flow hedge, the changes in the fair value are recorded in equity as a component of accumulated other comprehensive income and are reclassified into interest (income) expense, net in the same period during which the hedged transactions affect earnings.
Leases
The Company leases retail stores, office space and warehouse space under operating lease agreements that expire at various dates through September 2043. The Company’s leases generally have terms of up to ten years, generally require fixed rent payments and may require the payment of additional rent if store sales exceed a negotiated amount. Although most of the Company’s equipment is owned, the Company has limited equipment leases that expire on various dates through December 2028. The Company acts as sublessor in certain leasing arrangements, primarily related to closed stores under its restructuring initiatives, as defined in Note 9. The Company recognizes sublease income on a straight-line basis over the sublease term. The Company determines the sublease term based on the date it provides possession to the subtenant through the expiration date of the sublease.

The Company recognizes operating lease right-of-use assets and lease liabilities at the lease commencement date, based on the present value of fixed lease payments over the expected lease term. The Company uses its incremental borrowing rates to determine the present value of fixed lease payments based on the information available at the lease commencement date, as the rate implicit in the lease is not readily determinable for the Company’s leases. The Company’s incremental borrowing rates are based on the term of the leases, the economic environment of the leases and reflect the expected interest rate it would incur to
borrow on a secured basis. Certain leases include one or more renewal options, generally for the same period as the initial term of the lease. The exercise of lease renewal options is generally at the Company’s sole discretion and as such, the Company typically determines that exercise of these renewal options is not reasonably certain. As a result, the Company generally does not include the renewal option period in the expected lease term and the associated lease payments are not included in the initial measurement of the operating lease right-of-use asset and lease liability. Certain leases also contain termination options with an associated penalty. Generally, the Company is reasonably certain not to exercise these options and as such, they are not included in the determination of the expected lease term. The Company recognizes operating lease expense on a straight-line basis over the lease term.

Leases with an initial lease term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for its short-term leases on a straight-line basis over the lease term.

The Company’s leases generally provide for payments of non-lease components, such as common area maintenance, real estate taxes and other costs associated with the leased property. The Company accounts for lease and non-lease components of its real estate leases together as a single lease component and, as such, includes fixed payments of non-lease components in the measurement of the operating lease right-of-use assets and lease liabilities for its real estate leases. Variable lease payments, such as percentage rent based on location sales, periodic adjustments for inflation, reimbursement of real estate taxes, any variable common area maintenance and any other variable costs associated with the leased property, are expensed as incurred as variable lease costs and are not recorded on the balance sheet. The Company’s lease agreements do not contain any material residual value guarantees or material restrictions or covenants.
Net Income per Share
The Company’s basic net income per ordinary share is calculated by dividing net income by the weighted average number of ordinary shares outstanding during the period. Diluted net income per ordinary share reflects the potential dilution that would occur if restricted share units (“RSUs”) or any other potentially dilutive instruments, including share options, were converted or exercised into ordinary shares. These potentially dilutive securities are included in diluted shares to the extent they are dilutive under the treasury stock method for the applicable periods. Performance-based RSUs are included in diluted shares if the related performance conditions are considered satisfied as of the end of the reporting period and to the extent they are dilutive under the treasury stock method.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements
Recently Adopted Accounting Pronouncements
Supplier Finance Programs
In September 2022, the FASB issued ASU 2022-04, “Disclosure of Supplier Finance Program Obligations” which makes a number of changes. The amendments require a buyer in a supplier finance program to disclose sufficient information about the program to allow users of the financial statements to understand the program’s nature, activity during the period, changes from period to period and potential magnitude. The amendments in this update do not affect the recognition, measurement or financial statement presentation of obligations covered by supplier finance programs. The Company adopted the update in the first quarter of Fiscal 2024 on a retrospective basis, except for the requirement to disclose rollforward information, which will be effective for the Company in Fiscal 2025 for annual disclosure on a prospective basis. See Note 10 for the Company’s disclosures relating to this update.
Recently Issued Accounting Pronouncements
The Company has considered all new accounting pronouncements and, other than the recent pronouncements discussed below, has concluded that there are no new pronouncements that may have a material impact on the Company’s results of operations, financial condition or cash flows based on current information.
In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”. The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. The ASU is effective for the Company in Fiscal 2025 for annual disclosure, and subsequent interim periods, with early adoption permitted. The Company is evaluating the impact of adopting this ASU on the consolidated financial statements and related disclosures.
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, to enhance transparency and decision usefulness of income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, on a prospective basis, with early adoption permitted. The Company is evaluating the impact of adopting this ASU on the consolidated financial statements and related disclosures.
Revenue Recognition
The Company accounts for contracts with its customers when there is approval and commitment from both parties, the rights of the parties and payment terms have been identified, the contract has commercial substance and collectability of consideration is probable. Revenue is recognized when control of the promised goods or services is transferred to the Company’s customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for goods or services.
The Company sells its products through three primary channels of distribution: retail, wholesale and licensing. Within the retail and wholesale channels, substantially all of the Company’s revenues consist of sales of products that represent a single performance obligation where control transfers at a point in time to the customer. For licensing arrangements, royalty and advertising revenue is recognized over time based on access provided to the Company’s brands.
The Company has chosen to apply the practical expedient allowing it not to disclose the amount of the transaction price allocated to remaining performance obligations that have an expected duration of 12 months or less.
Retail
The Company generates sales through directly operated stores and e-commerce sites throughout the Americas (United States, Canada and Latin America), certain parts of EMEA (Europe, Middle East and Africa) and certain parts of Asia (Asia and Oceania). Retail revenue is recognized when control of the product is transferred at the point of sale at Company owned stores, including concessions. For e-commerce transactions, control is transferred and revenue is recognized when products are delivered to the customer. To arrive at net sales for retail, gross sales are reduced by actual customer returns, as well as by a provision for estimated future customer returns.
Sales tax collected from retail customers are presented on a net basis and, as such, are excluded from revenue. Shipping and handling costs that are billed to customers are included in net sales, with the related costs recorded in cost of goods sold. Shipping and handling costs that are not billed to customers are accounted for as fulfillment costs.
Gift Cards. The Company sells gift cards that can be redeemed for merchandise, resulting in a contract liability upon issuance. Revenue is recognized when a gift card is redeemed or upon “breakage” for the estimated portion of gift cards that are not expected to be redeemed. “Breakage” revenue is calculated under the proportional redemption methodology, which considers the historical patterns of redemption in jurisdictions where the Company is not required to remit the value of the unredeemed gift cards as unclaimed property. The Company anticipates that substantially all of its outstanding gift cards will be redeemed within the next 12 months. The contract liability related to gift cards, net of estimated “breakage”, was $14 million and $15 million as of September 28, 2024 and March 30, 2024, respectively, is included in accrued expenses and other current liabilities on the Company’s consolidated balance sheets.
Loyalty Program. The Company offers a loyalty program, which allows its Michael Kors North America customers to earn points on qualifying purchases toward monetary and non-monetary rewards, which may be redeemed for purchases at Michael Kors retail stores and e-commerce sites. The Company defers a portion of the initial sales transaction based on the estimated relative fair value of the benefits based on projected timing of future redemptions and historical activity. These amounts include estimated “breakage” for points that are not expected to be redeemed.
Wholesale
The Company’s products are sold primarily to major department stores, specialty stores and travel retail shops throughout the Americas, EMEA and Asia. The Company also has arrangements where its products are sold to geographic licensees in certain parts of EMEA, Asia and South America. Wholesale revenue is recognized net of estimates for sales returns, discounts, markdowns and allowances, when merchandise is shipped and control of the underlying product is transferred to the Company’s wholesale customers. To arrive at net sales for wholesale, gross sales are reduced by provisions for estimated future returns, as well as trade discounts, markdowns, allowances, operational chargebacks and certain cooperative selling expenses. These estimates are developed based on historical trends, actual and forecasted performance and market conditions, and are reviewed by management on a quarterly basis. Unfulfilled, non-cancelable purchase orders for products from wholesale customers (including the Company’s geographic licensees) are expected to be fulfilled within the next 12 months.
Licensing
The Company provides its third-party licensees with the right to access its Versace, Jimmy Choo and Michael Kors trademarks under product and geographic licensing arrangements. Under product licensing arrangements, the Company allows third-parties to manufacture and sell luxury goods, including watches and jewelry, fragrances, eyewear and home furnishings, using the Company’s trademarks. Under geographic licensing arrangements, third party licensees receive the right to distribute and sell products bearing the Company’s trademarks in retail and/or wholesale channels within certain geographical areas, including Brazil, the Middle East, Eastern Europe, South Africa and certain parts of Asia.
The Company recognizes royalty revenue and advertising contributions based on the percentage of sales made by the licensees. Advertising contributions are received to support the Company’s branded advertising and marketing campaigns and are viewed as part of a single performance obligation with the right to access the Company’s trademarks. Royalty revenue generated from licenses, which includes contributions for advertising, may be subject to contractual minimum levels, as defined in the contract. Such minimums are generally fixed annually, based on the previous year’s sales. Licensing revenue is based on reported current period sales of licensed products at rates that are specified in the license agreements for contracts that are expected to exceed the related guaranteed minimums. If the Company expects the minimum guaranteed amounts to exceed amounts calculated based on actual sales, the guaranteed minimums are recognized ratably over the contractual year to which they relate. Generally, the Company’s guaranteed minimum royalty amounts due from licensees relate to contractual periods that do not exceed 12 months, however, some of the Company’s guaranteed minimums for Versace are multi-year based.
Receivables, net
Receivables are presented net of allowances for discounts, markdowns, operational chargebacks and credit losses. Discounts are based on open invoices where trade discounts have been extended to customers. Markdowns are based on wholesale customers’ sales performance, seasonal negotiations with customers, historical deduction trends and an evaluation of current market conditions. Operational chargebacks are based on deductions taken by customers, net of expected recoveries. Such provisions, and related recoveries, are reflected in revenues.
The Company’s allowance for credit losses is determined through analysis of periodic aging of receivables and assessments of collectibility based on an evaluation of historic and anticipated trends, the financial condition of the Company’s customers and the impact of general economic conditions. The past due status of a receivable is based on its contractual terms. Amounts deemed uncollectible are written off against the allowance when it is probable the amounts will not be recovered. Allowance for credit losses was $17 million and $13 million as of September 28, 2024 and March 30, 2024, respectively. The Company had credit losses of $3 million and $4 million for the three and six months ended September 28, 2024, respectively.
The Company had credit losses of $1 million and $2 million for the three and six months ended September 30, 2023, respectively.
Fair Value Measurements At September 28, 2024 and March 30, 2024, the fair values of the Company’s derivative contracts were determined using broker quotations, which were calculations derived from observable market information: the applicable currency rates at the balance sheet date and those forward rates particular to the contract at inception. The Company makes no adjustments to these broker obtained quotes or prices, but assesses the credit risk of the counterparty and would adjust the provided valuations for counterparty credit risk when appropriate. The fair value of the Company's derivative instruments are included in prepaid expenses and other current assets, other assets, accrued expenses and other current liabilities, and in other long-term liabilities on the consolidated balance sheets depending on whether they represent assets or liabilities of the Company and based on the maturity date of each individual hedge contract to classify as either short-term or long-term.The Company’s debt obligations are recorded on its consolidated balance sheets at carrying values, which may differ from the related fair values. The fair value of the Company’s debt is estimated using external pricing data, including any available quoted market prices and based on other debt instruments with similar characteristics. Borrowings under revolving credit facilities, if outstanding, are recorded at carrying value, which approximates fair value due to the frequent nature of such borrowings and repayments.
The Company’s cash and cash equivalents, accounts receivable and accounts payable are recorded at carrying value, which approximates fair value.
Non-Financial Assets and Liabilities
The Company’s non-financial assets include goodwill, intangible assets, operating lease right-of-use assets and property and equipment. Such assets are reported at their carrying values and are not subject to recurring fair value measurements. The Company’s goodwill and its indefinite-lived intangible assets (Versace and Jimmy Choo brands) are assessed for impairment at least annually, while its other long-lived assets, including operating lease right-of-use assets, property and equipment and definite-lived intangible assets, are assessed for impairment whenever events or changes in circumstances indicate that the carrying amount of any such asset may not be recoverable. The Company determines the fair values of these assets based on Level 3 measurements using the Company’s best estimates of the amount and timing of future discounted cash flows, based on historical experience, market conditions, current trends and performance expectations.
Tax Legislation
Tax Legislation
On August 16, 2022, the Inflation Reduction Act of 2022 was signed into law by the Biden Administration, with tax provisions primarily focused on implementing a 15% corporate alternative minimum tax on global adjusted financial statement income ("CAMT") and a 1% excise tax on share repurchases. The CAMT was effective beginning Fiscal 2024 and is not expected to have a material impact on the Company’s effective tax rate, however the Company will continue to monitor for any potential impact as additional guidance becomes available. With respect to the 1% excise tax on net share repurchases, this provision of the Inflation Reduction Act was effective on January 1, 2023 and did not have a material impact on the Company’s consolidated financial statements.
On December 12, 2022, the European Union member states reached an agreement to implement the OECD’s reform of international taxation known as Pillar Two Global Anti-Base Erosion ("GloBE") Rules, which broadly mirrors certain provisions of the Inflation Reduction Act by imposing a 15% global minimum tax on multinational companies. GloBE has become effective for the Company during Fiscal 2025. Based upon the Company’s initial analysis, the Pillar Two initiatives are not projected to have a material impact on the Company’s consolidated financial statements. The Company will continue to evaluate its impact as further information becomes available.
On August 6, 2024, the United States Treasury and the Internal Revenue Service (“IRS”) released proposed regulations that address several long-standing issues related to dual consolidated losses and introduce new rules for disregarded payment losses. If finalized as proposed, the changes related to disregarded payment losses could impact how the Company utilizes certain deductions and losses to offset its U.S. income as part of its global financing activities. The Company will continue to evaluate its impact as further information becomes available.
v3.24.3
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Sep. 28, 2024
Accounting Policies [Abstract]  
Schedule of Cash and Cash Equivalents
A reconciliation of cash, cash equivalents and restricted cash as of September 28, 2024 and March 30, 2024 from the consolidated balance sheets to the consolidated statements of cash flows is as follows (in millions):
 September 28,
2024		March 30,
2024
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents$182 $199 
Restricted cash included within prepaid expenses and other current assets9 6 
Total cash, cash equivalents and restricted cash shown on the consolidated statements of cash flows$191 $205 
Schedule of Restrictions on Cash and Cash Equivalents
A reconciliation of cash, cash equivalents and restricted cash as of September 28, 2024 and March 30, 2024 from the consolidated balance sheets to the consolidated statements of cash flows is as follows (in millions):
 September 28,
2024		March 30,
2024
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents$182 $199 
Restricted cash included within prepaid expenses and other current assets9 6 
Total cash, cash equivalents and restricted cash shown on the consolidated statements of cash flows$191 $205 
Schedule of Net Lease Costs and Supplemental Cash Flow Information
The following table presents the Company’s supplemental cash flow information related to leases (in millions):
Six Months Ended
September 28,
2024		September 30,
2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases
$248 $261 
Schedule of Components of Calculation of Basic Net Income Per Ordinary Share and Diluted Net Income Per Ordinary Share
The components of the calculation of basic net income per ordinary share and diluted net income per ordinary share are as follows (in millions, except share and per share data):
 Three Months EndedSix Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Numerator:
Net income attributable to Capri$24 $90 $10 $138 
Denominator:
Basic weighted average shares118,467,372 116,674,030 117,953,855 117,052,986 
Weighted average dilutive share equivalents:
Share options, restricted stock units, and performance restricted stock units310,351 889,543 563,243 870,117 
Diluted weighted average shares118,777,723 117,563,573 118,517,098 117,923,103 
Basic net income per share (1)
$0.20 $0.77 $0.09 $1.18 
Diluted net income per share (1)
$0.20 $0.77 $0.09 $1.17 
(1)Basic and diluted net income per share are calculated using unrounded numbers.
v3.24.3
Revenue Recognition (Tables)
 6 Months Ended
Sep. 28, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Contractually Guaranteed Minimum Fees
As of September 28, 2024, contractually guaranteed minimum fees from the Company’s license agreements expected to be recognized as revenue during future periods were as follows (in millions):
Contractually Guaranteed Minimum Fees
Remainder of Fiscal 2025$19 
Fiscal 202634 
Fiscal 202730 
Fiscal 202822 
Fiscal 202919 
Fiscal 2030 and thereafter15 
 Total$139 
Schedule of Revenue Disaggregation
The following table presents the Company’s segment revenue disaggregated by geographic location (in millions):
 Three Months EndedSix Months Ended
 September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Versace - the Americas$64 $96 $134 $178 
Versace - EMEA90 125 180 241 
Versace - Asia47 59 106 120 
 Total Versace201 280 420 539 
Jimmy Choo - the Americas35 38 87 87 
Jimmy Choo - EMEA71 57 148 138 
Jimmy Choo - Asia34 37 78 90 
Total Jimmy Choo140 132 313 315 
Michael Kors - the Americas492 556 943 1,057 
Michael Kors - EMEA187 219 325 394 
Michael Kors - Asia59 104 145 215 
 Total Michael Kors738 879 1,413 1,666 
Total - the Americas591 690 1,164 1,322 
Total - EMEA348 401 653 773 
Total - Asia140 200 329 425 
Total revenue$1,079 $1,291 $2,146 $2,520 
v3.24.3
Receivables, net (Tables)
 6 Months Ended
Sep. 28, 2024
Receivables [Abstract]  
Schedule of Receivables
Receivables, net, consist of (in millions):
September 28,
2024		March 30,
2024
Trade receivables (1)
$289 $342 
Receivables due from licensees59 37 
348 379 
Less: allowances(50)(47)
Total receivables, net$298 $332 
(1)As of September 28, 2024 and March 30, 2024, $68 million and $102 million, respectively, of trade receivables were insured.
v3.24.3
Property and Equipment, net (Tables)
 6 Months Ended
Sep. 28, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment, Net
Property and equipment, net, consists of (in millions):
September 28,
2024		March 30,
2024
Leasehold improvements$552 $535 
Computer equipment and software337 279 
Furniture and fixtures199 187 
Equipment118 112 
Building54 49 
In-store shops41 43 
Land19 18 
Total property and equipment, gross1,320 1,223 
Less: accumulated depreciation and amortization(798)(726)
Subtotal522 497 
Construction-in-progress43 82 
Total property and equipment, net$565 $579 
v3.24.3
Intangible Assets and Goodwill (Tables)
 6 Months Ended
Sep. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Indefinite-Lived Intangible Assets
The following table details the carrying values of the Company’s intangible assets and goodwill (in millions):
 September 28,
2024		March 30,
2024
Definite-lived intangible assets:
Reacquired rights $400 $400 
Trademarks23 23 
Customer relationships (1)
420 401 
Gross definite-lived intangible assets843 824 
Less: accumulated amortization(344)(314)
Net definite-lived intangible assets499 510 
Indefinite-lived intangible assets:
Jimmy Choo brand (2)
227 215 
Versace brand (3)
692 669 
Net indefinite-lived intangible assets919 884 
Total intangible assets, excluding goodwill$1,418 $1,394 
Goodwill (4)
$1,153 $1,106 
(1)The change in the carrying value since March 30, 2024 reflects the impact of foreign currency translation adjustments.
(2)Includes accumulated impairment of $343 million as of September 28, 2024 and March 30, 2024. The change in the carrying value since March 30, 2024 reflects the impact of foreign currency translation adjustments.
(3)Includes accumulated impairment of $227 million as of September 28, 2024 and March 30, 2024. The change in the carrying value since March 30, 2024 reflects the impact of foreign currency translation adjustments.
(4)Includes accumulated impairment of $539 million related to the Jimmy Choo reporting units as of September 28, 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 adjustments.
Schedule of Finite-Lived Intangible Assets
The following table details the carrying values of the Company’s intangible assets and goodwill (in millions):
 September 28,
2024		March 30,
2024
Definite-lived intangible assets:
Reacquired rights $400 $400 
Trademarks23 23 
Customer relationships (1)
420 401 
Gross definite-lived intangible assets843 824 
Less: accumulated amortization(344)(314)
Net definite-lived intangible assets499 510 
Indefinite-lived intangible assets:
Jimmy Choo brand (2)
227 215 
Versace brand (3)
692 669 
Net indefinite-lived intangible assets919 884 
Total intangible assets, excluding goodwill$1,418 $1,394 
Goodwill (4)
$1,153 $1,106 
(1)The change in the carrying value since March 30, 2024 reflects the impact of foreign currency translation adjustments.
(2)Includes accumulated impairment of $343 million as of September 28, 2024 and March 30, 2024. The change in the carrying value since March 30, 2024 reflects the impact of foreign currency translation adjustments.
(3)Includes accumulated impairment of $227 million as of September 28, 2024 and March 30, 2024. The change in the carrying value since March 30, 2024 reflects the impact of foreign currency translation adjustments.
(4)Includes accumulated impairment of $539 million related to the Jimmy Choo reporting units as of September 28, 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 adjustments.
v3.24.3
Current Assets and Current Liabilities (Tables)
 6 Months Ended
Sep. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consist of the following (in millions):
September 28,
2024		March 30,
2024
Prepaid taxes$87 $88 
Interest receivable related to hedges39 42 
Prepaid contracts19 21 
Restricted cash9 6 
Other accounts receivables6 8 
Other43 50 
Total prepaid expenses and other current assets$203 $215 
Schedule of Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consist of the following (in millions):
September 28,
2024		March 30,
2024
Other taxes payable$41 $29 
Return liabilities37 48 
Accrued advertising and marketing37 29 
Professional services34 18 
Accrued purchases and samples25 16 
Accrued rent (1)
18 17 
Accrued capital expenditures16 35 
Accrued E-commerce16 12 
Gift cards and retail store credits14 15 
Accrued interest12 17 
Accrued retail store expense6 8 
Advance royalties6 4 
Restructuring liability4 22 
Accrued litigation4 4 
Other55 36 
Total accrued expenses and other current liabilities$325 $310 
(1)The accrued rent balance relates to variable lease payments.
v3.24.3
Restructuring and Other Expense (Income) (Tables)
 6 Months Ended
Sep. 28, 2024
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring and Related Costs The below table presents a roll forward of the Company’s restructuring liability related to its Global Optimization Plan (in millions):
Severance and benefit costsLease-related and other costsTotal
Balance at March 30, 2024
$21 $1 $22 
Additions charged to expense
— 3 
(1)
3 
Payments(17)(4)(21)
Balance at September 28, 2024
$4 $— $4 
(1)Excludes $1 million of a gain on lease termination and store closure costs related to operating lease right-of-use assets recorded within restructuring and other expense (income) on the consolidated statements of operations and comprehensive (loss) income for the six months ended September 28, 2024.
v3.24.3
Debt Obligations (Tables)
 6 Months Ended
Sep. 28, 2024
Debt Disclosure [Abstract]  
Schedule of Debt Obligations
The following table presents the Company’s debt obligations (in millions):
September 28,
2024		March 30,
2024
Revolving Credit Facilities$719 $764 
Versace Term Loan502 486 
Senior Notes due 2024 (1)
450 450 
Other38 24 
Total debt 1,709 1,724 
Less: Unamortized debt issuance costs1 1 
Total carrying value of debt1,708 1,723 
Less: Short-term debt (1)
471 462 
Total long-term debt
$1,237 $1,261 
(1)As of September 28, 2024, the Senior Notes, due in November 2024, are recorded within short-term debt on the Company’s consolidated balance sheets.
v3.24.3
Fair Value Measurements (Tables)
 6 Months Ended
Sep. 28, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value and Carrying Value of Assets
All contracts are measured and recorded at fair value on a recurring basis and are categorized in Level 2 of the fair value hierarchy, as shown in the following table (in millions):
 
Fair value at September 28, 2024 using:
Fair value at March 30, 2024 using:
 Quoted prices in
active markets for
identical assets
(Level 1)		Significant
other observable
inputs
(Level 2)		Significant
unobservable
inputs
(Level 3)		Quoted prices in
active markets for
identical assets
(Level 1)		Significant
other observable
inputs
(Level 2)		Significant
unobservable
inputs
(Level 3)
Derivative assets:
Net investment hedges$— $— $— $— $12 $— 
Total derivative assets$— $— $— $— $12 $— 
Derivative liabilities:
Net investment hedges$— $342 $— $— $88 $— 
Interest rate swaps— 15 — — — — 
Total derivative liabilities$— $357 $— $— $88 $— 
Schedule of Fair Value Measurement of Long-term Debt The following table summarizes the carrying values and estimated fair values of the Company’s debt, based on Level 2 measurements (in millions):
September 28, 2024March 30, 2024
Carrying
Value		Estimated
Fair Value 		Carrying
Value		Estimated
Fair Value
Revolving Credit Facilities$719 $719 $764 $764 
Versace Term Loan$502 $502 $485 $487 
Senior Notes due 2024 $450 $451 $450 $441 
Schedule of Long-lived Assets, Nonrecurring The following table details the carrying values and fair values of the Company’s assets that have been impaired during the three and six months ended September 28, 2024 and the three and six months ended September 30, 2023 (in millions):
Three and Six Months Ended
September 28, 2024		Three and Six Months Ended
September 30, 2023
Carrying Value Prior to ImpairmentFair ValueImpairment ChargeCarrying Value Prior to ImpairmentFair Value
Impairment Charge
Operating Lease Right-of-Use Assets
$75 $38 $37 

$24 $10 $14 
Property and Equipment, net9 3 6 7 1 6 
Total$84 $41 $43 $31 $11 $20 
v3.24.3
Derivative Financial Instruments (Tables)
 6 Months Ended
Sep. 28, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Derivative Contracts Recorded on Gross Basis in Consolidated Balance Sheets
The following table details the fair value of the Company’s derivative contracts, which are recorded on a gross basis on the consolidated balance sheets as of September 28, 2024 and March 30, 2024 (in millions):
Fair Value
 Notional AmountsAssetsLiabilities
 September 28,
2024		March 30,
2024		September 28,
2024		March 30,
2024		September 28,
2024		March 30,
2024
Designated net investment hedges$5,334 $3,850 $— $12 
(1)
$342 
(2)
$88 
(2)
Designated interest rate swaps893 — — — 15 
(2)
— 
Total$6,227 $3,850 $— $12 $357 $88 
(1)Recorded within other assets on the Company’s consolidated balance sheets.
(2)As of September 28, 2024, the Company recorded $23 million within accrued expenses and current liabilities and $334 million within other long-term liabilities on the Company’s consolidated balance sheets. As of March 30, 2024, the Company recorded $3 million within accrued expenses and current liabilities and $85 million within other long-term liabilities on the Company’s consolidated balance sheets.
Schedule of Derivative Instruments on The Balance Sheets, Net Basis However, if the Company were to offset and record the asset and liability balances for its derivative instruments on a net basis in accordance with the terms of its master netting arrangements, which provide for the right to set-off amounts for similar transactions denominated in the same currencies and with the same banks, the resulting impact as of September 28, 2024 and March 30, 2024 would be as follows (in millions):
Net Investment HedgesInterest Rate Swaps
September 28,
2024		March 30,
2024		September 28,
2024		March 30,
2024
Assets subject to master netting arrangements
$— $12 $— $— 
Liabilities subject to master netting arrangements
$342 $88 $15 $— 
Derivative assets, net$— $8 $— $— 
Derivative liabilities, net$342 $84 $15 $— 
Schedule of Reclassification out of Accumulated Other Comprehensive Income
The following table summarizes the pre-tax impact of the losses on the Company’s designated net investment hedges, fair value hedges and interest rate swaps (in millions):
Three Months Ended
Six Months Ended
September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Pre-Tax Losses
Recognized in OCI		Pre-Tax Losses
Recognized in OCI		Pre-Tax Losses
Recognized in OCI		Pre-Tax Losses
Recognized in OCI
Designated net investment hedges$(240)$(79)$(266)$(25)
Designated interest rate swaps$(15)$— $(15)$— 
Designated fair value hedge$— $(16)$— $(9)
The following tables summarize the pre-tax impact of the gains within the consolidated statements of operations and comprehensive (loss) income related to the designated forward foreign currency exchange contracts for the three and six months ended September 28, 2024 and September 30, 2023 (in millions):
Three Months Ended
Pre-Tax Gain Reclassified from
Accumulated OCI		Location of Gain Recognized
September 28, 2024September 30, 2023
Designated forward foreign currency exchange contracts
$— $1 Cost of goods sold
Six Months Ended
Pre-Tax Gain Reclassified from
Accumulated OCI		Location of Gain Recognized
September 28, 2024September 30, 2023
Designated forward foreign currency exchange contracts
$— $4 Cost of goods sold
v3.24.3
Shareholders' Equity (Tables)
 6 Months Ended
Sep. 28, 2024
Equity [Abstract]  
Schedule of Changes in Components of Accumulated Other Comprehensive Income (Loss), Net of Taxes
The following table details changes in the components of accumulated other comprehensive income (“AOCI”), net of taxes, for the six months ended September 28, 2024 and September 30, 2023, respectively (in millions):
Foreign Currency Translation Adjustments (1)
Net (Loss) Gain on Derivatives (2)
Other Comprehensive Income Attributable to Capri
Balance at March 30, 2024$161 $— $161 
Other comprehensive loss before reclassifications(147)(11)(158)
Less: amounts reclassified from AOCI to earnings
— — — 
Other comprehensive loss, net of tax(147)(11)(158)
Balance at September 28, 2024$14 $(11)$3 
Balance at April 1, 2023$143 $4 $147 
Other comprehensive loss before reclassifications (13)— (13)
Less: amounts reclassified from AOCI to earnings
— 4 4 
Other comprehensive loss, net of tax(13)(4)(17)
Balance at September 30, 2023$130 $— $130 
(1)Foreign currency translation adjustments for the six months ended September 28, 2024 primarily include a $199 million loss, net of taxes of $67 million, relating to the Company’s net investment hedges partially offset by a net $52 million translation gain. Foreign currency translation adjustments for the six months ended September 30, 2023 primarily include a net $29 million translation loss, partially offset by a $16 million gain, net of taxes, relating to the Company’s net investment and fair value hedges.
(2)Reclassified amounts primarily relate to the Company’s forward foreign currency exchange contracts for inventory purchases and are recorded within cost of goods sold in the Company’s consolidated statements of operations and comprehensive (loss) income. All tax effects were not material for the periods presented.
v3.24.3
Share-Based Compensation (Tables)
 6 Months Ended
Sep. 28, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Compensation Activity
The following table summarizes the Company’s share-based compensation activity during the six months ended September 28, 2024:
 OptionsService-Based RSUsPerformance-Based RSUs
Outstanding/Unvested at March 30, 2024
191,967 2,688,284 368,932 
Granted— 1,972,776 — 
Exercised/Vested— (1,337,365)(12,318)
Canceled/Forfeited(9,036)(210,329)— 
Outstanding/Unvested at September 28, 2024
182,931 3,113,366 356,614 
Schedule of Compensation Expense Attributable to Share-Based Compensation
The following table summarizes compensation expense attributable to share-based compensation for the three and six months ended September 28, 2024 and September 30, 2023 (in millions):
Three Months EndedSix Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Share-based compensation expense$11 $17 $37 $47 
Tax benefit related to share-based compensation expense$3 $2 $7 $7 
v3.24.3
Segment Information (Tables)
 6 Months Ended
Sep. 28, 2024
Segment Reporting [Abstract]  
Schedule of Key Performance Information of Reportable Segments
The following table presents the key performance information of the Company’s reportable segments (in millions):
 Three Months EndedSix Months Ended
 September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Total revenue:
Versace$201 $280 $420 $539 
Jimmy Choo140 132 313 315 
Michael Kors738 879 1,413 1,666 
Total revenue$1,079 $1,291 $2,146 $2,520 
Income (loss) from operations:
Versace$(3)$35 $(20)$38 
Jimmy Choo(5)(9)(1)7 
Michael Kors87 169 162 299 
Total segment income from operations79 195 141 344 
Less: Corporate expenses
(63)(71)(127)(142)
Impairment of assets (1)
(43)(20)(43)(20)
Merger related costs(10)(4)(15)(4)
Restructuring and other (expense) income(1)— (2)2 
Total (loss) income from operations$(38)$100 $(46)$180 
(1)Impairment of assets during the three and six months ended September 28, 2024 and September 30, 2023 primarily related to operating lease right-of-use assets at certain Versace and Michael Kors store locations.
Schedule of Depreciation and Amortization Expense for Each Segment
Depreciation and amortization expense for each segment are as follows (in millions):
 Three Months EndedSix Months Ended
 September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Depreciation and amortization:
Versace$14 $13 $28 $26 
Jimmy Choo8 8 15 15 
Michael Kors20 20 40 41 
Corporate7 7 13 11 
Total depreciation and amortization$49 $48 $96 $93 
Schedule of Total Revenue (as Recognized Based on Country of Origin)
Total revenue (based on country of origin) by geographic location are as follows (in millions):
 Three Months EndedSix Months Ended
 September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Revenue:
The Americas (United States, Canada and Latin America) (1)
$591 $690 $1,164 $1,322 
EMEA348 401 653 773 
Asia140 200 329 425 
Total revenue$1,079 $1,291 $2,146 $2,520 
(1)Total revenue earned in the U.S. was $529 million and $1.052 billion, respectively, for the three and six months ended September 28, 2024. Total revenue earned in the U.S. was $617 million and $1.195 billion, respectively, for the three and six months ended September 30, 2023.
v3.24.3
Business and Basis of Presentation (Details)
 6 Months Ended
Sep. 28, 2024
segment
Accounting Policies [Abstract]  
Number of reportable segments 3
v3.24.3
Summary of Significant Accounting Policies - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Mar. 30, 2024
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Credit card receivables $ 26   $ 26   $ 28
Raw materials inventory and work in process inventory 48   48   $ 45
Sublease income $ 3 $ 2 $ 5 $ 4  
Anti-dilutive securities excluded from calculation of basic and diluted net income per ordinary share (in shares) 486,717 441,685 354,607 364,628  
Maximum          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Lessee, operating lease, term of contract (in years) 10 years   10 years    
v3.24.3
Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents and Restrictions on Cash and Cash Equivalents (Details) - USD ($)
$ in Millions
Sep. 28, 2024
Mar. 30, 2024
Sep. 30, 2023
Apr. 01, 2023
Accounting Policies [Abstract]        
Cash and cash equivalents $ 182 $ 199    
Restricted cash included within prepaid expenses and other current assets 9 6    
Total cash, cash equivalents and restricted cash shown on the consolidated statements of cash flows $ 191 $ 205 $ 244 $ 256
v3.24.3
Summary of Significant Accounting Policies - Schedule of Net Lease Costs and Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 6 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows used in operating leases $ 248 $ 261
v3.24.3
Summary of Significant Accounting Policies - Schedule of Components of Calculation of Basic Net Income Per Ordinary Share and Diluted Net Income Per Ordinary Share (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Numerator:        
Net income attributable to Capri $ 24 $ 90 $ 10 $ 138
Denominator:        
Basic weighted average shares (in shares) 118,467,372 116,674,030 117,953,855 117,052,986
Weighted average dilutive share equivalents:        
Share options, restricted stock units, and performance restricted stock units (in shares) 310,351 889,543 563,243 870,117
Diluted weighted average shares (in shares) 118,777,723 117,563,573 118,517,098 117,923,103
Basic net (loss) income per share (in dollars per share) $ 0.20 $ 0.77 $ 0.09 $ 1.18
Diluted net (loss) income per share (in dollars per share) $ 0.20 $ 0.77 $ 0.09 $ 1.17
v3.24.3
Revenue Recognition - Narrative (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 28, 2024
USD ($)
distributionChannel
Sep. 30, 2023
USD ($)
Sep. 28, 2024
USD ($)
distributionChannel
Sep. 30, 2023
USD ($)
Mar. 30, 2024
USD ($)
Contract With Customer, Asset And Liability [Line Items]          
Number of product distribution channels | distributionChannel 3   3    
Deferred loyalty program liabilities $ 14   $ 14   $ 15
Return liabilities 37   37   48
Right to recover returned product 11   11   14
Contract liabilities 25   25   23
Revenue recognized during period 4 $ 2 16 $ 7  
Gift Cards          
Contract With Customer, Asset And Liability [Line Items]          
Deferred loyalty program liabilities $ 14   $ 14   $ 15
v3.24.3
Revenue Recognition - Schedule of Contractually Guaranteed Minimum Fees (Details)
$ in Millions
Sep. 28, 2024
USD ($)
Disaggregation of Revenue [Line Items]  
Revenue, remaining performance obligation, amount $ 139
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-09-29  
Disaggregation of Revenue [Line Items]  
Revenue, remaining performance obligation, amount $ 19
Revenue, remaining performance obligation, expected timing of satisfaction, period 6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-03-30  
Disaggregation of Revenue [Line Items]  
Revenue, remaining performance obligation, amount $ 34
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-03-29  
Disaggregation of Revenue [Line Items]  
Revenue, remaining performance obligation, amount $ 30
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-03-28  
Disaggregation of Revenue [Line Items]  
Revenue, remaining performance obligation, amount $ 22
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-04-02  
Disaggregation of Revenue [Line Items]  
Revenue, remaining performance obligation, amount $ 19
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-04-01  
Disaggregation of Revenue [Line Items]  
Revenue, remaining performance obligation, amount $ 15
Revenue, remaining performance obligation, expected timing of satisfaction, period
v3.24.3
Revenue Recognition - Schedule of Revenue Disaggregation (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Disaggregation of Revenue [Line Items]        
Total revenue $ 1,079 $ 1,291 $ 2,146 $ 2,520
Versace - the Americas        
Disaggregation of Revenue [Line Items]        
Total revenue 591 690 1,164 1,322
Versace - EMEA        
Disaggregation of Revenue [Line Items]        
Total revenue 348 401 653 773
Versace - Asia        
Disaggregation of Revenue [Line Items]        
Total revenue 140 200 329 425
Versace        
Disaggregation of Revenue [Line Items]        
Total revenue 201 280 420 539
Versace | Versace - the Americas        
Disaggregation of Revenue [Line Items]        
Total revenue 64 96 134 178
Versace | Versace - EMEA        
Disaggregation of Revenue [Line Items]        
Total revenue 90 125 180 241
Versace | Versace - Asia        
Disaggregation of Revenue [Line Items]        
Total revenue 47 59 106 120
Jimmy Choo        
Disaggregation of Revenue [Line Items]        
Total revenue 140 132 313 315
Jimmy Choo | Versace - the Americas        
Disaggregation of Revenue [Line Items]        
Total revenue 35 38 87 87
Jimmy Choo | Versace - EMEA        
Disaggregation of Revenue [Line Items]        
Total revenue 71 57 148 138
Jimmy Choo | Versace - Asia        
Disaggregation of Revenue [Line Items]        
Total revenue 34 37 78 90
Michael Kors        
Disaggregation of Revenue [Line Items]        
Total revenue 738 879 1,413 1,666
Michael Kors | Versace - the Americas        
Disaggregation of Revenue [Line Items]        
Total revenue 492 556 943 1,057
Michael Kors | Versace - EMEA        
Disaggregation of Revenue [Line Items]        
Total revenue 187 219 325 394
Michael Kors | Versace - Asia        
Disaggregation of Revenue [Line Items]        
Total revenue $ 59 $ 104 $ 145 $ 215
v3.24.3
Receivables, net - Schedule of Receivables (Details) - USD ($)
$ in Millions
Sep. 28, 2024
Mar. 30, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Trade receivables $ 289 $ 342
Receivables due from licensees 59 37
Receivables, gross 348 379
Less: allowances (50) (47)
Total receivables, net 298 332
Credit Risk Assumed by Insured    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Trade receivables $ 68 $ 102
v3.24.3
Receivables, net - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Mar. 30, 2024
Receivables [Abstract]          
Allowance for doubtful accounts $ 17   $ 17   $ 13
Credit losses $ 3 $ 1 $ 4 $ 2  
v3.24.3
Property and Equipment, net - Schedule of Property and Equipment, Net (Details) - USD ($)
$ in Millions
Sep. 28, 2024
Mar. 30, 2024
Property, Plant and Equipment [Abstract]    
Leasehold improvements $ 552 $ 535
Computer equipment and software 337 279
Furniture and fixtures 199 187
Equipment 118 112
Building 54 49
In-store shops 41 43
Land 19 18
Total property and equipment, gross 1,320 1,223
Less: accumulated depreciation and amortization (798) (726)
Subtotal 522 497
Construction-in-progress 43 82
Total property and equipment, net $ 565 $ 579
v3.24.3
Property and Equipment, net - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Property, Plant and Equipment [Line Items]        
Depreciation and amortization of property and equipment $ 37 $ 37 $ 73 $ 71
Impairment of assets 43 20 43 20
Property and Equipment, net        
Property, Plant and Equipment [Line Items]        
Impairment of assets $ 6 $ 6 $ 6 $ 6
v3.24.3
Intangible Assets and Goodwill - Schedule of Carrying Values of Finite-Lived Intangible Assets (Details) - USD ($)
$ in Millions
Sep. 28, 2024
Mar. 30, 2024
Definite-lived intangible assets:    
Gross definite-lived intangible assets $ 843 $ 824
Less: accumulated amortization (344) (314)
Net definite-lived intangible assets 499 510
Indefinite-lived intangible assets:    
Net indefinite-lived intangible assets 919 884
Total intangible assets, excluding goodwill 1,418 1,394
Goodwill 1,153 1,106
Jimmy Choo brand    
Indefinite-lived intangible assets:    
Net indefinite-lived intangible assets 227 215
Accumulated impairment loss, indefinite-lived intangible assets 343 343
Accumulated impairment loss, goodwill 539 539
Versace brand    
Indefinite-lived intangible assets:    
Net indefinite-lived intangible assets 692 669
Accumulated impairment loss, indefinite-lived intangible assets 227 227
Reacquired rights    
Definite-lived intangible assets:    
Gross definite-lived intangible assets 400 400
Trademarks    
Definite-lived intangible assets:    
Gross definite-lived intangible assets 23 23
Customer relationships    
Definite-lived intangible assets:    
Gross definite-lived intangible assets $ 420 $ 401
v3.24.3
Intangible Assets and Goodwill - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
May 02, 2024
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Mar. 30, 2024
Finite-Lived Intangible Assets [Line Items]            
Cash paid for business acquisitions, net of cash acquired       $ 9 $ 0  
Goodwill   $ 1,153   1,153   $ 1,106
Amortization of intangible assets   $ 12 $ 11 $ 23 $ 22  
Sicla Acquisition            
Finite-Lived Intangible Assets [Line Items]            
Cash paid for business acquisitions, net of cash acquired $ 9          
Sicla Acquisition | Jimmy Choo            
Finite-Lived Intangible Assets [Line Items]            
Goodwill $ 9          
v3.24.3
Current Assets and Current Liabilities - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Millions
Sep. 28, 2024
Mar. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Prepaid taxes $ 87 $ 88
Interest receivable related to hedges 39 42
Prepaid contracts 19 21
Restricted cash 9 6
Other accounts receivables 6 8
Other 43 50
Total prepaid expenses and other current assets $ 203 $ 215
v3.24.3
Current Assets and Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($)
$ in Millions
Sep. 28, 2024
Mar. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Other taxes payable $ 41 $ 29
Return liabilities 37 48
Accrued advertising and marketing 37 29
Professional services 34 18
Accrued purchases and samples 25 16
Accrued rent 18 17
Accrued capital expenditures 16 35
Accrued E-commerce 16 12
Gift cards and retail store credits 14 15
Accrued interest 12 17
Accrued retail store expense 6 8
Advance royalties 6 4
Restructuring liability 4 22
Accrued litigation 4 4
Other 55 36
Total accrued expenses and other current liabilities $ 325 $ 310
v3.24.3
Restructuring and Other Expense (Income) - Additional Information (Details)
 3 Months Ended 6 Months Ended
Sep. 28, 2024
USD ($)
retailStore
Sep. 30, 2023
USD ($)
Sep. 28, 2024
USD ($)
retailStore
Sep. 30, 2023
USD ($)
Restructuring Cost and Reserve [Line Items]        
Restructuring and other income $ (1,000,000) $ 0 $ (2,000,000) $ 2,000,000
Gain on sale of long-lived corporate asset       $ 10,000,000
Global Optimization Plan        
Restructuring Cost and Reserve [Line Items]        
Number of retail stores closed | retailStore 8   19  
Restructuring charges, net $ 1,000,000   $ 2,000,000  
v3.24.3
Restructuring and Other Expense (Income) - Schedule of Restructuring and Related Costs (Details) - USD ($)
 3 Months Ended 6 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Restructuring Reserve [Roll Forward]        
Beginning balance     $ 22,000,000  
Ending balance $ 4,000,000   4,000,000  
Gain on lease termination and store closure costs (1,000,000) $ 0 (2,000,000) $ 2,000,000
Global Optimization Plan        
Restructuring Reserve [Roll Forward]        
Beginning balance     22,000,000  
Additions charged to expense     3,000,000  
Payments     (21,000,000)  
Ending balance 4,000,000   4,000,000  
Global Optimization Plan | Severance and benefit costs        
Restructuring Reserve [Roll Forward]        
Beginning balance     21,000,000  
Additions charged to expense     0  
Payments     (17,000,000)  
Ending balance 4,000,000   4,000,000  
Global Optimization Plan | Lease-related and other costs        
Restructuring Reserve [Roll Forward]        
Beginning balance     1,000,000  
Additions charged to expense     3,000,000  
Payments     (4,000,000)  
Ending balance $ 0   0  
Gain on lease termination and store closure costs     $ 1,000,000  
v3.24.3
Debt Obligations - Schedule of Debt Obligations (Details) - USD ($)
$ in Millions
Sep. 28, 2024
Mar. 30, 2024
Debt Instrument [Line Items]    
Total debt $ 1,709 $ 1,724
Less: Unamortized debt issuance costs 1 1
Total carrying value of debt 1,708 1,723
Less: Short-term debt 471 462
Total long-term debt 1,237 1,261
Line of Credit | Revolving Credit Facility    
Debt Instrument [Line Items]    
Less: Unamortized debt issuance costs 4 5
Line of Credit | Revolving Credit Facility | 2022 Credit Facility    
Debt Instrument [Line Items]    
Total debt 719 764
Line of Credit | Term Loan | Versace Term Loan    
Debt Instrument [Line Items]    
Total debt 502 486
Less: Unamortized debt issuance costs 1 1
Total carrying value of debt 501 485
Senior Notes due 2024 | 4.00% Senior Notes, Maturity 2024    
Debt Instrument [Line Items]    
Total carrying value of debt 450 450
Senior Notes due 2024 | Revolving Credit Facility | 4.00% Senior Notes, Maturity 2024    
Debt Instrument [Line Items]    
Total debt 450 450
Other    
Debt Instrument [Line Items]    
Total debt $ 38 $ 24
v3.24.3
Debt Obligations - Narrative (Details)
 6 Months Ended
Sep. 28, 2024
USD ($)
Aug. 23, 2024
USD ($)
Dec. 05, 2022
USD ($)
Jul. 01, 2022
USD ($)
Sep. 28, 2024
USD ($)
Mar. 30, 2024
USD ($)
Dec. 05, 2022
EUR (€)
Oct. 20, 2017
USD ($)
Debt Instrument [Line Items]                
Total debt $ 1,709,000,000       $ 1,709,000,000 $ 1,724,000,000    
Less: Unamortized debt issuance costs 1,000,000       1,000,000 1,000,000    
Long-term debt 1,708,000,000       1,708,000,000 1,723,000,000    
Short-term debt 471,000,000       471,000,000 462,000,000    
Long-term debt 1,237,000,000       1,237,000,000 1,261,000,000    
Short-term debt 20,000,000       20,000,000 11,000,000    
Notes Payable to Banks                
Debt Instrument [Line Items]                
Long-term debt 11,000,000       11,000,000 11,000,000    
Short-term debt 1,000,000       1,000,000 1,000,000    
Long-term debt $ 10,000,000       $ 10,000,000 10,000,000    
4.00% Senior Notes, Maturity 2024 | Senior Notes                
Debt Instrument [Line Items]                
Debt instrument, face amount               $ 450,000,000
Stated interest rate percentage 4.25% 4.25%     4.25%      
Long-term debt $ 450,000,000       $ 450,000,000 450,000,000    
4.00% Senior Notes, Maturity 2024 | Senior Notes | Anytime                
Debt Instrument [Line Items]                
Debt instrument, redemption price, percentage         100.00%      
4.00% Senior Notes, Maturity 2024 | Senior Notes | Change of Control Event                
Debt Instrument [Line Items]                
Debt instrument, redemption price, percentage         101.00%      
4.00% Senior Notes, Maturity 2024 | Senior Notes | Treasury Rate | Anytime                
Debt Instrument [Line Items]                
Debt instrument, redemption price, make-whole, basis spread on variable rate         0.30%      
Revolving Credit Facility | Line of Credit                
Debt Instrument [Line Items]                
Letter of credit outstanding 2,000,000       $ 2,000,000 2,000,000    
Less: Unamortized debt issuance costs $ 4,000,000       4,000,000 5,000,000    
Revolving Credit Facility | 2022 Credit Facility | Line of Credit                
Debt Instrument [Line Items]                
Line of credit facility, maximum borrowing capacity       $ 1,500,000,000        
Accordion feature, increase limit       $ 500,000,000        
Commitment fee percentage 0.15%              
Leverage ratio on debt instrument       4.0        
Cash and cash equivalents limit for leverage ratio       $ 200,000,000        
Total debt $ 719,000,000       719,000,000 764,000,000    
Amount available for future borrowings 779,000,000       779,000,000 734,000,000    
Revolving Credit Facility | 2022 Credit Facility | Line of Credit | Minimum                
Debt Instrument [Line Items]                
Commitment fee percentage       0.075%        
Revolving Credit Facility | 2022 Credit Facility | Line of Credit | Maximum                
Debt Instrument [Line Items]                
Commitment fee percentage       0.175%        
Revolving Credit Facility | 4.00% Senior Notes, Maturity 2024 | Senior Notes                
Debt Instrument [Line Items]                
Total debt 450,000,000       450,000,000 450,000,000    
Letter of Credit | 2022 Credit Facility | Line of Credit                
Debt Instrument [Line Items]                
Line of credit facility, maximum borrowing capacity       $ 125,000,000        
Bridge Loan | 2022 Credit Facility | Line of Credit                
Debt Instrument [Line Items]                
Line of credit facility, maximum borrowing capacity       $ 100,000,000        
Term Loan | Term Loan Facility | Line of Credit                
Debt Instrument [Line Items]                
Leverage ratio on debt instrument   4.0            
Total debt 0       0      
Less: Unamortized debt issuance costs 2,000,000       2,000,000      
Debt instrument, face amount   $ 450,000,000            
Debt term   364 days            
Term Loan | Term Loan Facility | Line of Credit | Federal Reserve Bank of New York Overnight Bank Funding Rate                
Debt Instrument [Line Items]                
Debt instrument, variable rate floor   0.00%            
Debt instrument, basis spread on variable rate   0.50%            
Term Loan | Term Loan Facility | Line of Credit | Secured Overnight Financing Rate (SOFR) | Variable Component One                
Debt Instrument [Line Items]                
Debt instrument, variable rate floor   0.00%            
Debt instrument, basis spread on variable rate   1.00%            
Debt instrument, basis spread used in variable rate floor   0.10%            
Term Loan | Term Loan Facility | Line of Credit | Secured Overnight Financing Rate (SOFR) | Variable Component Two                
Debt Instrument [Line Items]                
Debt instrument, variable rate floor   0.00%            
Debt instrument, basis spread used in variable rate floor   0.10%            
Term Loan | Term Loan Facility | Line of Credit | Minimum                
Debt Instrument [Line Items]                
Commitment fee percentage   0.10%            
Term Loan | Term Loan Facility | Line of Credit | Maximum                
Debt Instrument [Line Items]                
Commitment fee percentage   0.20%            
Term Loan | Versace Term Loan | Line of Credit                
Debt Instrument [Line Items]                
Leverage ratio on debt instrument     4.0          
Cash and cash equivalents limit for leverage ratio     $ 200,000,000          
Total debt 502,000,000       502,000,000 486,000,000    
Less: Unamortized debt issuance costs 1,000,000       1,000,000 1,000,000    
Debt instrument, face amount | €             € 450,000,000  
Long-term debt $ 501,000,000       $ 501,000,000 $ 485,000,000    
Term Loan | Versace Term Loan | Line of Credit | Euro Interbank Offer Rate (EURIBOR)                
Debt Instrument [Line Items]                
Debt instrument, basis spread on variable rate     1.35%          
v3.24.3
Fair Value Measurements - Schedule of Fair Value and Carrying Value of Assets (Details) - USD ($)
$ in Millions
Sep. 28, 2024
Mar. 30, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total derivative assets $ 0 $ 12
Total derivative liabilities 357 88
Quoted prices in active markets for identical assets (Level 1) | Fair value, measurements, recurring    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total derivative assets 0 0
Total derivative liabilities 0 0
Quoted prices in active markets for identical assets (Level 1) | Net investment hedges | Fair value, measurements, recurring    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total derivative assets 0 0
Total derivative liabilities 0 0
Quoted prices in active markets for identical assets (Level 1) | Interest rate swaps | Fair value, measurements, recurring    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total derivative liabilities 0 0
Significant other observable inputs (Level 2) | Fair value, measurements, recurring    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total derivative assets 0 12
Total derivative liabilities 357 88
Significant other observable inputs (Level 2) | Net investment hedges | Fair value, measurements, recurring    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total derivative assets 0 12
Total derivative liabilities 342 88
Significant other observable inputs (Level 2) | Interest rate swaps | Fair value, measurements, recurring    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total derivative liabilities 15 0
Significant unobservable inputs (Level 3) | Fair value, measurements, recurring    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total derivative assets 0 0
Total derivative liabilities 0 0
Significant unobservable inputs (Level 3) | Net investment hedges | Fair value, measurements, recurring    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total derivative assets 0 0
Total derivative liabilities 0 0
Significant unobservable inputs (Level 3) | Interest rate swaps | Fair value, measurements, recurring    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total derivative liabilities $ 0 $ 0
v3.24.3
Fair Value Measurements - Schedule of Fair Value Measurement of Long-term Debt (Details) - USD ($)
$ in Millions
Sep. 28, 2024
Mar. 30, 2024
Line of Credit | Carrying Value | 2022 Credit Facility | Revolving Credit Facility    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt $ 719 $ 764
Line of Credit | Carrying Value | Versace Term Loan | Term Loan    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt 502 485
Line of Credit | Estimated Fair Value | 2022 Credit Facility | Revolving Credit Facility    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt 719 764
Line of Credit | Estimated Fair Value | Versace Term Loan | Term Loan    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt 502 487
Senior Notes due 2024 | Carrying Value | 4.00% Senior Notes, Maturity 2024 | Revolving Credit Facility    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt 450 450
Senior Notes due 2024 | Estimated Fair Value | 4.00% Senior Notes, Maturity 2024 | Revolving Credit Facility    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt $ 451 $ 441
v3.24.3
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Impairment of assets $ 43 $ 20 $ 43 $ 20
Significant unobservable inputs (Level 3) | Nonrecurring        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Impairment of assets $ 43 $ 20 $ 43 $ 20
v3.24.3
Fair Value Measurements - Schedule of Long-lived Assets, Nonrecurring (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Impairment Charge $ 43 $ 20 $ 43 $ 20
Significant unobservable inputs (Level 3) | Nonrecurring        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Carrying Value Prior to Impairment 84 31 84 31
Fair Value 41 11 41 11
Impairment Charge 43 20 43 20
Operating Lease Right-of-Use Assets | Significant unobservable inputs (Level 3) | Nonrecurring        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Carrying Value Prior to Impairment 75 24 75 24
Fair Value 38 10 38 10
Impairment Charge 37 14 37 14
Property and Equipment, net | Significant unobservable inputs (Level 3) | Nonrecurring        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Carrying Value Prior to Impairment 9 7 9 7
Fair Value 3 1 3 1
Impairment Charge $ 6 $ 6 $ 6 $ 6
v3.24.3
Derivative Financial Instruments - Narrative (Details)
€ in Millions
 3 Months Ended 6 Months Ended
Sep. 28, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 28, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 28, 2024
EUR (€)
Jun. 29, 2024
EUR (€)
Mar. 30, 2024
USD ($)
Mar. 30, 2024
EUR (€)
Derivative [Line Items]                
Notional amounts $ 6,227,000,000   $ 6,227,000,000       $ 3,850,000,000  
Interest income (expense), net 10,000,000 $ (3,000,000) 14,000,000 $ (11,000,000)        
Foreign currency transaction gain (loss), before tax 17,000,000 3,000,000 12,000,000 (18,000,000)        
Forward foreign currency exchange contracts | Designated as Hedging Instrument                
Derivative [Line Items]                
Notional amounts 0   0          
Net investment hedges | Net Investment Hedges | Designated as Hedging Instrument                
Derivative [Line Items]                
Notional amounts 5,334,000,000   5,334,000,000       3,850,000,000  
Interest income (expense), net 29,000,000 25,000,000 53,000,000 40,000,000        
Interest rate swaps | Cash Flow Hedging | Designated as Hedging Instrument                
Derivative [Line Items]                
Notional amounts 893,000,000   893,000,000   € 800   0  
Interest income (expense), net 1,000,000   1,000,000 0        
Interest rate swaps | Cash Flow Hedging | Designated as Hedging Instrument | 2022 Credit Facility                
Derivative [Line Items]                
Notional amounts | €         500      
Interest rate swaps | Cash Flow Hedging | Designated as Hedging Instrument | Versace Term Loan                
Derivative [Line Items]                
Notional amounts | €         € 300      
Designated fair value hedge | Fair Value Hedging | Designated as Hedging Instrument                
Derivative [Line Items]                
Foreign currency transaction gain (loss), before tax   $ (7,000,000)   $ 21,000,000        
Switzerland, Francs | Net investment hedges | Net Investment Hedges | Designated as Hedging Instrument                
Derivative [Line Items]                
Notional amounts $ 2,950,000,000   $ 2,950,000,000     € 450 $ 2,500,000,000  
Derivative fixed interest rate 0.00%   0.00%   0.00% 0.00% 0.00% 0.00%
Derivative, notional amount, terminated during the period $ 325,000,000              
Switzerland, Francs | Cross Currency Interest Rate Contract, Entered Into, Fixed-To-Fixed | Net Investment Hedges | Designated as Hedging Instrument                
Derivative [Line Items]                
Notional amounts $ 325,000,000   $ 325,000,000          
Euro Member Countries, Euro | Net investment hedges | Net Investment Hedges | Designated as Hedging Instrument                
Derivative [Line Items]                
Notional amounts | €         € 1,384 € 534    
Derivative fixed interest rate 0.00%   0.00%   0.00% 0.00% 0.00% 0.00%
Euro Member Countries, Euro | Net investment hedges | Net Investment Hedges | Designated as Hedging Instrument | Minimum                
Derivative [Line Items]                
Derivative fixed interest rate 1.149%   1.149%   1.149%      
Euro Member Countries, Euro | Net investment hedges | Net Investment Hedges | Designated as Hedging Instrument | Maximum                
Derivative [Line Items]                
Derivative fixed interest rate 1.215%   1.215%   1.215%      
Euro Member Countries, Euro | Cross Currency Interest Rate Contract, Entered Into, Fixed-To-Fixed | Net Investment Hedges | Designated as Hedging Instrument                
Derivative [Line Items]                
Notional amounts $ 500,000,000   $ 500,000,000          
Euro Member Countries, Euro | Cross Currency Interest Rate Contract - Float-To-Float | Net Investment Hedges | Designated as Hedging Instrument                
Derivative [Line Items]                
Notional amounts | €         € 1,000     € 1,000
Euro Member Countries, Euro | Cross Currency Interest Rate Contract - Fixed-To-Fixed | Net Investment Hedges | Designated as Hedging Instrument                
Derivative [Line Items]                
Notional amounts | €               € 350
Euro Member Countries, Euro | Interest rate swaps | Cash Flow Hedging | Designated as Hedging Instrument | 2022 Credit Facility                
Derivative [Line Items]                
Derivative fixed interest rate 2.922%   2.922%   2.922%      
Euro Member Countries, Euro | Interest rate swaps | Cash Flow Hedging | Designated as Hedging Instrument | Versace Term Loan                
Derivative [Line Items]                
Derivative fixed interest rate 3.371%   3.371%   3.371%      
United Kingdom, Pounds | Designated fair value hedge | Fair Value Hedging | Designated as Hedging Instrument                
Derivative [Line Items]                
Notional amounts $ 0   $ 0       $ 0  
v3.24.3
Derivative Financial Instruments - Schedule of Fair Value of Derivative Contracts Recorded on Gross Basis in Consolidated Balance Sheets (Details)
€ in Millions
Sep. 28, 2024
USD ($)
Sep. 28, 2024
EUR (€)
Mar. 30, 2024
USD ($)
Derivatives, Fair Value [Line Items]      
Notional Amounts $ 6,227,000,000   $ 3,850,000,000
Assets 0   12,000,000
Liabilities 357,000,000   88,000,000
Designated net investment hedges | Designated net investment hedges | Designated as Hedging Instrument      
Derivatives, Fair Value [Line Items]      
Notional Amounts 5,334,000,000   3,850,000,000
Assets 0   12,000,000
Liabilities 342,000,000   88,000,000
Designated net investment hedges | Designated net investment hedges | Designated as Hedging Instrument | Accounts Payable and Accrued Liabilities      
Derivatives, Fair Value [Line Items]      
Liabilities 23,000,000   3,000,000
Designated net investment hedges | Designated net investment hedges | Designated as Hedging Instrument | Other Noncurrent Liabilities      
Derivatives, Fair Value [Line Items]      
Liabilities 334,000,000   85,000,000
Interest rate swaps | Cash Flow Hedging | Designated as Hedging Instrument      
Derivatives, Fair Value [Line Items]      
Notional Amounts 893,000,000 € 800 0
Assets 0   0
Liabilities $ 15,000,000   $ 0
v3.24.3
Derivative Financial Instruments - Schedule of Derivative Instruments on The Balance Sheets, Net Basis (Details) - USD ($)
$ in Millions
Sep. 28, 2024
Mar. 30, 2024
Net investment hedges | Net Investment Hedges    
Derivative [Line Items]    
Assets subject to master netting arrangements $ 0 $ 12
Liabilities subject to master netting arrangements 342 88
Derivative assets, net 0 8
Derivative liabilities, net 342 84
Interest rate swaps | Cash Flow Hedging    
Derivative [Line Items]    
Assets subject to master netting arrangements 0 0
Liabilities subject to master netting arrangements 15 0
Derivative assets, net 0 0
Derivative liabilities, net $ 15 $ 0
v3.24.3
Derivative Financial Instruments - Schedule of Pre-tax Impact of Gains (Losses) on Derivative (Details) - Designated as Hedging Instrument - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Designated net investment hedges        
Derivative Instruments, Gain (Loss) [Line Items]        
Pre-Tax Losses Recognized in OCI $ (240) $ (79) $ (266) $ (25)
Designated interest rate swaps        
Derivative Instruments, Gain (Loss) [Line Items]        
Pre-Tax Losses Recognized in OCI (15) 0 (15) 0
Designated fair value hedge        
Derivative Instruments, Gain (Loss) [Line Items]        
Pre-Tax Losses Recognized in OCI $ 0 $ (16) $ 0 $ (9)
v3.24.3
Derivative Financial Instruments - Schedule of Pretax Impact of Gain Reclassified from AOCI (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Forward Currency Exchange Contracts | Designated as Hedging Instrument        
Derivative Instruments, Gain (Loss) [Line Items]        
Pre-Tax Gain Reclassified from Accumulated OCI $ 0 $ 1 $ 0 $ 4
v3.24.3
Shareholders' Equity - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 11 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Jun. 29, 2024
Nov. 09, 2022
Subsidiary or Equity Method Investee [Line Items]            
Ordinary shares, shares repurchased amount $ 1 $ 0 $ 4 $ 106    
Existing Share Repurchase Plan            
Subsidiary or Equity Method Investee [Line Items]            
Share-repurchase program amount           $ 1,000
Ordinary shares, shares repurchased (in shares)     0 2,637,102 0  
Share-repurchase program remaining amount $ 300   $ 300      
Ordinary shares, shares repurchased amount       $ 100    
Withholding Taxes            
Subsidiary or Equity Method Investee [Line Items]            
Ordinary shares, shares repurchased (in shares)     105,470 172,112    
Ordinary shares, shares repurchased amount     $ 4 $ 6    
v3.24.3
Shareholders' Equity - Schedule of Changes in Components of Accumulated Other Comprehensive Income (Loss), Net of Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance $ 1,582 $ 1,812 $ 1,600 $ 1,849
Other comprehensive loss before reclassifications     (158) (13)
Less: amounts reclassified from AOCI to earnings     0 4
Other comprehensive loss, net of tax (129) (7) (158) (17)
Ending balance 1,486 1,912 1,486 1,912
Foreign currency translation gain (loss) (118) (6) (147) (13)
Other Comprehensive Income Attributable to Capri        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance 132 137 161 147
Other comprehensive loss, net of tax (129) (7) (158) (17)
Ending balance 3 130 3 130
Foreign Currency Translation Adjustments        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance     161 143
Other comprehensive loss before reclassifications     (147) (13)
Less: amounts reclassified from AOCI to earnings     0 0
Other comprehensive loss, net of tax     (147) (13)
Ending balance 14 130 14 130
Gain (loss) related to net investment hedges (199) 16 (199) 16
Taxes related to the gain on net investment hedges     67  
Foreign currency translation gain (loss)     52 (29)
Net (Loss) Gain on Derivatives        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance     0 4
Other comprehensive loss before reclassifications     (11) 0
Less: amounts reclassified from AOCI to earnings     0 4
Other comprehensive loss, net of tax     (11) (4)
Ending balance $ (11) $ 0 $ (11) $ 0
v3.24.3
Share-Based Compensation - Narrative (Details)
$ / shares in Units, $ in Millions
 6 Months Ended
Sep. 28, 2024
USD ($)
stockOptionPlan
equityPlan
$ / shares
shares
Sep. 30, 2023
$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of equity plans | equityPlan 2  
Estimated value of future forfeitures | $ $ 7  
Service-Based RSUs    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Weighted average grant date fair value of RSUs (in dollars per share) | $ / shares $ 32.20 $ 36.87
Granted (in shares) 1,972,776  
Forfeited (in shares) 210,329  
Performance-Based RSUs    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Weighted average grant date fair value of RSUs (in dollars per share) | $ / shares   $ 36.82
Granted (in shares) 0  
Forfeited (in shares) 0  
2008 Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Number of equity plans adopted | stockOptionPlan 1  
Shares authorized for issuance (up to) (in shares) 23,980,823  
Shares available for grant (in shares) 0  
Option expiration period (years) 10 years  
Omnibus Incentive Plan 2012    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares authorized for issuance (up to) (in shares) 22,471,000  
Shares available for grant (in shares) 2,506,038  
Option expiration period (years) 7 years  
v3.24.3
Share-Based Compensation - Schedule of Share-based Compensation Activity (Details)
 6 Months Ended
Sep. 28, 2024
shares
Options  
Options  
Outstanding at beginning of period (in shares) 191,967
Granted (in shares) 0
Exercised/Vested (in shares) 0
Canceled/Forfeited (in shares) (9,036)
Outstanding at end of period (in shares) 182,931
Service-Based RSUs  
RSUs  
Unvested at beginning of period (in shares) 2,688,284
Granted (in shares) 1,972,776
Exercised/Vested (in shares) (1,337,365)
Canceled/Forfeited (in shares) (210,329)
Unvested at end of period (in shares) 3,113,366
Performance-Based RSUs  
RSUs  
Unvested at beginning of period (in shares) 368,932
Granted (in shares) 0
Exercised/Vested (in shares) (12,318)
Canceled/Forfeited (in shares) 0
Unvested at end of period (in shares) 356,614
v3.24.3
Share-Based Compensation - Schedule of Compensation Expense Attributable to Share-Based Compensation (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]        
Share-based compensation expense $ 11 $ 17 $ 37 $ 47
Tax benefit related to share-based compensation expense $ 3 $ 2 $ 7 $ 7
v3.24.3
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Income Tax Disclosure [Abstract]        
Effective tax rate 309.10% 10.90% 155.00% 8.60%
Unrecognized tax reserves, release resulting form tax ruling $ 29   $ 29  
v3.24.3
Segment Information - Narrative (Details)
 6 Months Ended
Sep. 28, 2024
retailStore
segment
Segment Reporting Information [Line Items]  
Number of operating segments 3
Number of reportable segments 3
Michael Kors  
Segment Reporting Information [Line Items]  
Number of retail store formats | retailStore 4
v3.24.3
Segment Information - Schedule of Key Performance Information of Reportable Segments (Details) - USD ($)
 3 Months Ended 6 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Segment Reporting Information [Line Items]        
Total revenue $ 1,079,000,000 $ 1,291,000,000 $ 2,146,000,000 $ 2,520,000,000
Less: Corporate expenses (63,000,000) (71,000,000) (127,000,000) (142,000,000)
Impairment of assets (43,000,000) (20,000,000) (43,000,000) (20,000,000)
Merger related costs (10,000,000) (4,000,000) (15,000,000) (4,000,000)
Restructuring and other (expense) income (1,000,000) 0 (2,000,000) 2,000,000
Total (loss) income from operations (38,000,000) 100,000,000 (46,000,000) 180,000,000
Operating Segments        
Segment Reporting Information [Line Items]        
Total (loss) income from operations 79,000,000 195,000,000 141,000,000 344,000,000
Versace        
Segment Reporting Information [Line Items]        
Total revenue 201,000,000 280,000,000 420,000,000 539,000,000
Versace | Operating Segments        
Segment Reporting Information [Line Items]        
Total (loss) income from operations (3,000,000) 35,000,000 (20,000,000) 38,000,000
Jimmy Choo        
Segment Reporting Information [Line Items]        
Total revenue 140,000,000 132,000,000 313,000,000 315,000,000
Jimmy Choo | Operating Segments        
Segment Reporting Information [Line Items]        
Total (loss) income from operations (5,000,000) (9,000,000) (1,000,000) 7,000,000
Michael Kors        
Segment Reporting Information [Line Items]        
Total revenue 738,000,000 879,000,000 1,413,000,000 1,666,000,000
Michael Kors | Operating Segments        
Segment Reporting Information [Line Items]        
Total (loss) income from operations $ 87,000,000 $ 169,000,000 $ 162,000,000 $ 299,000,000
v3.24.3
Segment Information - Schedule of Depreciation and Amortization Expense for Each Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Segment Reporting Information [Line Items]        
Total depreciation and amortization $ 49 $ 48 $ 96 $ 93
Operating Segments | Versace        
Segment Reporting Information [Line Items]        
Total depreciation and amortization 14 13 28 26
Operating Segments | Jimmy Choo        
Segment Reporting Information [Line Items]        
Total depreciation and amortization 8 8 15 15
Operating Segments | Michael Kors        
Segment Reporting Information [Line Items]        
Total depreciation and amortization 20 20 40 41
Corporate        
Segment Reporting Information [Line Items]        
Total depreciation and amortization $ 7 $ 7 $ 13 $ 11
v3.24.3
Segment Information - Schedule of Total Revenue (as Recognized Based on Country of Origin) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenue $ 1,079 $ 1,291 $ 2,146 $ 2,520
The Americas (United States, Canada and Latin America)        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenue 591 690 1,164 1,322
EMEA        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenue 348 401 653 773
Asia        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenue 140 200 329 425
U.S.        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenue $ 529 $ 617 $ 1,052 $ 1,195
v3.24.3
Subsequent Events (Details) - USD ($)
$ in Millions
 6 Months Ended
Nov. 01, 2024
Sep. 28, 2024
Sep. 30, 2023
Subsequent Event [Line Items]      
Proceeds from issuance of long-term debt   $ 938 $ 1,102
Subsequent event | Term Loan | Term Loan Facility | Line of Credit      
Subsequent Event [Line Items]      
Proceeds from issuance of long-term debt $ 450