CAPRI HOLDINGS LTD, 10-K filed on 5/29/2024
Annual Report
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Cover Page - USD ($)
 12 Months Ended
Mar. 30, 2024
May 22, 2024
Sep. 29, 2023
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Mar. 30, 2024    
Current Fiscal Year End Date --03-30    
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 Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 5,963,581,508
Entity Common Stock, Shares Outstanding   116,649,222  
Documents Incorporated by Reference
The information required by Part III of this report, to the extent not set forth herein, is incorporated by reference from the Registrant’s definitive Proxy Statement, which will be filed in July 2024, for the 2024 Annual Meeting of the Shareholders.
    
Amendment Flag false    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001530721    
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Audit Information
 12 Months Ended
Mar. 30, 2024
Audit Information [Abstract]  
Auditor Name Ernst & Young LLP
Auditor Firm ID 42
Auditor Location New York, New York
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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 30, 2024
Apr. 01, 2023
Current assets    
Cash and cash equivalents $ 199 $ 249
Receivables, net 332 369
Inventories, net 862 1,057
Prepaid expenses and other current assets 215 195
Total current assets 1,608 1,870
Property and equipment, net 579 552
Operating lease right-of-use assets 1,438 1,330
Intangible assets, net 1,394 1,728
Goodwill 1,106 1,293
Deferred tax assets 352 296
Other assets 212 226
Total assets 6,689 7,295
Current liabilities    
Accounts payable 352 475
Accrued payroll and payroll related expenses 107 154
Accrued income taxes 64 73
Short-term operating lease liabilities 400 429
Short-term debt 462 5
Accrued expenses and other current liabilities 310 314
Total current liabilities 1,695 1,450
Long-term operating lease liabilities 1,452 1,348
Deferred tax liabilities 362 508
Long-term debt 1,261 1,822
Other long-term liabilities 319 318
Total liabilities 5,089 5,446
Commitments and contingencies
Shareholders’ equity    
Ordinary shares, no par value; 650,000,000 shares authorized; 226,271,074 shares issued and 116,629,634 outstanding at March 30, 2024; 224,166,250 shares issued and 117,347,045 outstanding at April 1, 2023 0 0
Treasury shares, at cost (109,641,440 shares at March 30, 2024 and 106,819,205 shares at April 1, 2023) (5,458) (5,351)
Additional paid-in capital 1,417 1,344
Accumulated other comprehensive income 161 147
Retained earnings 5,479 5,708
Total shareholders’ equity of Capri 1,599 1,848
Noncontrolling interest 1 1
Total shareholders’ equity 1,600 1,849
Total liabilities and shareholders’ equity $ 6,689 $ 7,295
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares
Mar. 30, 2024
Apr. 01, 2023
Shareholders’ equity    
Ordinary shares, shares authorized (in shares) 650,000,000 650,000,000
Ordinary shares, shares issued (in shares) 226,271,074 224,166,250
Ordinary shares, shares outstanding (in shares) 116,629,634 117,347,045
Treasury stock (in shares) 109,641,440 106,819,205
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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME - USD ($)
$ in Millions
 12 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Apr. 02, 2022
Income Statement [Abstract]      
Total revenue $ 5,170 $ 5,619 $ 5,654
Cost of goods sold 1,831 1,895 1,910
Gross profit 3,339 3,724 3,744
Selling, general and administrative expenses 2,784 2,708 2,533
Depreciation and amortization 188 179 193
Impairment of assets 575 142 73
Restructuring and other expense 33 16 42
Total operating expenses 3,580 3,045 2,841
(Loss) income from operations (241) 679 903
Other income, net (1) (3) (2)
Interest expense (income), net 6 24 (18)
Foreign currency loss 37 10 8
(Loss) income before (benefit) provision for income taxes (283) 648 915
(Benefit) provision for income taxes (54) 29 92
Net (loss) income (229) 619 823
Less: Net income attributable to noncontrolling interest 0 3 1
Net (loss) income attributable to Capri $ (229) $ 616 $ 822
Weighted average ordinary shares outstanding:      
Basic (in shares) 117,014,420 132,532,009 149,724,675
Diluted (in shares) 117,014,420 134,002,480 152,497,907
Net (loss) income per ordinary share attributable to Capri:      
Basic (in dollars per share) $ (1.96) $ 4.65 $ 5.49
Diluted (in dollars per share) $ (1.96) $ 4.60 $ 5.39
Statements of Comprehensive (Loss) Income:      
Net (loss) income $ (229) $ 619 $ 823
Foreign currency translation adjustments 4 (41) 127
Net gain (loss) on derivatives 10 (6) 10
Comprehensive (loss) income (215) 572 960
Less: Net income attributable to noncontrolling interest 0 3 1
Less: Foreign currency translation adjustments attributable to noncontrolling interest 0 0 (1)
Comprehensive (loss) income attributable to Capri $ (215) $ 569 $ 960
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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 Interests
Beginning balance (in shares) at Mar. 27, 2021     219,223,000          
Beginning balance at Mar. 27, 2021 $ 2,157 $ 2,158 $ 0 $ 1,158 $ (3,326) $ 56 $ 4,270 $ (1)
Beginning balance, treasury (in shares) at Mar. 27, 2021         (67,943,000)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net (loss) income 823 822         822 1
Other comprehensive income (loss) 137 138       138   (1)
Comprehensive (loss) income 960 960           0
Vesting of restricted awards, net of forfeitures (in shares)     2,336,000          
Exercise of employee share options (in shares)     408,000          
Exercise of employee share options 17 17   17        
Share based compensation expense 85 85   85        
Repurchase of ordinary shares (in shares)         (11,218,000)      
Repurchase of ordinary shares (661) (661)     $ (661)      
Ending balance (in shares) at Apr. 02, 2022     221,967,000          
Ending balance at Apr. 02, 2022 2,558 2,559 $ 0 1,260 $ (3,987) 194 5,092 (1)
Ending balance, treasury (in shares) at Apr. 02, 2022         (79,161,000)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net (loss) income 619 616         616 3
Other comprehensive income (loss) (47) (47)       (47)   0
Comprehensive (loss) income 572 569           3
Vesting of restricted awards, net of forfeitures (in shares)     2,078,000          
Exercise of employee share options (in shares)     121,000          
Exercise of employee share options 6 6   6        
Share based compensation expense 78 78   78        
Repurchase of ordinary shares (in shares)         (27,658,000)      
Repurchase of ordinary shares (1,364) (1,364)     $ (1,364)      
Other $ (1)             (1)
Ending balance (in shares) at Apr. 01, 2023 224,166,250   224,166,000          
Ending balance at Apr. 01, 2023 $ 1,849 1,848 $ 0 1,344 $ (5,351) 147 5,708 1
Ending balance, treasury (in shares) at Apr. 01, 2023 (106,819,205)       (106,819,000)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net (loss) income $ (229) (229)         (229)  
Other comprehensive income (loss) 14 14       14   0
Comprehensive (loss) income (215) (215)           0
Vesting of restricted awards, net of forfeitures (in shares)     2,091,000          
Exercise of employee share options (in shares)     14,000          
Exercise of employee share options 1 1   1        
Share based compensation expense 72 72   72        
Repurchase of ordinary shares (in shares)         (2,822,000)      
Repurchase of ordinary shares $ (107) (107)     $ (107)      
Ending balance (in shares) at Mar. 30, 2024 226,271,074   226,271,000          
Ending balance at Mar. 30, 2024 $ 1,600 $ 1,599 $ 0 $ 1,417 $ (5,458) $ 161 $ 5,479 $ 1
Ending balance, treasury (in shares) at Mar. 30, 2024 (109,641,440)       (109,641,000)      
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Apr. 02, 2022
Cash flows from operating activities      
Net (loss) income $ (229) $ 619 $ 823
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation and amortization 188 179 193
Share-based compensation expense 72 78 85
Impairment of assets 577 142 83
Deferred income taxes (187) (101) (57)
Changes to lease related balances, net (102) (99) (142)
Foreign currency losses 29 28 0
Other non-cash charges 3 7 10
Change in assets and liabilities:      
Receivables, net 27 50 (78)
Inventories, net 175 13 (386)
Prepaid expenses and other current assets (29) (8) 14
Accounts payable (119) (100) 69
Accrued expenses and other current liabilities (60) (9) 30
Other long-term assets and liabilities (36) (28) 60
Net cash provided by operating activities 309 771 704
Cash flows from investing activities      
Capital expenditures (189) (226) (131)
Settlement of hedges 54 409 189
Net cash (used in) provided by investing activities (135) 183 58
Cash flows from financing activities      
Debt borrowings 1,737 4,061 945
Debt repayments (1,839) (3,474) (1,132)
Debt issuance costs 0 (5) 0
Repurchase of ordinary shares (107) (1,364) (661)
Exercise of employee share options 1 6 17
Other financing activities 0 0 31
Net cash used in financing activities (208) (776) (800)
Effect of exchange rate changes on cash and cash equivalents (17) (94) (24)
Net (decrease) increase in cash, cash equivalents and restricted cash (51) 84 (62)
Beginning of period 256 172 234
End of period 205 256 172
Supplemental disclosures of cash flow information      
Cash paid for interest 96 58 37
Cash paid for income taxes 156 133 43
Supplemental disclosure of non-cash investing and financing activities      
Accrued capital expenditures $ 35 $ 33 $ 39
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Business and Basis of Presentation
 12 Months Ended
Mar. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [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 20 for additional information.
The 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 Company consolidates the results of its Versace business on a one-month lag, as consistent with prior periods.
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 fiscal years ending on March 30, 2024 and April 1, 2023 (“Fiscal 2024” and “Fiscal 2023”, respectively) contain 52 weeks, whereas the fiscal year ending April 2, 2022 (“Fiscal 2022”) contains 53 weeks. The Company’s Fiscal 2025 is a 52-week period ending March 29, 2025.
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Merger Agreement
 12 Months Ended
Mar. 30, 2024
Business Combination and Asset Acquisition [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.
In connection with Tapestry’s pending acquisition of Capri, 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 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 Company believes the FTC’s claims are without merit, and the Company, together with Tapestry, intend to vigorously defend the lawsuit.
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Summary of Significant Accounting Policies
 12 Months Ended
Mar. 30, 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.
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 recognizes retail store revenues when control of the product is transferred at the point of sale at Company owned stores, including concessions, net of estimated returns. Revenue from sales through the Company’s e-commerce sites is recognized at the time of delivery to the customer, reduced by an estimate of returns. Wholesale revenue is recognized net of estimates for sales returns, discounts, markdowns and allowances, after merchandise is shipped and control of the underlying product is transferred to the Company’s wholesale customers. To arrive at net sales for retail revenue, gross sales are reduced by actual customer returns as well as by a provision for estimated future customer returns, which is based on management’s review of historical and future customer return expectations. Sales taxes collected from retail customers are presented on a net basis and, as such, are excluded from revenue. To arrive at net sales for wholesale revenue, gross sales are reduced by provisions for estimated future returns, based on current expectations, as well as trade discounts, markdowns, allowances, operational chargebacks, and certain cooperative selling expenses. These estimates are based on factors such as historical trends, actual and forecasted performance and current market conditions, which are reviewed by management on a quarterly basis.
The following table details the activity and balances of the Company’s sales reserves for the fiscal years ended March 30, 2024, April 1, 2023, and April 2, 2022 (in millions):
 Balance
Beginning
of Year		Amounts
Charged to
Revenue		Write-offs
Against
Reserves		Balance
at
Year End
Total Sales Reserves:
Fiscal Year Ended March 30, 2024$95 $378 $(394)$79 
Fiscal Year Ended April 1, 202392 400 (397)95 
Fiscal Year Ended April 2, 202298 333 (339)92 
Royalty revenue generated from product licenses, which includes contributions for advertising, is based on reported sales of licensed products bearing the Company’s trademarks at rates specified in the license agreements. These agreements are also subject to contractual minimum levels. Royalty revenue generated by geographic licensing agreements is recognized as it is earned under the licensing agreements based on reported sales of licensees applicable to specified periods, as outlined in the agreements. These agreements allow for the use of the Company’s tradenames to sell its branded products in specific geographic regions.
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. The contract liability, net of an estimated “breakage,” is recorded within accrued expenses and other current liabilities in the Company’s consolidated balance sheets and is expected to be recognized within the next 12 months. See Note 4 for additional information.
Advertising and Marketing Costs
Advertising and marketing costs are generally expensed when the advertisement is first exhibited and are recorded in selling, general and administrative expenses in the Company’s consolidated statements of operations and comprehensive (loss) income. Advertising and marketing expense was $412 million, $374 million and $329 million in Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively.
Cooperative advertising expense, which represents the Company’s participation in advertising expenses of its wholesale customers, is reflected as a reduction to revenue. Expenses related to cooperative advertising for Fiscal 2024, Fiscal 2023 and Fiscal 2022, were $7 million, $9 million and $4 million, respectively.
Shipping and Handling
Inbound freight expenses are recorded as part of cost of goods sold, along with product costs and other costs to acquire inventory. The costs of preparing products for sale, including warehousing expenses, are included in selling, general and administrative expenses in the Company’s consolidated statements of operations and comprehensive (loss) income. Outbound freight expenses are recorded as part of selling, general and administrative expenses and include the costs of shipping products to the Company’s e-commerce customers. Shipping and handling costs included within selling, general and administrative expenses in the Company’s consolidated statements of operations and comprehensive (loss) income were $259 million, $270 million and $236 million for Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively. Shipping and handling costs charged to customers are included in total revenue.
COVID-19 Related Government Assistance and Subsidies
During Fiscal 2023 and Fiscal 2022, the Company recorded $6 million and $10 million, respectively, related to government assistance and subsidies. These amounts mostly relate to rent support and payroll expense and were recorded as a reduction of selling, general and administrative expenses. The Company did not record any amount related to government assistance and subsidies in Fiscal 2024.
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 March 30, 2024 and April 1, 2023 are credit card receivables of $28 million and $22 million, respectively, which generally settle within two to three business days.
A reconciliation of cash, cash equivalents and restricted cash as of March 30, 2024 and April 1, 2023 from the consolidated balance sheets to the consolidated statements of cash flows is as follows:
 Fiscal Years Ended
 March 30,
2024		April 1,
2023
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents$199 $249 
Restricted cash included within prepaid expenses and other current assets6 7 
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows$205 $256 
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 as of March 30, 2024 and April 1, 2023 were $45 million and $47 million, respectively. Inventories are stated at the lower of cost or net realizable value. Cost is determined using the weighted-average cost method. Costs include amounts paid to independent manufacturers, plus duties and freight to bring the goods to the Company’s warehouses, as well as shipments to stores. The Company continuously evaluates the composition of its inventory and makes adjustments when the cost of inventory is not expected to be fully recoverable. The net realizable value of the Company’s inventory is estimated based on historical experience, current and forecasted demand and other market conditions. In addition, reserves for inventory losses are estimated based on historical experience and physical inventory counts. The Company’s inventory reserves are estimates, which could vary significantly from actual results if future economic conditions, customer demand or competition differ from expectations. The Company’s historical estimates of these adjustments have not differed materially from actual results.
Store Pre-opening Costs
Costs associated with the opening of new retail stores and start up activities are expensed as incurred.
Property and Equipment
Property and equipment is stated at cost less accumulated depreciation and amortization (carrying value). Depreciation is recorded on a straight-line basis over the expected remaining useful lives of the related assets. Equipment, furniture and fixtures are depreciated over five to seven years, computer hardware and software are depreciated over three to five years. The Company’s share of the cost of constructing in-store shop displays within its wholesale customers’ floor-space (“shop-in-shops”), which is paid directly to third-party suppliers, is capitalized as property and equipment and is generally amortized over a useful life of three to five years. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated remaining useful lives of the related assets or the remaining lease term, including highly probable renewal periods. Maintenance and repairs are charged to expense as incurred.
The Company capitalizes, in property and equipment, direct costs incurred during the application development stage and the implementation stage for developing, purchasing or otherwise acquiring software for its internal use. These costs are amortized over the estimated useful lives of the software, generally five years, except for ERP systems which has an estimated useful life of ten years. All costs incurred during the preliminary project stage, including project scoping and identification and testing of alternatives, are expensed as incurred.
Definite-lived Intangible Assets
The Company’s definite-lived intangible assets consist of trademarks and customer relationships which are stated at cost less accumulated amortization. The Company’s customer relationships are amortized over five to eighteen years. Reacquired rights recorded in connection with the acquisition of Michael Kors (HK) Limited and Subsidiaries (“MKHKL”) are amortized through March 31, 2041, the original expiration date of the Michael Kors license agreement in the Greater China region. The trademark for the Michael Kors brand is amortized over twenty years.
Long-lived Assets
The Company evaluates all long-lived assets, including operating lease right-of-use assets, property and equipment and definite-lived intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of any such asset may not be recoverable. For the purposes of impairment testing, the Company groups long-lived assets at the lowest level of identifiable cash flow. Leasehold improvements are typically amortized over the term of the store lease, including reasonably assured renewals and the shop-in-shops are amortized over a useful life of three to five years. The Company’s impairment testing is based on its best estimate of the future operating cash flows. If the sum of the estimated undiscounted future cash flows associated with the asset is less than the asset’s carrying value, the Company would recognize an impairment charge, which is measured as the amount by which the carrying value exceeds the fair value of the asset. The fair values determined by management require significant judgment and include certain assumptions regarding future sales and expense growth rates, discount rates and estimates of real estate market fair values. As such, these estimates may differ from actual results and are affected by future market and economic conditions.
During Fiscal 2024, Fiscal 2023 and Fiscal 2022, the Company recorded impairment charges of $88 million, $36 million and $83 million, respectively, which were primarily related to operating lease right-of-use assets and fixed assets of retail store locations. Please refer to Note 8 and Note 14 for additional information.
Goodwill and Other Indefinite-lived Intangible Assets
The Company records intangible assets based on their fair value on the date of acquisition. Goodwill is recorded as the difference between the fair value of the purchase consideration and the fair value of the net identifiable tangible and intangible assets acquired. The brand intangible assets recorded in connection with the acquisitions of Versace and Jimmy Choo were determined to be indefinite-lived intangible assets, which are not subject to amortization. The Company performs an impairment assessment of goodwill, as well as the Versace brand and Jimmy Choo brand intangible assets on an annual basis, or whenever impairment indicators exist. In the absence of any impairment indicators, goodwill, the Versace brand and the Jimmy Choo brand are assessed for impairment during the fourth quarter of each fiscal year. Judgments regarding the existence of impairment indicators are based on market conditions and operational performance of the business.
The Company may assess its goodwill and its brand intangible assets for impairment initially using a qualitative approach to determine whether it is more likely than not that the fair value of these assets is greater than their carrying value. When performing a qualitative test, the Company assesses various factors, including industry and market conditions, macroeconomic conditions and performance of its businesses. If the results of the qualitative assessment indicate that it is more likely than not that the goodwill and other indefinite-lived intangible assets are impaired, a quantitative impairment analysis is
performed to determine if impairment is required. The Company may also elect to perform a quantitative analysis of goodwill and its indefinite-lived intangible assets initially rather than using a qualitative approach.
The impairment testing for goodwill is performed at the reporting unit level. The Company uses industry accepted valuation models and set criteria that are reviewed and approved by various levels of management and, in certain instances, it engages independent third-party valuation specialists. To determine the fair value of a reporting unit, the Company uses a combination of the income and market approaches, when applicable. The Company believes the blended use of both models, when applicable, compensates for the inherent risk associated with either model if used on a stand-alone basis, and this combination is indicative of the factors a market participant would consider when performing a similar valuation. If the fair value of a reporting unit exceeds the related carrying value, the reporting unit’s goodwill is considered not to be impaired and no further testing is performed. If the carrying value of a reporting unit exceeds its fair value, an impairment loss is recorded for the difference. These valuations are affected by certain estimates, including future revenue growth rates, future operating expense growth rates, gross margins, discount rates and market multiples. Future events could cause us to conclude that impairment indicators exist and goodwill may be impaired.
When performing a quantitative impairment assessment of brand intangible assets, the fair value of the Versace and the Jimmy Choo brands is estimated using a discounted cash flow analysis based on the “relief from royalty” method, assuming that a third-party would be willing to pay a royalty in lieu of ownership for this intangible asset. This approach is dependent on many factors, including estimates of future revenue growth rates, royalty rates and discount rates. Actual future results may differ from these estimates. An impairment loss is recognized when the estimated fair value of the brand intangible assets is less than its carrying amount.
During the fourth quarter of Fiscal 2024, the Company performed its annual goodwill and indefinite-lived intangible assets impairment analysis for each brand. Based on a qualitative impairment assessment of the Michael Kors reporting units, the Company concluded that it is more likely than not that the fair value of the Michael Kors reporting units exceeded its carrying value and, therefore, was not impaired.
The Company elected to perform quantitative impairment analyses for the Versace and Jimmy Choo reporting units, using a combination of income and market approaches to estimate the fair values of these reporting units. The Company also elected to perform a quantitative impairment analysis for the Versace and Jimmy Choo brand intangible assets using an income approach to estimate the fair values. The Company performed its annual goodwill and indefinite-lived intangible asset impairment analysis for the Versace and Jimmy Choo reporting units, using a combination of income and market approaches to estimate the fair value of each brands’ reporting units. The Company also elected to perform a quantitative impairment analysis for both the Versace and Jimmy Choo brand indefinite-lived intangible assets using an income approach to estimate fair values.
Based on the results of these assessments, the Company determined there was no impairment for the Jimmy Choo Licensing reporting unit goodwill as the fair value was significantly higher than the related carrying value. Further, the Company concluded that the fair value of the Jimmy Choo Retail and Wholesale reporting unit goodwill and Retail and Wholesale brand indefinite-lived intangible assets did not exceed their related carrying amounts and the Company recorded impairment. These impairment charges were primarily related to a decline in revenue expectations driven by a softening demand globally for fashion luxury goods. Accordingly, the Company recorded goodwill impairment charges of $192 million related to the Jimmy Choo Retail and Wholesale reporting units. The Jimmy Choo Retail reporting unit’s goodwill balance was fully impaired and the Jimmy Choo Wholesale reporting unit had a remaining goodwill balance of $81 million. The Company also recorded impairment charges of $70 million related to the Jimmy Choo Retail and Wholesale brand intangible assets that have remaining balances of $152 million and $63 million, respectively. The impairment charges were recorded within impairment of assets on the Company’s consolidated statements of operations and comprehensive (loss) income for the fiscal year ended March 30, 2024.
Further, based on the results of these assessments, the Company determined that there was no impairment for the Versace Retail and Licensing reporting units, as the fair values of these reporting units significantly exceeded the related carrying amounts. Also, there was no impairment for the Versace Wholesale reporting unit as its fair value was approximately 3% higher than the carrying value which has a goodwill balance of $284 million. Additionally, the fair value of the Versace Retail and Wholesale brand indefinite-lived intangible assets did not exceed their related carrying amounts. These impairment charges were primarily related to a slowdown in revenue driven by softening demand globally for fashion luxury goods. During Fiscal 2024, the Company recorded $227 million related to the Versace Retail and Wholesale brand intangible assets that have remaining balances of $507 million and $162 million, respectively. The impairment charges were recorded within impairment of assets on the Company’s consolidated statements of operations and comprehensive (loss) income for the fiscal year ended March 30, 2024.
In Fiscal 2023, the Company recorded impairment charges of $82 million related to the Jimmy Choo retail and Jimmy Choo licensing reporting units and $24 million related to the Jimmy Choo brand intangible assets. The impairment charges were recorded within impairment of assets on the Company’s consolidated statement of operations and comprehensive (loss) income for the fiscal year ended April 1, 2023. In Fiscal 2022, the Company did not incur any impairment charges. See Note 9 for information relating to the Company’s annual impairment analysis performed during the fourth quarter of Fiscal 2024, Fiscal 2023 and Fiscal 2022.
It is possible that the Company’s conclusions regarding impairment or recoverability of goodwill or other indefinite-lived intangible assets could change in future periods if, for example, (i) the Company’s businesses do not perform as projected, (ii) overall economic conditions in future years vary from current assumptions, (iii) business conditions or strategies change from current assumptions, (iv) discount rates change, (v) market multiples change or (vi) the identification of the Company’s reporting units change, among other factors. Such changes could result in a future impairment charges to goodwill and/or other indefinite-lived intangible assets.
Insurance
The Company uses a combination of third-party insurance coverage and self-insurance programs, including a wholly-owned captive insurance entity, to mitigate certain risks, including workers’ compensation and employee-related health care benefits. The Company also maintains stop-loss coverage with third-party insurers to limit its exposure arising from certain claims. Self-insurance claims filed and claims incurred but not reported are accrued based upon management’s estimates of the discounted cost for self-insured claims incurred using actuarial assumptions, historical loss experience, actual payroll and other data. Although the Company believes that it can reasonably estimate losses related to these claims, actual results could differ from these estimates.
The Company also maintains other types of customary business insurance policies, including general liability, directors and officers, marine transport and inventory and business interruption insurance. Insurance recoveries represent gain contingencies and are recorded upon actual settlement with the insurance carrier.
Share-based Compensation
The Company grants share-based awards to certain employees and directors of the Company. The grant date fair value of share options is calculated using the Black-Scholes option pricing model. The Company uses its own historical experience in determining the expected holding period and volatility of its time-based share option awards. The risk-free interest rate is derived from the zero-coupon United States (“U.S.”) Treasury Strips yield curve based on the grant’s estimated holding period. Determining the grant date fair value of share-based awards requires considerable judgment, including estimating expected volatility, expected term and risk-free rate. If factors change and the Company employs different assumptions, the fair value of future awards and the resulting share-based compensation expense may differ significantly from what the Company has estimated in the past.
The closing market price of the Company’s shares on the date of grant is used to determine the grant date fair value of restricted shares, time-based restricted stock units (“RSUs”) and performance-based RSUs. These fair values are recognized as expense over the requisite service period, net of estimated forfeitures, based on expected attainment of pre-established performance goals for performance grants, or the passage of time for those grants which have only time-based vesting requirements.
Foreign Currency Translation and Transactions
The financial statements of the majority of the Company’s foreign subsidiaries are measured using the local currency as the functional currency. The Company’s functional currency is the United States Dollar (“USD”) for Capri and its United States based subsidiaries. Assets and liabilities are translated using period-end exchange rates, while revenues and expenses are translated using average exchange rates over the reporting period. The resulting translation adjustments are recorded separately in shareholders’ equity as a component of accumulated other comprehensive income. Foreign currency income and loss resulting from the re-measuring of transactions denominated in a currency other than the functional currency of a particular entity are included in foreign currency loss on the Company’s consolidated statements of operations and comprehensive (loss) income.
Derivative Financial Instruments
Forward Foreign Currency Exchange Contracts
The Company uses 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 in 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 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 also 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 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 income (loss) (“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 expense (income), 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 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 loss on the Company’s consolidated statements of operations and comprehensive (loss) income.
Income Taxes
Deferred income tax assets and liabilities provide for temporary differences between the tax bases and financial reporting bases of the Company’s assets and liabilities using the tax rates and laws in effect for the periods in which the differences are expected to reverse. The Company periodically assesses the realizability of deferred tax assets and the adequacy of deferred tax liabilities, based on the results of local, state, federal or foreign statutory tax audits or estimates and judgments used.
Realization of deferred tax assets associated with net operating loss and tax credit carryforwards are dependent upon generating sufficient taxable income prior to their expiration in the applicable tax jurisdiction. The Company periodically reviews the recoverability of its deferred tax assets and provides valuation allowances, as deemed necessary, to reduce deferred tax assets to amounts that more-likely-than-not will be realized. The Company considers many factors when assessing the likelihood of future realization of deferred tax assets, including recent earnings within various taxing jurisdictions, expectations of future taxable income, the carryforward periods remaining and other factors. Changes in the required valuation allowance are recorded in income in the period such determination is made. Deferred tax assets could be reduced in the future if the Company’s estimates of taxable income during the carryforward period are significantly reduced or alternative tax strategies are no longer viable.
The Company recognizes the impact of an uncertain income tax position taken on its income tax returns at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will be recognized if it has less than a 50% likelihood of being sustained. The tax positions are analyzed periodically (at least quarterly) and adjustments are made as events occur that warrant adjustments for those positions. The Company records interest expense and penalties payable to relevant tax authorities as income tax expense.
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 April 2028. The Company acts as sublessor in certain leasing arrangements, primarily related to closed stores under its restructuring initiatives, as defined in Note 11. Fixed sublease payments received are recognized 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 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 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 rentals 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.
Debt Issuance Costs and Unamortized Discounts
The Company defers debt issuance costs directly associated with acquiring third-party financing. These debt issuance costs and any discounts on issued debt are amortized on a straight-line basis, which approximates the effective interest method, as interest expense over the term of the related indebtedness. Deferred financing fees associated with the Company’s Revolving Credit Facilities are primarily recorded within other assets in the Company’s consolidated balance sheets. Deferred financing
fees and unamortized discounts associated with the Company’s other borrowings are primarily recorded as an offset to long-term debt in the Company’s consolidated balance sheets. See Note 12 for additional information.
Net (Loss) Income per Share
The Company’s basic net (loss) income per ordinary share is calculated by dividing net (loss) income by the weighted average number of ordinary shares outstanding during the period. Diluted net (loss) income per ordinary share reflects the potential dilution that would occur if RSUs or any other potentially dilutive instruments, including share option grants, 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 (loss) income per ordinary share and diluted net (loss) income per ordinary share are as follows (in millions, except share and per share data):
 Fiscal Years Ended
 March 30,
2024		April 1,
2023		April 2,
2022
Numerator:
Net (loss) income attributable to Capri$(229)$616 $822 
Denominator:
Basic weighted average shares117,014,420 132,532,009 149,724,675 
Weighted average dilutive share equivalents:
Share options, restricted stock units, and performance restricted stock units— 1,470,471 2,773,232 
Diluted weighted average shares117,014,420 134,002,480 152,497,907 
Basic net (loss) income per share (1)
$(1.96)$4.65 $5.49 
Diluted net (loss) income per share (1)
$(1.96)$4.60 $5.39 
(1)Basic and diluted net (loss) income per share are calculated using unrounded numbers.
Diluted net loss per share attributable to Capri for Fiscal 2024 excluded all potentially dilutive securities because there was a net loss attributable to Capri for the period and, as such, the inclusion of these securities would have been anti-dilutive.
Share equivalents of 457,722 shares and 360,378 shares for Fiscal 2023 and Fiscal 2022, respectively, have been excluded from the above calculation due to their anti-dilutive effect.
Noncontrolling Interest
The Company has an ownership interest in the Michael Kors Latin American joint venture, MK (Panama) Holdings, S.A. and subsidiaries of 75%, an ownership interest in the Jimmy Choo EMEA joint venture JC Gulf Trading LLC of 49% and an ownership interest in the Jimmy Choo Macau joint venture J. Choo (Macau) Co. Limited of 70%.
Recently Adopted Accounting Pronouncements
Government Assistance Disclosures
In November 2021, the Financial Accounting Standards Board (“FASB”) issued ASU 2021-10, “Disclosures by Business Entities about Government Assistance”, which requires all businesses provide annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. These disclosures include providing the nature of the transactions and the related accounting policy used to account for the transactions, the amounts and financial statement line items impacted by these transactions, and the significant terms and conditions of these transactions, including commitments and contingencies related to such transactions. ASU 2021-10 is effective for the Company beginning in its Fiscal 2023 with early adoption permitted. The Company early adopted ASU 2021-10 during the third quarter of Fiscal 2022 and will continue to utilize the grant accounting model.
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 the first quarter of Fiscal 2025 on a prospective basis. See Note 12 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’s Annual Report on Form 10-K for the fiscal year ending 2025, 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.
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Revenue Recognition
 12 Months Ended
Mar. 30, 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 $15 million and $14 million as of March 30, 2024 and April 1, 2023, respectively, and is included in accrued expenses and other current liabilities in 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 March 30, 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
Fiscal 2025$35 
Fiscal 202632 
Fiscal 202728 
Fiscal 202820 
Fiscal 202917 
Fiscal 2030 and thereafter13 
 Total$145 
Sales Returns
For the sale of goods with a right of return, the Company recognizes revenue for the consideration for which it expects to be entitled and a refund liability for the amount it expects to refund to its customers within accrued expenses and other current liabilities. The refund liability is estimated based on management’s review of historical and current customer returns for its retail and wholesale customers, estimated future returns, adjusted for non-resalable products. The Company also considers its product strategies, as well as the financial condition of its customers, store closings by wholesale customers, changes in the retail environment and other macroeconomic factors. The Company recognizes an asset with a corresponding adjustment to cost of sales for the right to recover the products from its retail and wholesale customers. The refund liability recorded as of March 30, 2024 and April 1, 2023 was $48 million and $54 million, respectively, and the related asset for the right to recover returned product as of March 30, 2024 and April 1, 2023 was $14 million and $17 million, respectively.
Contract Balances
The Company’s contract liabilities are recorded within accrued expenses and other current liabilities and other long-term liabilities in its consolidated balance sheets depending on the short- or long-term nature of the payments to be recognized. The Company’s contract liabilities primarily consist of gift card liabilities, advanced payments from product licensees and loyalty program liabilities. Total contract liabilities were $23 million and $36 million as of March 30, 2024 and April 1, 2023, respectively. During Fiscal 2024 and Fiscal 2023, the Company recognized $30 million and $13 million in revenue, respectively, relating to contract liabilities that existed at April 1, 2023 and April 2, 2022, respectively. There were no material contract assets recorded as of March 30, 2024 and April 1, 2023.
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 revenues disaggregated by geographic location (in millions):
 Fiscal Years Ended
 March 30,
2024		April 1,
2023		April 2,
2022
Versace - the Americas$338 $408 $408 
Versace - EMEA444 468 425 
Versace - Asia248 230 255 
 Total Versace revenue1,030 1,106 1,088 
Jimmy Choo - the Americas176 196 175 
Jimmy Choo - EMEA266 255 229 
Jimmy Choo - Asia176 182 209 
 Total Jimmy Choo revenue618 633 613 
Michael Kors - the Americas2,298 2,616 2,627 
Michael Kors - EMEA791 819 835 
Michael Kors - Asia433 445 491 
 Total Michael Kors revenue3,522 3,880 3,953 
Total - the Americas2,812 3,220 3,210 
Total - EMEA1,501 1,542 1,489 
Total - Asia857 857 955 
Total revenue$5,170 $5,619 $5,654 
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Leases
 12 Months Ended
Mar. 30, 2024
Leases [Abstract]  
Leases Leases
The following table presents supplemental balance sheet information related to leases (in millions):
Balance Sheet LocationMarch 30,
2024		April 1,
2023
Assets
Operating leasesOperating lease right-of-use assets$1,438 $1,330 
Liabilities
Current:
Operating leasesShort-term portion of operating lease liabilities$400 $429 
Non-current:
Operating leasesLong-term portion of operating lease liabilities$1,452 $1,348 
The components of net lease costs for the fiscal year ended March 30, 2024 and April 1, 2023 were as follows (in millions):
Consolidated Statement of Operations and
Comprehensive (Loss) Income Location		March 30,
2024		April 1,
2023
Operating lease costSelling, general and administrative expenses$402 $405 
Variable lease cost (1)
Selling, general and administrative expenses201 170 
Short-term lease costSelling, general and administrative expenses3 8 
Sublease incomeSelling, general and administrative expenses(7)(9)
Total lease cost, net$599 $574 
(1)The Company elected to account for rent concessions negotiated in connection with COVID-19 as if it were contemplated as part of the existing contract and these concessions are recorded as variable lease expense. For the fiscal year ended March 30, 2024, there were no rent concessions due to COVID-19. For the fiscal year ended April 1, 2023, rent concessions due to COVID-19 were $14 million.

The following table presents the Company’s supplemental cash flow information related to leases (in millions):
March 30,
2024		April 1,
2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases$516 $501 
Non-cash transactions:
Lease assets obtained in exchange for new lease liabilities528 344 
Rent concessions due to COVID-19— 14 
The following tables summarizes the weighted average remaining lease term and weighted average discount rate related to the Company’s operating lease right-of-use assets and lease liabilities recorded on the balance sheets as of March 30, 2024 and April 1, 2023:
March 30,
2024		April 1,
2023
Operating leases:
Weighted average remaining lease term (years)6.65.9
Weighted average discount rate4.3 %3.3 %
At March 30, 2024, the future minimum lease payments under the terms of these noncancelable operating lease agreements are as follows (in millions):
March 30,
2024
Fiscal 2025$464 
Fiscal 2026372 
Fiscal 2027291 
Fiscal 2028243 
Fiscal 2029190 
Thereafter600 
Total lease payments2,160 
Less: interest(308)
Total lease liabilities$1,852 
At March 30, 2024, the future minimum sublease income under the terms of these noncancelable operating lease agreements are as follows (in millions):
March 30,
2024
Fiscal 2025$10 
Fiscal 20268 
Fiscal 20277 
Fiscal 20287 
Fiscal 20293 
Thereafter5 
Total sublease income$40 
Additionally, the Company had approximately $55 million and $139 million of future payment obligations related to executed lease agreements for which the related lease has not yet commenced as of March 30, 2024 and April 1, 2023, respectively.
See Note 3 for additional information on the Company’s accounting policies related to leases.
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Receivables, net
 12 Months Ended
Mar. 30, 2024
Receivables [Abstract]  
Receivables, net Receivables, net
Receivables, net, consist of (in millions):
March 30,
2024		April 1,
2023
Trade receivables (1)
$360 $412 
Receivables due from licensees19 14 
379 426 
Less: allowances(47)(57)
Total receivables, net$332 $369 
(1)As of March 30, 2024 and April 1, 2023, $102 million and $96 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 collectability 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 $13 million and $8 million as of March 30, 2024 and April 1, 2023, respectively. The Company had credit losses of $6 million, $5 million and $7 million, respectively, for Fiscal 2024, Fiscal 2023 and Fiscal 2022.
v3.24.1.1.u2
Concentration of Credit Risk, Major Customers and Suppliers
 12 Months Ended
Mar. 30, 2024
Risks and Uncertainties [Abstract]  
Concentration of Credit Risk, Major Customers and Suppliers Concentration of Credit Risk, Major Customers and Suppliers
Financial instruments that subject the Company to concentration of credit risk are cash and cash equivalents and receivables. As part of its ongoing procedures, the Company monitors its concentration of deposits with various financial institutions in order to avoid any undue exposure. The Company mitigates its risk by depositing cash and cash equivalents in major financial institutions. The Company also mitigates its credit risk by obtaining insurance coverage for a portion of its receivables (see Note 6). No individual customer accounted for 10% or more of the Company’s total revenues during Fiscal 2024, Fiscal 2023 or Fiscal 2022.
The Company contracts for the purchase of finished goods principally with independent third-party contractors, whereby the contractor is generally responsible for all manufacturing processes. Although the Company does not have any long-term agreements with any of its manufacturing contractors, the Company believes it has mutually satisfactory relationships with them. The Company allocates product manufacturing among agents and contractors based on their capabilities, the availability of production capacity, quality, pricing and delivery. The inability of certain contractors to provide needed services on a timely basis could adversely affect the Company’s operations and financial condition. For Fiscal 2024, Fiscal 2023 and Fiscal 2022, one contractor accounted for approximately 12%, 15% and 17%, respectively, of the Company’s total finished goods purchases, based on dollar volume.
The Company also has relationships with various agents who source finished goods with numerous contractors on behalf of its Michael Kors brand. For Fiscal 2024, Fiscal 2023 and Fiscal 2022, one agent sourced approximately 14%, 15% and 14%, respectively, of Michael Kors finished goods, based on dollar volume.
v3.24.1.1.u2
Property and Equipment, net
 12 Months Ended
Mar. 30, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment, net Property and Equipment, net
Property and equipment, net, consists of (in millions):
March 30,
2024		April 1,
2023
Leasehold improvements$535 $577 
Computer equipment and software279 237 
Furniture and fixtures187 216 
Equipment112 106 
Building 49 48 
In-store shops 43 44 
Land18 18 
Total property and equipment, gross 1,223 1,246 
Less: accumulated depreciation and amortization (726)(784)
Subtotal497 462 
Construction-in-progress82 90 
Total property and equipment, net$579 $552 
Depreciation and amortization of property and equipment for the fiscal years ended March 30, 2024, April 1, 2023, and April 2, 2022 totaled $143 million, $135 million and $144 million, respectively. During Fiscal 2024, Fiscal 2023 and Fiscal 2022, the Company recorded property and equipment impairment charges of $11 million, $3 million and $7 million, respectively, primarily related to the Company’s retail store locations. See Note 14 for information related to property and equipment impairment charges.
v3.24.1.1.u2
Intangible Assets and Goodwill
 12 Months Ended
Mar. 30, 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 other than goodwill (in millions):
 March 30, 2024April 1, 2023
 Gross
Carrying
Amount		Accumulated
Amortization/Impairment		Net Carrying AmountGross
Carrying
Amount		Accumulated
Amortization/Impairment		Net Carrying Amount
Definite-lived intangible assets:
Reacquired rights $400 $126 $274 $400 $109 $291 
Trademarks23 23 — 23 23 — 
Customer relationships401 165 236 397 136 261 
Total definite-lived intangible assets824 314 510 820 268 552 
Indefinite-lived intangible assets:
Jimmy Choo brand (1)
558 343 215 550 273 277 
Versace brand (2)
896 227 669 899 — 899 
Total indefinite-lived intangible assets1,454 570 884 1,449 273 1,176 
Total intangible assets, excluding goodwill$2,278 $884 $1,394 $2,269 $541 $1,728 
(1)The year-over-year change in net carrying amount reflects an impairment charge of $70 million and foreign currency translation of $8 million for the fiscal year ended March 30, 2024. For the fiscal year ended April 1, 2023, the Company recorded impairment charges of $24 million.
(2)The year-over-year change in net carrying amount reflects an impairment charge of $227 million and foreign currency translation of $3 million for the fiscal year ended March 30, 2024. There were no impairment charges for the fiscal year ended April 1, 2023.
Reacquired rights relate to the Company’s reacquisition of the rights to use the Michael Kors trademarks and to import, sell, advertise and promote certain of its products in the previously licensed territories in the Greater China region and are being amortized through March 31, 2041, the expiration date of the former licensing agreement. The trademarks relate to the Michael Kors brand name and are amortized over twenty years. Customer relationships are generally amortized over five to eighteen years. Amortization expense for the Company’s definite-lived intangibles was $45 million, $44 million and $49 million, respectively, for each of the fiscal years ended March 30, 2024, April 1, 2023 and April 2, 2022.
Indefinite-lived intangible assets other than goodwill included the Versace and Jimmy Choo brands, which were recorded in connection with the acquisitions of Versace and Jimmy Choo, and have an indefinite life as they are essential to the Company’s ability to operate the Versace and Jimmy Choo businesses for the foreseeable future.
Estimated amortization expense for each of the next five years is as follows (in millions):
Fiscal 2025$44 
Fiscal 202644 
Fiscal 202744 
Fiscal 202844 
Fiscal 202943 
Fiscal 2030 and thereafter291 
Total$510 
The future amortization expense above reflects weighted-average estimated remaining useful lives of seventeen years for reacquired rights and nine years for customer relationships.
The following table details the changes in goodwill for each of the Company’s reportable segments (in millions):
VersaceJimmy ChooMichael Kors Total
Balance at April 2, 2022$874 $424 $120 $1,418 
Impairment charges (1)
— (82)— (82)
Foreign currency translation
(17)(26)— (43)
Balance at April 1, 2023857 316 120 1,293 
Impairment charges(1)
— (192)— (192)
Foreign currency translation
(4)9 — 5 
Balance at March 30, 2024$853 $133 $120 $1,106 
(1)The Company recorded impairment charges of $192 million during Fiscal 2024 related to the Jimmy Choo retail and wholesale reporting units. As of March 30, 2024, the Company had accumulated impairment charges of $539 million related to its Jimmy Choo reporting units.
The Company’s goodwill and the Versace and Jimmy Choo brands are not subject to amortization but are evaluated for impairment annually in the last quarter of each fiscal year, or whenever impairment indicators exist. During the fourth quarter of Fiscal 2024, the Company performed its annual goodwill and indefinite-lived intangible asset impairment analysis. The Company performed its goodwill impairment assessment for its Michael Kors reporting units using a qualitative assessment. Based on the results of the Company’s qualitative impairment assessment, the Company concluded that it is more likely than not that the fair value of the Michael Kors’ reporting units exceeded their carrying values and, therefore, were not impaired.
The Company performed its annual goodwill and indefinite-lived intangible asset impairment analysis for both the Versace and Jimmy Choo reporting units, using a combination of income and market approaches to estimate the fair value of each brands’ reporting units. The Company also elected to perform an impairment analysis for both the Versace and Jimmy Choo brand indefinite-lived intangible assets using an income approach to estimate their fair values. Based on the results of these assessments, the Company determined there was no impairment for the Jimmy Choo Licensing reporting unit goodwill and Versace reporting units goodwill as the fair values of the reporting units and the brand intangible assets exceeded the related carrying amounts.
However, the Company concluded that the fair value of the Jimmy Choo Retail and Wholesale reporting units goodwill and Retail and Wholesale brand indefinite-lived intangible assets did not exceed their related carrying amounts and recorded impairment charges. These impairment charges were primarily related to a continued decline in revenue trends from prior expectations. Additionally, the Versace Retail and Wholesale brand indefinite-lived intangible assets did not exceed their related carrying amounts. These impairment charges were primarily related to a slowdown in revenue driven predominantly by softening demand globally for fashion luxury goods.

Accordingly, the Company recorded goodwill impairment charges of $192 million related to the Jimmy Choo Retail and Wholesale reporting units, $70 million related to the Jimmy Choo Retail and Wholesale brand intangible assets and $227 million related to the Versace Retail and Wholesale brand intangible assets during Fiscal 2024.

In total, $489 million of impairment was recorded related to goodwill and indefinite lived intangible assets within impairment of assets on the Company’s consolidated statement of operations and comprehensive (loss) income for the fiscal year ended March 30, 2024.
In Fiscal 2023, the Company recorded goodwill impairment charges of $82 million related to the Jimmy Choo Retail and Wholesale reporting units and $24 million related to the Jimmy Choo brand intangible assets. The impairment charges were recorded within impairment of assets on the Company’s consolidated statement of operations and comprehensive (loss) income for the fiscal year ended April 1, 2023. In Fiscal 2022, the Company did not incur any impairment charges. See Note 14 for additional information.
v3.24.1.1.u2
Current Assets and Current Liabilities
 12 Months Ended
Mar. 30, 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):
March 30,
2024		April 1,
2023
Prepaid taxes$88 $105 
Interest receivable related to hedges42 10 
Prepaid contracts21 22 
Other accounts receivables8 10 
Other56 48 
Total prepaid expenses and other current assets$215 $195 
Accrued expenses and other current liabilities consist of the following (in millions):
March 30,
2024		April 1,
2023
Return liabilities$48 $54 
Accrued capital expenditures35 33 
Other taxes payable29 32 
Accrued advertising and marketing29 26 
Restructuring liability22 1 
Professional services18 14 
Accrued rent (1)
17 18 
Accrued interest17 16 
Accrued purchases and samples16 8 
Gift and retail store credits15 14 
Advance royalties4 18 
Accrued litigation4 12 
Other56 68 
Total accrued expenses and other current liabilities$310 $314 
(1)The accrued rent balance relates to variable lease payments.
v3.24.1.1.u2
Restructuring and Other Expense
 12 Months Ended
Mar. 30, 2024
Restructuring and Related Activities [Abstract]  
Restructuring and Other Expense Restructuring and Other Expense
Restructuring Charges - Global Optimization Plan
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 Fiscal 2024, the Company closed 7 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 Fiscal 2024 was $26 million, of which $22 million were related to organizational efficiency initiatives consisting primarily of severance and employee-related costs and $4 million of lease termination and other 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 April 1, 2023
$— $— $— 
Additions charged to expense 22 2 
(1)
24 
Payments(1)(1)(2)
Balance at March 30, 2024
$21 $1 $22 
(1)Excludes $2 million of impairment charges related to operating lease right-of-use assets recorded within restructuring and other expense on the consolidated statement of operations and comprehensive (loss) income for the fiscal year ended March 30, 2024.
Other Charges
During Fiscal 2024, the Company recorded net costs of $7 million primarily related to expenses for equity awards associated with the acquisition of Versace and severance for certain employees, partially offset by a $10 million gain on the sale of a long-lived corporate asset.
During Fiscal 2023, the Company recorded costs of $16 million primarily relating to equity awards associated with the acquisition of Versace. During Fiscal 2022, the Company recorded costs of $33 million primarily relating to equity awards associated with the acquisition of Versace and the closure of certain corporate locations.
Restructuring Charges - Capri Retail Store Optimization Program
During Fiscal 2022, the Company completed its plan to close certain retail stores as part of its Capri Retail Store Optimization Program closing a total of 66 stores during Fiscal 2022. Net restructuring charges recorded in connection with the Capri Retail Store Optimization Program was $9 million during Fiscal 2022. There were no charges related to the Capri Retail Store Optimization Program in Fiscal 2023.
v3.24.1.1.u2
Debt Obligations
 12 Months Ended
Mar. 30, 2024
Debt Disclosure [Abstract]  
Debt Obligations Debt Obligations
The following table presents the Company’s debt obligations (in millions):
March 30,
2024		April 1,
2023
Revolving Credit Facilities$764 $874 
Versace Term Loan486 488 
Senior Notes due 2024 (1)
450 450 
Other24 17 
Total debt 1,724 1,829 
Less: Unamortized debt issuance costs1 2 
Total carrying value of debt1,723 1,827 
Less: Short-term debt (1)
462 5 
Total long-term debt$1,261 $1,822 
(1)As of March 30, 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”).
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, Canadian Dollars, 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.
Borrowings under the 2022 Credit Facility bear interest, at the Company’s option, at the following rates:
•For loans denominated in U.S. Dollars, (A) an alternate base rate, which is the greatest of (a) the prime rate publicly announced from time to time by JPMorgan Chase, (b) 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 (c) the greater of term Secured Overnight Financing Rate (“SOFR”) for an interest period of one month plus 10 basis points and zero, plus 100 basis points, (B) the greater of term SOFR for the applicable interest period plus 10 basis points (“Adjusted Term SOFR”) and zero or (C) the greater of daily simple SOFR plus 10 basis points and zero;
•For loans denominated in Pounds Sterling, the greater of Secured Overnight Index Average (“SONIA”) and zero;
•For loans denominated in Swiss Francs, the greater of Swiss Average Rate Overnight (“SARON”) and zero;
•For loans denominated in Euro, the greater of Euro Interbank Offer Rate (“EURIBOR”) for the applicable interest period adjusted for statutory reserve requirements (“Adjusted EURIBOR Rate”) and zero;
•For loans denominated in Canadian Dollars, the greater of the rate applicable to Canadian Dollar Canadian banker’s acceptances quoted on Reuters for the applicable interest period adjusted for statutory reserve requirements (“Adjusted CDOR Rate”) and zero; and
•For loans denominated in Japanese Yen, the greater of Tokyo Interbank Offer Rate (“TIBOR”) for the applicable interest period adjusted for statutory reserve requirements (“Adjusted TIBOR Rate”) and zero; in each case, plus an applicable margin based on the Company’s public debt ratings and/or net leverage ratio.
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 March 30, 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, the Adjusted CDOR 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, charge 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.
The Company had $764 million and $874 million of borrowings outstanding under the 2022 Revolving Credit Facility as of March 30, 2024 and April 1, 2023, respectively. In addition, stand-by letters of credit of $2 million and $3 million were outstanding as of March 30, 2024 and April 1, 2023, respectively. At March 30, 2024 and April 1, 2023, the amount available for future borrowings under the 2022 Revolving Credit Facility were $734 million and $623 million, respectively.
The Company had $5 million and $6 million of deferred financing fees related to Revolving Credit Facilities as of March 30, 2024 and April 1, 2023, respectively, and are recorded within other assets in the Company’s consolidated balance sheets.
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 (approximately $486 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, charge 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 March 30, 2024, the carrying value of the Versace Term Loan was $485 million, net of $1 million of deferred financing fees, which was recorded within long-term debt in the Company’s consolidated balance sheets.
As of March 30, 2024, and the date these financial statements were issued, the Company was in compliance with all covenants related to the 2022 Credit Facility and 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”). The Senior Notes were issued to finance a portion of the Company’s acquisition of Jimmy Choo and certain related refinancing transactions.
As of March 30, 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 Senior Notes rank equally in right of payment with all of the Issuer’s and guarantors’ existing and future senior unsecured indebtedness, senior in right of payment to any future subordinated indebtedness, effectively subordinated in right of payment to any of the Company’s subsidiaries’ obligations and any of the Company’s secured obligations, to the extent of the assets securing such obligations.
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 March 30, 2024, the carrying value of the Senior Notes is $450 million, which is recorded within short-term debt in the Company’s consolidated balance sheets. As of April 1, 2023, the carrying value of the Senior Notes was $449 million, net of issuance costs and unamortized discount of $1 million, which was recorded within long-term debt in the Company’s consolidated balance sheets.
Supplier Financing Program
The Company offers a supplier financing program which enables certain 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 March 30, 2024 and April 1, 2023 was $11 million and $4 million, respectively and is presented as short-term debt in the Company’s consolidated balance sheets.
Japan Credit Facility
As of March 30, 2024, the Company’s subsidiary in Japan had a short term credit facility (“Japan Credit Facility”) with Mitsubishi UFJ Financial Group (“MUFJ”), which may be used to fund general working capital needs of Michael Kors Japan K.K., subject to the bank’s discretion. The Japan Credit Facility is in effect until the Company’s decides to terminate the revolving line of credit. The Japan Credit Facility provides Michael Kors Japan K.K. with a revolving credit line of up to ¥1.0 billion ($7 million). The Japan Credit Facility bears interest at a rate posted by the Bank plus 0.300% two business days prior to
the date of borrowing or the date of interest renewal. As of March 30, 2024 and April 1, 2023, there were no borrowings outstanding under the Japan Credit Facility.
Hong Kong Credit Facilities
As of March 30, 2024, the Company’s Hong Kong subsidiary, Michael Kors (HK) Limited and Subsidiaries (“MKHKL”), had an uncommitted credit facility (“HK HSBC Credit Facility”) with HSBC Bank (“HSBC”), which may be used to fund general working capital needs of MKHKL through February 2025 subject to HSBC’s discretion. The HK Credit Facility provides MKHKL with a revolving line of credit of up to 50 million Hong Kong dollars ($6 million), which includes bank guarantees of up to 20 million Hong Kong dollars ($3 million). Borrowings under the HK HSBC Credit Facility must be made in increments of at least 5 million Hong Kong dollars and bear interest at the Hong Kong Interbank Offered Rate (“HIBOR”) plus 200 basis points. As of March 30, 2024 and April 1, 2023, there were no borrowings outstanding under the HK HSBC Credit Facility.
As of March 30, 2024, the Company’s Hong Kong subsidiary, MKHKL, had a short-term credit facility (“HK SCB Credit Facility”) with Standard Charter Bank (“SCB”), which may be used to fund general working capital needs, not to exceed 12 months. The HK SCB Credit Facility is in effect through November 2024. The HK SCB Credit Facility provides MKHKL with a revolving loan of up to 20 million Hong Kong dollars ($3 million). Borrowings under the HK SCB Credit Facility bear interest at 1.5% per annum at the time of borrowing. As of March 30, 2024 and April 1, 2023, there were no borrowings outstanding under the HK SCB Credit Facility.

China Credit Facilities
As of March 30, 2024, the Company’s subsidiary in China, Michael Kors Trading (Shanghai) Company Limited (“MKTSCL”), had a short-term credit facility (“China HSBC Credit Facility”) with HSBC, which may be used to fund general working capital needs, not to exceed 12 months. The China Credit Facility is in effect through August 2024. The China HSBC Credit Facility provides MKTSCL with a Revolving Loan Facility of up to RMB 65 million ($9 million), which includes a revolving loan of RMB 35 million ($5 million), an overdraft facility with a credit line of RMB 10 million ($1 million) and a non-financial bank guarantee facility of RMB 20 million ($3 million) or its equivalent in another currency, at lender’s discretion. Borrowings under the China HSBC Credit Facility bear interest at plus 0.42% of the applicable People’s Bank of China’s benchmark lending rate at the time of borrowing. As of March 30, 2024 and April 1, 2023, there were no borrowings outstanding under the China HSBC Credit Facility.
As of March 30, 2024, the Company’s subsidiary in China, MKTSCL, had a short-term credit facility (“China SCB Credit Facility”) with SCB, which may be used to fund general working capital needs, not to exceed 12 months. The China SCB Credit Facility is in effect through January 2025. The China SCB Credit Facility provides MKTSCL with a Revolving Loan Facility of up to RMB 30 million ($4 million), which includes a revolving loan of RMB 20 million ($3 million) and a bank guarantee with a sublimit of the revolving loan of RMB 10 million ($1 million). Borrowings under the China SCB Credit Facility bear interest at plus 0.15% of the applicable People’s Bank of China’s benchmark lending rate at the time of borrowing. As of March 30, 2024 and April 1, 2023, there were no borrowings outstanding under the China SCB Credit Facility.
Versace Facilities
During Fiscal 2023, the Company's subsidiary, GIVI Holding S.r.l. (“GIVI”), 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 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, in the Company’s consolidated balance sheets.
As of March 30, 2024, the Company’s subsidiary, Gianni Versace S.r.l. (“Versace”), had two uncommitted short-term credit facilities, one with Unicredit and the other with Intesa (“Versace Credit Facilities”), which may be used for general working capital needs of Versace. The Versace Credit Facilities are in effect until Unicredit or Intesa decides to terminate the credit facilities. The Versace Credit Facilities provide Versace with a swing line of credit of up to €25 million ($26 million), with interest set by Unicredit or Intesa on the date of borrowing. As of March 30, 2024 and April 1, 2023, there were no borrowings outstanding under the Versace Credit Facility.
As of March 30, 2024, Versace had an uncommitted short-term credit facility with BNP Paribas (“Versace BNP Credit Facility”), which may be used for general working capital needs of Versace. The Versace BNP Credit Facility is in effect until BNP Paribas decides to terminate the credit facility. The Versace BNP Credit Facility provides Versace with a swing line of
credit of up to €20 million ($22 million), which includes a bank guarantee of €5 million ($5 million), with interest set by BNP Paribas on the date of borrowing. As of March 30, 2024 and April 1, 2023, there were no borrowings outstanding under the Versace BNP Credit Facility. As of March 30, 2024, there were no bank guarantees outstanding under this facility.
v3.24.1.1.u2
Commitments and Contingencies
 12 Months Ended
Mar. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments
The Company has issued stand-by letters of credit to guarantee certain of its retail and corporate operating lease commitments, aggregating $32 million at March 30, 2024, including $2 million in letters of credit issued under the Revolving Credit Facility.
Other Commitments
As of March 30, 2024, the Company also has other contractual commitments aggregating $2.396 billion, which consist of inventory purchase commitments of $582 million, debt obligations of $1.724 billion and other contractual obligations of $90 million, which primarily relate to the Company’s marketing and advertising obligations, information technology agreements and supply agreements.
Long-term Employment Contract
The Company has an employment agreement with the Chief Creative Officer of the Michael Kors brand that provides for continuous employment through the date of the officer’s death or permanent disability at an annual salary of $1 million. In addition to salary, the agreement provides for an annual bonus and other employee related benefits.
Contingencies
In the ordinary course of business, the Company is party to various legal proceedings and claims. Refer to Item 3. Legal Proceedings for additional information.
v3.24.1.1.u2
Fair Value Measurements
 12 Months Ended
Mar. 30, 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 March 30, 2024 and April 1, 2023, 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 hedges is included in prepaid expenses and other current assets, other assets, accrued expenses and other current liabilities, and in other long-term liabilities in 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 assets or liabilities. See Note 15 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 March 30, 2024, using:
Fair value at April 1, 2023, 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 $— $— $1 $— 
Total derivative assets$— $12 $— $— $1 $— 
Derivative liabilities:
Net investment hedges$— $88 $— $— $36 $— 
Fair value hedges— — — — 3 — 
Total derivative liabilities$— $88 $— $— $39 $— 
The Company’s debt obligations are recorded in 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 12 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):
March 30, 2024April 1, 2023
Carrying ValueEstimated
 Fair Value 		Carrying ValueEstimated
 Fair Value
Revolving Credit Facilities$764 $764 $874 $874 
Versace Term Loan$485 $487 $487 $481 
Senior Notes due 2024$450 $441 $449 $435 
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. See Note 3 for additional information.
The following table details the carrying values and fair values of the Company’s assets that have been impaired (in millions):
Carrying Value Prior to ImpairmentFair Value
Impairment Charge (1)
Fiscal 2024:
Brands$1,181 $884 $297 
Goodwill549 357 192 
Operating Lease Right-of-Use Assets
175 98 77 
Property and Equipment
19 8 11 
Total$1,924 $1,347 $577 
Fiscal 2023:
Goodwill$681 $599 $82 
Operating Lease Right-of-Use Assets100 67 33 
Brands224 200 24 
Property and Equipment4 1 3 
Total$1,009 $867 $142 
Fiscal 2022:
Operating Lease Right-of-Use Assets$209 $133 $76 
Property and Equipment12 5 7 
Total$221 $138 $83 
(1)Includes $2 million of impairment charges that were recorded within restructuring and other charges related the Company’s Global Optimization Plan during Fiscal 2024 and $10 million of impairment charges that were recorded within restructuring and other charges related to the Capri Retail Store Optimization Program during Fiscal 2022.

There were no impairment charges related to goodwill or indefinite-lived intangible assets in Fiscal 2022.
v3.24.1.1.u2
Derivative Financial Instruments
 12 Months Ended
Mar. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
Forward Foreign Currency Exchange Contracts
The Company uses 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 March 30, 2024, there were no forward foreign currency exchange contracts outstanding.
Net Investment Hedges
During the first quarter of Fiscal 2024, the Company entered into multiple fixed-to-fixed cross-currency swap agreements with aggregate notional amounts of $2.5 billion to hedge its net investment in Swiss Franc (“CHF”) denominated subsidiaries. During the third quarter of Fiscal 2024, the Company modified these fixed-to-fixed cross-currency swap agreements with aggregate notional amounts of $2.5 billion to utilize additional CHF capacity and further hedge its investment in CHF denominated subsidiaries. Under the terms of these contracts, the Company will exchange semi-annual fixed rate payments on United States dollar notional amounts for fixed rate payments of 0.0%. The increase in interest received from the CHF notional amounts will be offset by interest expense related to the financing component of this modification. These contracts have maturity dates between September 2024 and June 2028 and are designated as net investment hedges. As of March 30, 2024, the Company had $2.5 billion of hedges outstanding related to its net investment in CHF denominated subsidiaries.
During the first quarter of Fiscal 2024, the Company entered into multiple float-to-float cross-currency swap agreements with aggregate notional amounts of $1 billion 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 $1 billion float-to-float cross-currency hedges outstanding related to its net investment in Euro denominated subsidiaries.
During the first quarter of Fiscal 2024, the Company entered into multiple fixed-to-fixed cross-currency swap agreements with an aggregate notional amount of $350 million to hedge its net investment in Euro denominated subsidiaries. Under the terms of these contracts, the Company will exchange the semi-annual fixed rate payments on United States Dollar notional amounts for fixed rate payments of 0.0% in Euro. These contracts have maturity dates between January 2027 and April 2027 and have been 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.
As of April 1, 2023, the Company had €1 billion of hedges outstanding to hedge its net investment in British Pound (“GBP”) denominated subsidiaries (the “GBP/EUR Net Investment Hedges”). During the first quarter of Fiscal 2024, the Company entered into an additional fixed-to-fixed cross-currency swap agreement with an aggregate notional amount of €150 million GBP/EUR Net Investment Hedges. During the fourth quarter of Fiscal 2024, the Company terminated all of its GBP/EUR Net Investment Hedges of €1.150 billion ($1.241 billion). The termination of these swaps resulted in the Company receiving $24 million in cash during the fourth quarter of Fiscal 2024.

As of April 1, 2023, the Company had $294 million of hedges outstanding to hedge its net investment in Japanese Yen denominated subsidiaries (the “JPY Hedges”). During the fourth quarter of Fiscal 2024, the Company terminated all of its JPY Hedges of $294 million. The termination of these swaps resulted in the Company receiving $6 million in cash during the fourth quarter of Fiscal 2024.
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 income in the Company’s consolidated statements of operations and comprehensive (loss) income. Accordingly, the Company recorded interest income of $95 million, $38 million and $63 million, respectively, during Fiscal 2024, Fiscal 2023 and Fiscal 2022.
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.
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 April 1, 2023, the Company had €1 billion of GBP Fair Value Hedge on Euro denominated intercompany loans. During the fourth quarter of Fiscal 2024, the underlying intercompany loan was settled and the Company terminated the GBP Fair Value Hedge of €1 billion ($1.093 billion). The terminations of these swaps resulted in the Company receiving $25 million in cash during the fourth quarter of Fiscal 2024.
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 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 loss on the Company’s consolidated statements of operations and comprehensive (loss) income. In the fourth quarter of Fiscal 2024, the Company settled its Euro denominated intercompany loan and recognized a $14 million of foreign currency loss within the Company’s consolidated statements of operations and comprehensive (loss) income from AOCI. The Company recorded a foreign currency gain of $28 million and $4 million in foreign currency loss within the Company’s consolidated statements of operations and comprehensive (loss) income during Fiscal 2024 and Fiscal 2023, respectively, from the GBP Fair Value Hedge which offset translation losses from the underlying transaction.
The following table details the fair value of the Company’s derivative contracts, which are recorded on a gross basis in the consolidated balance sheets as of March 30, 2024 and April 1, 2023 (in millions):
   Fair Values
 Notional AmountsAssetsLiabilities
 March 30,
2024		April 1,
2023		March 30,
2024		April 1,
2023		March 30,
2024		April 1,
2023
Designated net investment hedges$3,850 $1,378 $12 
(1)
$1 
(1)
$88 
(2)
$36 
(3)
Designated fair value hedges— 1,084 — — — 3 
(3)
Total hedges$3,850 $2,462 $12 $1 $88 $39 
(1)Recorded within other assets in the Company’s consolidated balance sheets.
(2)As of March 30, 2024, the Company recorded $3 million within accrued expenses and current liabilities and $85 million within other long-term liabilities in the Company’s consolidated balance sheets.
(3)Recorded within other long-term liabilities in the Company’s consolidated balance sheets.
The Company records and presents the fair value of all of its derivative assets and liabilities in 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 March 30, 2024 and April 1, 2023 would be as follows (in millions):
Net Investment
 Hedges		Fair Value Hedges
March 30,
2024		April 1,
2023		March 30,
2024		April 1,
2023
Assets subject to master netting arrangements
$12 $1 $— $— 
Liabilities subject to master netting arrangements
$88 $36 $— $3 
Derivative assets, net$8 $1 $— $— 
Derivative liabilities, net$84 $36 $— $3 
Currently, the Company’s master netting arrangements do not require cash collateral to be pledged by the Company or its counterparties.
The following table summarizes the pre-tax impact of the gains and losses on the Company’s designated forward foreign currency exchange contracts, net investment hedges and fair value hedges (in millions): 
 Fiscal Year Ended March 30, 2024Fiscal Year Ended April 1, 2023Fiscal Year Ended April 2, 2022
 Pre-Tax Losses Recognized in OCIPre-Tax Gains/(Losses) Recognized in OCIPre-Tax Gains Recognized in OCI
Designated forward foreign currency exchange contracts$— $8 $11 
Designated net investment hedges$(17)$338 $435 
Designated fair value hedges$(8)$(6)$— 
The following tables summarize the pre-tax impact of the gains and losses within the consolidated statements of operations and comprehensive (loss) income related to the designated forward foreign currency exchange contracts and the designated fair value hedges (in millions):
Fiscal Year Ended
Pre-Tax (Gains) Losses Reclassified from
Accumulated OCI		Location of (Gains) Losses Recognized
March 30, 2024April 1, 2023April 2, 2022
Designated forward foreign currency exchange contracts$(4)$(14)$1 Cost of goods sold
Designated fair value hedges$14 $— $— Foreign currency loss
Undesignated Hedges
During Fiscal 2024, the Company did not have any undesignated forward foreign currency exchange contracts outstanding. During both Fiscal 2023 and Fiscal 2022, a gain of $2 million were recognized within foreign currency loss in the Company’s consolidated statements of operations and comprehensive (loss) income as a result of the changes in the fair value of undesignated forward foreign currency exchange contracts.
v3.24.1.1.u2
Shareholders' Equity
 12 Months Ended
Mar. 30, 2024
Stockholders' Equity Note [Abstract]  
Shareholders' Equity Shareholders’ Equity
Share Repurchase Program
On June 1, 2022, the Company announced its Board of Directors authorized a new share repurchase program (the “Fiscal 2023 Plan”) pursuant to which the Company was permitted, from time to time, to repurchase up to $1.0 billion of its outstanding ordinary shares within a period of two years from the effective date of the program.
On November 9, 2022, the Company announced that its Board of Directors approved a new share repurchase program (the “Existing Share Repurchase Plan”) of up to $1 billion of its outstanding ordinary shares, providing additional capacity to return cash to shareholders over the longer term. This new two-year program replaced the Fiscal 2023 Plan. 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 in 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 Fiscal 2024, the Company purchased 2,637,102 shares with a fair value of $100 million through open market transactions. During Fiscal 2023, the Company purchased 27,356,549 shares with a fair value of $1.350 billion through open market transactions. As of March 30, 2024, the remaining availability under the Company’s existing share repurchase program was $300 million.
The Company also has in place a “withhold to cover” repurchase program, which allows the Company to withhold ordinary shares from certain employees and directors to satisfy minimum tax withholding obligations relating to the vesting of their restricted share awards. During Fiscal 2024 and Fiscal 2023, the Company withheld 185,133 shares and 301,326 shares, respectively, with a fair value of $7 million and $14 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 Fiscal 2024, Fiscal 2023 and Fiscal 2022 (in millions):
Foreign  Currency
Translation
Gain (Loss) (1)
Net Gain (Loss) on
Derivatives (2)
Other Comprehensive Income (Loss) Attributable to Capri
Balance at March 27, 2021$57 $(1)$56 
Other comprehensive income before reclassifications127 10 137 
Less: amounts reclassified from AOCI to earnings— (1)(1)
Other comprehensive income, net of tax127 11 138 
Balance at April 2, 2022184 10 194 
Other comprehensive (loss) income before reclassifications(41)8 (33)
Less: amounts reclassified from AOCI to earnings— 14 14 
Other comprehensive loss, net of tax(41)(6)(47)
Balance at April 1, 2023143 4 147 
Other comprehensive income before reclassifications18 (14)4 
Less: amounts reclassified from AOCI to earnings— (10)(10)
Other comprehensive income, net of tax18 (4)14 
Balance at March 30, 2024$161 $— $161 
(1)Foreign currency translation adjustments for Fiscal 2024 primarily include a net $25 million translation gain, partially offset by a $7 million loss, net of taxes of $2 million, primarily relating to the Company’s net investment hedges. Foreign currency translation adjustments for Fiscal 2023 primarily include a net $266 million translation loss, partially offset by a $224 million gain, net of taxes of $114 million, primarily relating to the Company’s net investment hedges. Foreign currency translation gains for Fiscal 2022 include a $321 million gain, net of taxes of $114 million, primarily relating to the Company's net investment hedges, and a net $210 million translation loss.
(2)Reclassifications from AOCI into earnings for Fiscal 2024 primarily include a $14 million loss related to the Company’s GBP fair value hedge due to the settlement of the associated Euro denominated intercompany loans and are recorded within foreign currency loss in the Company’s consolidated statements of operations and comprehensive (loss) income. This is partially offset by a $4 million gain related to the 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. Reclassifications from AOCI into earnings for Fiscal 2023 primarily include a $14 million gain related to the 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. Reclassifications from AOCI into earnings for Fiscal 2022 primarily include a $1 million loss related to the 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.
v3.24.1.1.u2
Share-Based Compensation
 12 Months Ended
Mar. 30, 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 which includes one stock option plan adopted in Fiscal 2008 (as amended and restated, the “2008 Plan”), and an Omnibus Incentive Plan adopted in 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 March 30, 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 restricted stock units (“RSUs”), and other equity awards, and authorizes a total issuance of up to 22,471,000 ordinary shares after amendments in August 2022. At March 30, 2024, there were 4,259,449 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 grant date, and those issued under the Incentive Plan generally expire seven years from the grant date.
Share Options
Share options are granted with exercise prices equal to the fair market value on the date of grant. Generally, options vest on a pro-rata basis over a four year service period. The following table summarizes the share options activity during Fiscal 2024, and information about options outstanding at March 30, 2024:
Number of
Options		Weighted
Average
Exercise price		Weighted
Average
Remaining
Contractual
Life (years)		Aggregate
Intrinsic
Value
(in millions)
Outstanding at April 1, 2023
229,675 $63.33 
Granted— $— 
Exercised(14,503)$49.88 
Canceled/forfeited(23,205)$49.88 
Outstanding at March 30, 2024
191,967 $65.97 1.16$0.1 
Vested or expected to vest at March 30, 2024
191,967 $65.97 1.16
Vested and exercisable at March 30, 2024
191,967 $65.97 1.16$0.1 
There were no unvested options and 191,967 vested options outstanding at March 30, 2024. The total intrinsic value of options exercised during both Fiscal 2024 and Fiscal 2023 were immaterial. The cash received from options exercised during Fiscal 2024 and Fiscal 2023 was $1 million and $6 million, respectively. As of March 30, 2024, there was no remaining unrecognized share-based compensation expense for unvested share options.
There were no options granted during Fiscal 2024, Fiscal 2023 or Fiscal 2022.
Restricted Awards
The Company grants RSUs at the fair market value on the grant date. The expense related to RSUs is based on the closing market price of the Company’s shares on the date of grant and is recognized ratably over the vesting period, net of expected forfeitures.
The Company grants two types of RSUs: time-based RSUs and performance-based RSUs. Time-based RSUs generally vest in full on the first anniversary of the date of grant for the Company’s independent directors, or in equal increments on each of the third or fourth anniversaries of the date of grant (unless the employee is retirement-eligible). Performance-based RSUs generally vest in full on the third anniversary of the date of grant, subject to the employee’s continued employment during the vesting period and only if certain pre-established performance targets are met. Expense related to performance-based RSUs is recognized ratably over the performance period, net of forfeitures, based on the probability of attainment of the related performance targets. The potential number of shares that may be earned ranges from 0%, if the minimum level of performance is not attained, to 200%, if the level of performance is at or above the predetermined maximum achievement level.
The following table summarizes the RSU activity during Fiscal 2024:
 Service-basedPerformance-based
 Number of
Restricted
Stock Units		Weighted
Average Grant
Date Fair Value		Number of
Restricted
Stock Units		Weighted
Average Grant
Date Fair Value
Unvested at April 1, 2023
3,181,926 $42.44 165,239 $46.90 
Granted1,944,717 $36.92 203,693 $36.82 
Change due to performance conditions, net— $— — $— 
Vested(2,223,625)$39.06 — $— 
Canceled/forfeited(214,734)$44.84 — $— 
Unvested at March 30, 2024
2,688,284 $41.05 368,932 $41.34 
The total fair value of service-based RSUs vested during Fiscal 2024, Fiscal 2023 and Fiscal 2022 was $87 million, $80 million and $78 million, respectively. The total fair value of performance-based RSUs vested during Fiscal 2023 and Fiscal 2022 was $7 million and $18 million, respectively. There were no performance-based RSUs vested during Fiscal 2024. As of March 30, 2024, the remaining unrecognized share-based compensation expense for unvested, service-based and performance-based RSU grants was $68 million and $5 million, respectively, which is expected to be recognized over the related weighted-average period of approximately 2.4 years and 2.2 years.
Share-Based Compensation Expense
The following table summarizes compensation expense attributable to share-based compensation for Fiscal 2024, Fiscal 2023 and Fiscal 2022 (in millions):
Fiscal Years Ended
March 30,
2024		April 1,
2023		April 2,
2022
Share-based compensation expense$72 $78 $85 
Tax benefits related to share-based compensation expense
$8 $8 $14 
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 its historical forfeiture rates. The estimated value of future forfeitures for equity awards as of March 30, 2024 is $11 million.
v3.24.1.1.u2
Taxes
 12 Months Ended
Mar. 30, 2024
Income Tax Disclosure [Abstract]  
Taxes Taxes
The Company is a United Kingdom tax resident and is incorporated in the British Virgin Islands. Capri’s subsidiaries are subject to taxation in the United States and various other foreign jurisdictions are aggregated in the “Non-United States” information captioned below.
(Loss) income before (benefit) provision for income taxes consisted of the following (in millions):
 Fiscal Years Ended
 March 30,
2024		April 1,
2023		April 2,
2022
United States $(15)$85 $247 
Non-United States (268)563 668 
Total (loss) income before (benefit) provision for income taxes$(283)$648 $915 
The (benefit) provision for income taxes was as follows (in millions):
 Fiscal Years Ended
 March 30,
2024		April 1,
2023		April 2,
2022
Current
United States - Federal$14 $62 $36 
United States - State5 22 16 
Non-United States114 (1)46 (3)98 
Total current provision for income taxes133 130 150 
Deferred
United States - Federal(12)(40)24 (4)
United States - State(5)(6)7 
Non-United States (170)(2)(55)(89)(5)
Total deferred provision for income taxes(187)(101)(58)
Total (benefit) provision for income taxes$(54)$29 $92 
(1)Primarily relates to the UK tax restructuring activities in Fiscal 2024.
(2)Primarily relates to the impairment of Jimmy Choo and Versace indefinite-lived intangible assets in Fiscal 2024.
(3)Primarily relates to the remeasurement of an Asian income tax reserve.
(4)Relates to the impact of United States tax accounting method change filed during Fiscal 2022 with respect to cost capitalization.
(5)Primarily relates to a valuation allowance reversal in Italy during Fiscal 2022.
The Company’s benefit for income taxes for the year ended March 30, 2024 and provision for income taxes for the years ended April 1, 2023 and April 2, 2022 were different from the amount computed by applying the statutory U.K. income tax rates to the underlying (Loss) income before (benefit) provision for income taxes as a result of the following (amounts in millions):
 Fiscal Years Ended
 March 30,
2024		April 1,
2023		April 2,
2022
Amount
% (1)
Amount
% (1)
Amount
% (1)
(Benefit) provision for income taxes at the U.K. statutory tax rate (2)
$(71)25.0 %$123 19.0 %174 19.0 %
Effects of global financing arrangements (3)
(28)9.9 %(78)(12.1)%(61)(6.7)%
Differences in tax effects on foreign income(25)8.8 %(1)(0.2)%10 1.1 %
Liability for uncertain tax positions(11)3.9 %(3)(0.4)%91 9.9 %
Effect of changes in valuation allowances on deferred tax assets(9)3.1 %(37)(5.8)%(67)(7.3)%
Non-deductible goodwill impairment (4)
48 (17.0)%15 2.4 %— — %
State and local income taxes, net of federal benefit11 (3.9)%10 1.5 %12 1.3 %
Share based compensation15 (5.4)%6 0.9 %3 0.4 %
Withholding tax5 (1.6)%3 0.5 %5 0.6 %
Merger related costs4 (1.5)%— — %— — %
Brand tax basis step-up— — %— — %(46)(5.0)%
CARES Act tax loss carryback— — %— — %(43)(4.6)%
Tax rate change impact on deferred items— — %— — %21 2.1 %
Other7 (2.3)%(9)(1.3)%(7)(0.7)%
Effective tax rate$(54)19.0 %$29 4.5 %$92 10.1 %
(1)Tax rates are calculated using unrounded numbers.
(2)The UK statutory tax rate increased from 19% to 25% on April 1, 2023.
(3)Includes the tax related impacts of hedge terminations in conjunction with global financing arrangements.
(4)Attributable to goodwill impairment charges related to Jimmy Choo reporting units in Fiscal 2024.
Significant components of the Company’s deferred tax assets (liabilities) consist of the following (in millions):
Fiscal Years Ended
March 30,
2024		April 1,
2023
Deferred tax assets
Operating lease liabilities$458 $442 
Net operating loss carryforwards334 115 
Accrued interest108 70 
Depreciation47 61 
Sales allowances29 38 
Inventories23 21 
Capitalized research and development18 — 
Stock compensation4 6 
Payroll related accruals2 3 
Other18 29 
Total deferred tax assets1,041 785 
Valuation allowance(176)
(1)
(52)
(3)
Net deferred tax assets865 733 
Deferred tax liabilities
Goodwill and intangibles(333)
(2)
(420)
Operating lease right-of-use-assets(359)(339)
Derivative financial instruments(183)(186)
Total deferred tax liabilities(875)(945)
Net deferred tax liabilities$(10)$(212)
(1)Includes an incremental Swiss valuation allowance recorded during Fiscal 2024.
(2)Includes the impact of the Jimmy Choo and Versace indefinite-lived intangible asset impairment recorded during Fiscal 2024.
(3)Includes a U.K. valuation allowance reversal during Fiscal 2023.
The Company maintains valuation allowances on deferred tax assets applicable to subsidiaries in jurisdictions for which separate income tax returns are filed and where realization of the related deferred tax assets from future profitable operations is not reasonably assured. The valuation allowance increased $124 million in Fiscal 2024 and decreased $40 million and $67 million in Fiscal 2023 and Fiscal 2022, respectively. In certain jurisdictions, the Company increased the valuation allowance by $135 million, $6 million and $34 million and released valuation allowances of $11 million, $14 million and $13 million in Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively.
As of March 30, 2024, the Company had non-United States and United States net operating loss carryforwards of $1.797 billion, a portion of which will begin to expire in Fiscal 2025.
As of March 30, 2024 and April 1, 2023, the Company had liabilities related to its uncertain tax positions, including accrued interest, of $188 million and $236 million, respectively, which are included in other long-term liabilities in the Company’s consolidated balance sheets.
The total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate, was $173 million, $221 million and $234 million as of March 30, 2024, April 1, 2023 and April 2, 2022, respectively. A reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding accrued interest, for Fiscal 2024, Fiscal 2023 and Fiscal 2022, are presented below (in millions):
Fiscal Years Ended
March 30,
2024		April 1,
2023		April 2,
2022
Unrecognized tax benefits beginning balance$200 $221 $107 
Additions related to prior period tax positions16 12 105 
Additions related to current period tax positions6 14 29 
Decreases related to audit settlements(46)(1)(2)(13)
Decreases related to prior period tax positions
(16)(42)(4)
Decreases in prior period positions due to lapses in statute of limitations
(3)(3)(3)
Unrecognized tax benefits ending balance$157 $200 $221 
(1)This amount is primarily related to settlements of Italian transfer pricing and Hong Kong corporate income tax audits during Fiscal 2024.
The Company classifies interest and penalties related to unrecognized tax benefits as components of the provision for income taxes. The Company recognized a reduction of $11 million interest and penalties in the consolidated statements of operations and comprehensive (loss) income for Fiscal 2024. The interest and penalties recognized in the consolidated statements of operations and comprehensive (loss) income for Fiscal 2023 and Fiscal 2022 was $14 million and $13 million, respectively.
The total amount of unrecognized tax benefits relating to the Company’s tax positions is subject to change based on future events including, but not limited to, the settlement of ongoing tax audits and assessments and the expiration of applicable statutes of limitations. The Company anticipates that the balance of gross unrecognized tax benefits, excluding interest and penalties, will be reduced by $36 million during the next 12 months, primarily due to the anticipated settlement of tax examinations as well as statute of limitation expirations. However, the outcomes and timing of such events are highly uncertain and changes in the occurrence, expected outcomes and timing of such events could cause the Company’s current estimate to change materially in the future.
The Company files income tax returns in the United States and in various foreign, state and local jurisdictions. Most examinations have been completed by tax authorities or the statute of limitations has expired for United States federal, foreign, state and local income tax returns filed by the Company for years through Fiscal 2018.
Prior to the enactment of the Tax Cuts and Jobs Act (“Tax Act”), the Company’s undistributed foreign earnings were considered permanently reinvested and, as such, United States federal and state income taxes were not previously recorded on these earnings. As a result of the Tax Act, substantially all of the Company’s earnings in foreign subsidiaries generated prior to the enactment of the Tax Act were deemed to have been repatriated. It remains the Company’s intent to either reinvest indefinitely substantially all of its foreign earnings outside of the United States or repatriate them tax neutrally. However, if future earnings are repatriated, the potential exists that the Company may be required to accrue and pay additional taxes, including any applicable foreign withholding tax and income taxes. It is not practicable to estimate the amount of tax that might be payable if these earnings were repatriated due to the complexities associated with the hypothetical calculation.
v3.24.1.1.u2
Retirement Plans
 12 Months Ended
Mar. 30, 2024
Retirement Benefits [Abstract]  
Retirement Plans Retirement Plans
The Company maintains defined contribution retirement plans for its employees, who generally become eligible to participate after three months of service. Features of these plans allow participants to contribute a percentage of their compensation, up to statutory limits depending upon the country in which the employee resides, and provide for mandatory and/or discretionary matching contributions by the Company, which vary by country. During Fiscal 2024, Fiscal 2023, and Fiscal 2022, the Company recognized expenses of approximately $18 million, $17 million and $16 million, respectively, related to these retirement plans.
v3.24.1.1.u2
Segment Information
 12 Months Ended
Mar. 30, 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 store 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 systems 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, the impact of the war in Ukraine, restructuring and other expenses and COVID-19 related expenses. 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):
 Fiscal Years Ended
 March 30,
2024		April 1,
2023		April 2,
2022
Total revenue:
Versace$1,030 $1,106 $1,088 
Jimmy Choo618 633 613 
Michael Kors3,522 3,880 3,953 
Total revenue$5,170 $5,619 $5,654 
Income from operations:
Versace$25 $152 $185 
Jimmy Choo3 38 13 
Michael Kors634 868 1,005 
Total segment income from operations662 1,058 1,203 
Less:Corporate expenses(275)(233)(190)
Impairment of assets (1)
(575)(142)(73)
Merger related costs(20)— — 
COVID-19 related charges (2)
— 9 14 
Impact of war in Ukraine (3)
— 3 (9)
Restructuring and other expense(4)
(33)(16)(42)
Total (loss) income from operations$(241)$679 $903 
(1)Impairment of assets during Fiscal 2024 includes $283 million, $267 million and $25 million of impairment charges related to the Versace, Jimmy Choo and Michael Kors reportable segments, respectively. Impairment of assets during Fiscal 2023 includes $110 million, $30 million and $2 million of impairment charges related to the Jimmy Choo, Michael Kors and Versace reportable segments, respectively. Impairment of assets during Fiscal 2022 includes $50 million, $19 million and $4 million of impairment charges related to the Michael Kors, Versace and Jimmy Choo reportable segments, respectively.
(2)COVID-19 related charges during Fiscal 2023 primarily include net inventory credits of $9 million. COVID-19 related charges during Fiscal 2022 primarily include net inventory credits and severance expense of $16 million and $2 million, respectively. Inventory related costs are recorded within costs of goods sold and severance expense and credit losses are recorded within selling, general and administrative expenses in the consolidated statements of operations and comprehensive (loss) income.
(3)These charges primarily relate to incremental credit losses and inventory reserves which are a direct impact of the war in Ukraine. Credit losses are recorded within selling, general and administrative expenses and inventory related costs are recorded within costs of goods sold in the consolidated statements of operations and comprehensive (loss) income.
(4)See Note 11 for details on the Company's restructuring program.
Depreciation and amortization expense for each segment are as follows (in millions):
 Fiscal Years Ended
 March 30,
2024		April 1,
2023		April 2,
2022
Depreciation and amortization:
Versace$55 $51 $52 
Jimmy Choo29 29 31 
Michael Kors82 95 110 
Corporate22 4 — 
Total depreciation and amortization$188 $179 $193 
Total revenue (based on country of origin) and long-lived assets by geographic location are as follows (in millions):
 Fiscal Years Ended
 March 30,
2024		April 1,
2023		April 2,
2022
Revenue:
The Americas (1)
$2,812 $3,220 $3,210 
EMEA1,501 1,542 1,489 
Asia 857 857 955 
Total revenue$5,170 $5,619 $5,654 
 As of
March 30,
2024		April 1,
2023		April 2,
2022
Long-lived assets:
The Americas (1)
$1,031 $882 $908 
EMEA1,818 2,129 2,156 
Asia 562 599 617 
Total long-lived assets$3,411 $3,610 $3,681 
(1)Net revenues earned in the United States during Fiscal 2024, Fiscal 2023 and Fiscal 2022 were $2.546 billion, $2.951 billion and $2.989 billion, respectively. Long-lived assets located in the United States as of March 30, 2024, April 1, 2023 and April 2, 2022 were $993 million, $826 million and $858 million, respectively.

As of March 30, 2024, the Company’s total long-lived assets on its consolidated balance sheet were $3.411 billion, of which, $1.650 billion related to Michael Kors, $1.220 billion related to Versace and $541 million related to Jimmy Choo.
See Note 9 for the Company’s goodwill by reportable segment.
Total revenue by major product category are as follows (in millions):
 Fiscal Years Ended
 March 30,
2024		% of
Total		April 1,
2023		% of
Total		April 2,
2022		% of
Total
Accessories$2,570 49.7 %$2,826 50.3 %$2,901 51.3 %
Footwear1,151 22.3 %1,217 21.7 %1,208 21.4 %
Apparel965 18.7 %1,107 19.7 %1,027 18.2 %
Licensed product230 4.4 %222 4.0 %241 4.3 %
Licensing revenue219 4.2 %211 3.8 %212 3.7 %
Other35 0.7 %36 0.5 %65 1.1 %
Total revenue$5,170 $5,619 $5,654 
v3.24.1.1.u2
Subsequent Events
 12 Months Ended
Mar. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On April 22, 2024, the U.S. FTC filed a lawsuit in the United States District Court for the Southern District of New York against Tapestry and Capri seeking to block the Merger, claiming that the Merger would violate Section 7 of the Clayton Act and that the Merger Agreement and the Merger constitute unfair methods of competition in violation of Section 5 of the Federal Trade Commission Act and should be enjoined. The Company believes the FTC’s claims are without merit, and the Company, together with Tapestry, intend to vigorously defend the lawsuit.
v3.24.1.1.u2
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Apr. 02, 2022
Pay vs Performance Disclosure      
Net (loss) income attributable to Capri $ (229) $ 616 $ 822
v3.24.1.1.u2
Insider Trading Arrangements
 3 Months Ended
Mar. 30, 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
v3.24.1.1.u2
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Mar. 30, 2024
Accounting Policies [Abstract]  
Consolidation
The 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 Company consolidates the results of its Versace business on a one-month lag, as consistent with prior periods.
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 fiscal years ending on March 30, 2024 and April 1, 2023 (“Fiscal 2024” and “Fiscal 2023”, respectively) contain 52 weeks, whereas the fiscal year ending April 2, 2022 (“Fiscal 2022”) contains 53 weeks. The Company’s Fiscal 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.
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 recognizes retail store revenues when control of the product is transferred at the point of sale at Company owned stores, including concessions, net of estimated returns. Revenue from sales through the Company’s e-commerce sites is recognized at the time of delivery to the customer, reduced by an estimate of returns. Wholesale revenue is recognized net of estimates for sales returns, discounts, markdowns and allowances, after merchandise is shipped and control of the underlying product is transferred to the Company’s wholesale customers. To arrive at net sales for retail revenue, gross sales are reduced by actual customer returns as well as by a provision for estimated future customer returns, which is based on management’s review of historical and future customer return expectations. Sales taxes collected from retail customers are presented on a net basis and, as such, are excluded from revenue. To arrive at net sales for wholesale revenue, gross sales are reduced by provisions for estimated future returns, based on current expectations, as well as trade discounts, markdowns, allowances, operational chargebacks, and certain cooperative selling expenses. These estimates are based on factors such as historical trends, actual and forecasted performance and current market conditions, which are reviewed by management on a quarterly basis.
Royalty revenue generated from product licenses, which includes contributions for advertising, is based on reported sales of licensed products bearing the Company’s trademarks at rates specified in the license agreements. These agreements are also subject to contractual minimum levels. Royalty revenue generated by geographic licensing agreements is recognized as it is earned under the licensing agreements based on reported sales of licensees applicable to specified periods, as outlined in the agreements. These agreements allow for the use of the Company’s tradenames to sell its branded products in specific geographic regions.
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. The contract liability, net of an estimated “breakage,” is recorded within accrued expenses and other current liabilities in the Company’s consolidated balance sheets and is expected to be recognized within the next 12 months.
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 $15 million and $14 million as of March 30, 2024 and April 1, 2023, respectively, and is included in accrued expenses and other current liabilities in 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.
Sales Returns
For the sale of goods with a right of return, the Company recognizes revenue for the consideration for which it expects to be entitled and a refund liability for the amount it expects to refund to its customers within accrued expenses and other current liabilities. The refund liability is estimated based on management’s review of historical and current customer returns for its retail and wholesale customers, estimated future returns, adjusted for non-resalable products. The Company also considers its product strategies, as well as the financial condition of its customers, store closings by wholesale customers, changes in the retail environment and other macroeconomic factors. The Company recognizes an asset with a corresponding adjustment to cost of sales for the right to recover the products from its retail and wholesale customers.
Contract Balances
The Company’s contract liabilities are recorded within accrued expenses and other current liabilities and other long-term liabilities in its consolidated balance sheets depending on the short- or long-term nature of the payments to be recognized. The Company’s contract liabilities primarily consist of gift card liabilities, advanced payments from product licensees and loyalty program liabilities.
Advertising and Marketing Costs Advertising and marketing costs are generally expensed when the advertisement is first exhibited and are recorded in selling, general and administrative expenses in the Company’s consolidated statements of operations and comprehensive (loss) income.Cooperative advertising expense, which represents the Company’s participation in advertising expenses of its wholesale customers, is reflected as a reduction to revenue.
Shipping and Handling Inbound freight expenses are recorded as part of cost of goods sold, along with product costs and other costs to acquire inventory. The costs of preparing products for sale, including warehousing expenses, are included in selling, general and administrative expenses in the Company’s consolidated statements of operations and comprehensive (loss) income. Outbound freight expenses are recorded as part of selling, general and administrative expenses and include the costs of shipping products to the Company’s e-commerce customers.
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. The combined total of raw materials and work in process recorded on the Company’s consolidated balance sheets as of March 30, 2024 and April 1, 2023 were $45 million and $47 million, respectively. Inventories are stated at the lower of cost or net realizable value. Cost is determined using the weighted-average cost method. Costs include amounts paid to independent manufacturers, plus duties and freight to bring the goods to the Company’s warehouses, as well as shipments to stores. The Company continuously evaluates the composition of its inventory and makes adjustments when the cost of inventory is not expected to be fully recoverable. The net realizable value of the Company’s inventory is estimated based on historical experience, current and forecasted demand and other market conditions. In addition, reserves for inventory losses are estimated based on historical experience and physical inventory counts. The Company’s inventory reserves are estimates, which could vary significantly from actual results if future economic conditions, customer demand or competition differ from expectations. The Company’s historical estimates of these adjustments have not differed materially from actual results.
Store Pre-opening Costs
Costs associated with the opening of new retail stores and start up activities are expensed as incurred.
Property and Equipment
Property and equipment is stated at cost less accumulated depreciation and amortization (carrying value). Depreciation is recorded on a straight-line basis over the expected remaining useful lives of the related assets. Equipment, furniture and fixtures are depreciated over five to seven years, computer hardware and software are depreciated over three to five years. The Company’s share of the cost of constructing in-store shop displays within its wholesale customers’ floor-space (“shop-in-shops”), which is paid directly to third-party suppliers, is capitalized as property and equipment and is generally amortized over a useful life of three to five years. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated remaining useful lives of the related assets or the remaining lease term, including highly probable renewal periods. Maintenance and repairs are charged to expense as incurred.
The Company capitalizes, in property and equipment, direct costs incurred during the application development stage and the implementation stage for developing, purchasing or otherwise acquiring software for its internal use. These costs are amortized over the estimated useful lives of the software, generally five years, except for ERP systems which has an estimated useful life of ten years. All costs incurred during the preliminary project stage, including project scoping and identification and testing of alternatives, are expensed as incurred.
Definite-lived Intangible Assets
The Company’s definite-lived intangible assets consist of trademarks and customer relationships which are stated at cost less accumulated amortization. The Company’s customer relationships are amortized over five to eighteen years. Reacquired rights recorded in connection with the acquisition of Michael Kors (HK) Limited and Subsidiaries (“MKHKL”) are amortized through March 31, 2041, the original expiration date of the Michael Kors license agreement in the Greater China region. The trademark for the Michael Kors brand is amortized over twenty years.
Long-lived Assets The Company evaluates all long-lived assets, including operating lease right-of-use assets, property and equipment and definite-lived intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of any such asset may not be recoverable. For the purposes of impairment testing, the Company groups long-lived assets at the lowest level of identifiable cash flow. Leasehold improvements are typically amortized over the term of the store lease, including reasonably assured renewals and the shop-in-shops are amortized over a useful life of three to five years. The Company’s impairment testing is based on its best estimate of the future operating cash flows. If the sum of the estimated undiscounted future cash flows associated with the asset is less than the asset’s carrying value, the Company would recognize an impairment charge, which is measured as the amount by which the carrying value exceeds the fair value of the asset. The fair values determined by management require significant judgment and include certain assumptions regarding future sales and expense growth rates, discount rates and estimates of real estate market fair values. As such, these estimates may differ from actual results and are affected by future market and economic conditions.
Goodwill and Other Indefinite-lived Intangible Assets
The Company records intangible assets based on their fair value on the date of acquisition. Goodwill is recorded as the difference between the fair value of the purchase consideration and the fair value of the net identifiable tangible and intangible assets acquired. The brand intangible assets recorded in connection with the acquisitions of Versace and Jimmy Choo were determined to be indefinite-lived intangible assets, which are not subject to amortization. The Company performs an impairment assessment of goodwill, as well as the Versace brand and Jimmy Choo brand intangible assets on an annual basis, or whenever impairment indicators exist. In the absence of any impairment indicators, goodwill, the Versace brand and the Jimmy Choo brand are assessed for impairment during the fourth quarter of each fiscal year. Judgments regarding the existence of impairment indicators are based on market conditions and operational performance of the business.
The Company may assess its goodwill and its brand intangible assets for impairment initially using a qualitative approach to determine whether it is more likely than not that the fair value of these assets is greater than their carrying value. When performing a qualitative test, the Company assesses various factors, including industry and market conditions, macroeconomic conditions and performance of its businesses. If the results of the qualitative assessment indicate that it is more likely than not that the goodwill and other indefinite-lived intangible assets are impaired, a quantitative impairment analysis is
performed to determine if impairment is required. The Company may also elect to perform a quantitative analysis of goodwill and its indefinite-lived intangible assets initially rather than using a qualitative approach.
The impairment testing for goodwill is performed at the reporting unit level. The Company uses industry accepted valuation models and set criteria that are reviewed and approved by various levels of management and, in certain instances, it engages independent third-party valuation specialists. To determine the fair value of a reporting unit, the Company uses a combination of the income and market approaches, when applicable. The Company believes the blended use of both models, when applicable, compensates for the inherent risk associated with either model if used on a stand-alone basis, and this combination is indicative of the factors a market participant would consider when performing a similar valuation. If the fair value of a reporting unit exceeds the related carrying value, the reporting unit’s goodwill is considered not to be impaired and no further testing is performed. If the carrying value of a reporting unit exceeds its fair value, an impairment loss is recorded for the difference. These valuations are affected by certain estimates, including future revenue growth rates, future operating expense growth rates, gross margins, discount rates and market multiples. Future events could cause us to conclude that impairment indicators exist and goodwill may be impaired.
When performing a quantitative impairment assessment of brand intangible assets, the fair value of the Versace and the Jimmy Choo brands is estimated using a discounted cash flow analysis based on the “relief from royalty” method, assuming that a third-party would be willing to pay a royalty in lieu of ownership for this intangible asset. This approach is dependent on many factors, including estimates of future revenue growth rates, royalty rates and discount rates. Actual future results may differ from these estimates. An impairment loss is recognized when the estimated fair value of the brand intangible assets is less than its carrying amount.
During the fourth quarter of Fiscal 2024, the Company performed its annual goodwill and indefinite-lived intangible assets impairment analysis for each brand. Based on a qualitative impairment assessment of the Michael Kors reporting units, the Company concluded that it is more likely than not that the fair value of the Michael Kors reporting units exceeded its carrying value and, therefore, was not impaired.
The Company elected to perform quantitative impairment analyses for the Versace and Jimmy Choo reporting units, using a combination of income and market approaches to estimate the fair values of these reporting units. The Company also elected to perform a quantitative impairment analysis for the Versace and Jimmy Choo brand intangible assets using an income approach to estimate the fair values. The Company performed its annual goodwill and indefinite-lived intangible asset impairment analysis for the Versace and Jimmy Choo reporting units, using a combination of income and market approaches to estimate the fair value of each brands’ reporting units. The Company also elected to perform a quantitative impairment analysis for both the Versace and Jimmy Choo brand indefinite-lived intangible assets using an income approach to estimate fair values.
Based on the results of these assessments, the Company determined there was no impairment for the Jimmy Choo Licensing reporting unit goodwill as the fair value was significantly higher than the related carrying value. Further, the Company concluded that the fair value of the Jimmy Choo Retail and Wholesale reporting unit goodwill and Retail and Wholesale brand indefinite-lived intangible assets did not exceed their related carrying amounts and the Company recorded impairment. These impairment charges were primarily related to a decline in revenue expectations driven by a softening demand globally for fashion luxury goods. Accordingly, the Company recorded goodwill impairment charges of $192 million related to the Jimmy Choo Retail and Wholesale reporting units. The Jimmy Choo Retail reporting unit’s goodwill balance was fully impaired and the Jimmy Choo Wholesale reporting unit had a remaining goodwill balance of $81 million. The Company also recorded impairment charges of $70 million related to the Jimmy Choo Retail and Wholesale brand intangible assets that have remaining balances of $152 million and $63 million, respectively. The impairment charges were recorded within impairment of assets on the Company’s consolidated statements of operations and comprehensive (loss) income for the fiscal year ended March 30, 2024.
Further, based on the results of these assessments, the Company determined that there was no impairment for the Versace Retail and Licensing reporting units, as the fair values of these reporting units significantly exceeded the related carrying amounts. Also, there was no impairment for the Versace Wholesale reporting unit as its fair value was approximately 3% higher than the carrying value which has a goodwill balance of $284 million. Additionally, the fair value of the Versace Retail and Wholesale brand indefinite-lived intangible assets did not exceed their related carrying amounts. These impairment charges were primarily related to a slowdown in revenue driven by softening demand globally for fashion luxury goods. During Fiscal 2024, the Company recorded $227 million related to the Versace Retail and Wholesale brand intangible assets that have remaining balances of $507 million and $162 million, respectively. The impairment charges were recorded within impairment of assets on the Company’s consolidated statements of operations and comprehensive (loss) income for the fiscal year ended March 30, 2024.
In Fiscal 2023, the Company recorded impairment charges of $82 million related to the Jimmy Choo retail and Jimmy Choo licensing reporting units and $24 million related to the Jimmy Choo brand intangible assets. The impairment charges were recorded within impairment of assets on the Company’s consolidated statement of operations and comprehensive (loss) income for the fiscal year ended April 1, 2023. In Fiscal 2022, the Company did not incur any impairment charges. See Note 9 for information relating to the Company’s annual impairment analysis performed during the fourth quarter of Fiscal 2024, Fiscal 2023 and Fiscal 2022.
It is possible that the Company’s conclusions regarding impairment or recoverability of goodwill or other indefinite-lived intangible assets could change in future periods if, for example, (i) the Company’s businesses do not perform as projected, (ii) overall economic conditions in future years vary from current assumptions, (iii) business conditions or strategies change from current assumptions, (iv) discount rates change, (v) market multiples change or (vi) the identification of the Company’s reporting units change, among other factors. Such changes could result in a future impairment charges to goodwill and/or other indefinite-lived intangible assets.
Insurance
The Company uses a combination of third-party insurance coverage and self-insurance programs, including a wholly-owned captive insurance entity, to mitigate certain risks, including workers’ compensation and employee-related health care benefits. The Company also maintains stop-loss coverage with third-party insurers to limit its exposure arising from certain claims. Self-insurance claims filed and claims incurred but not reported are accrued based upon management’s estimates of the discounted cost for self-insured claims incurred using actuarial assumptions, historical loss experience, actual payroll and other data. Although the Company believes that it can reasonably estimate losses related to these claims, actual results could differ from these estimates.
The Company also maintains other types of customary business insurance policies, including general liability, directors and officers, marine transport and inventory and business interruption insurance. Insurance recoveries represent gain contingencies and are recorded upon actual settlement with the insurance carrier.
Share-based Compensation
The Company grants share-based awards to certain employees and directors of the Company. The grant date fair value of share options is calculated using the Black-Scholes option pricing model. The Company uses its own historical experience in determining the expected holding period and volatility of its time-based share option awards. The risk-free interest rate is derived from the zero-coupon United States (“U.S.”) Treasury Strips yield curve based on the grant’s estimated holding period. Determining the grant date fair value of share-based awards requires considerable judgment, including estimating expected volatility, expected term and risk-free rate. If factors change and the Company employs different assumptions, the fair value of future awards and the resulting share-based compensation expense may differ significantly from what the Company has estimated in the past.
The closing market price of the Company’s shares on the date of grant is used to determine the grant date fair value of restricted shares, time-based restricted stock units (“RSUs”) and performance-based RSUs. These fair values are recognized as expense over the requisite service period, net of estimated forfeitures, based on expected attainment of pre-established performance goals for performance grants, or the passage of time for those grants which have only time-based vesting requirements.
Foreign Currency Translation and Transactions
The financial statements of the majority of the Company’s foreign subsidiaries are measured using the local currency as the functional currency. The Company’s functional currency is the United States Dollar (“USD”) for Capri and its United States based subsidiaries. Assets and liabilities are translated using period-end exchange rates, while revenues and expenses are translated using average exchange rates over the reporting period. The resulting translation adjustments are recorded separately in shareholders’ equity as a component of accumulated other comprehensive income. Foreign currency income and loss resulting from the re-measuring of transactions denominated in a currency other than the functional currency of a particular entity are included in foreign currency loss on the Company’s consolidated statements of operations and comprehensive (loss) income.
Derivative Financial Instruments
The Company uses 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 in 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 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 also 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 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 income (loss) (“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 expense (income), 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.
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 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 loss on the Company’s consolidated statements of operations and comprehensive (loss) income.
Income Taxes
Deferred income tax assets and liabilities provide for temporary differences between the tax bases and financial reporting bases of the Company’s assets and liabilities using the tax rates and laws in effect for the periods in which the differences are expected to reverse. The Company periodically assesses the realizability of deferred tax assets and the adequacy of deferred tax liabilities, based on the results of local, state, federal or foreign statutory tax audits or estimates and judgments used.
Realization of deferred tax assets associated with net operating loss and tax credit carryforwards are dependent upon generating sufficient taxable income prior to their expiration in the applicable tax jurisdiction. The Company periodically reviews the recoverability of its deferred tax assets and provides valuation allowances, as deemed necessary, to reduce deferred tax assets to amounts that more-likely-than-not will be realized. The Company considers many factors when assessing the likelihood of future realization of deferred tax assets, including recent earnings within various taxing jurisdictions, expectations of future taxable income, the carryforward periods remaining and other factors. Changes in the required valuation allowance are recorded in income in the period such determination is made. Deferred tax assets could be reduced in the future if the Company’s estimates of taxable income during the carryforward period are significantly reduced or alternative tax strategies are no longer viable.
The Company recognizes the impact of an uncertain income tax position taken on its income tax returns at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will be recognized if it has less than a 50% likelihood of being sustained. The tax positions are analyzed periodically (at least quarterly) and adjustments are made as events occur that warrant adjustments for those positions. The Company records interest expense and penalties payable to relevant tax authorities as income tax expense.
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 April 2028. The Company acts as sublessor in certain leasing arrangements, primarily related to closed stores under its restructuring initiatives, as defined in Note 11. Fixed sublease payments received are recognized 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 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 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 rentals 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.
Debt Issuance Costs and Unamortized Discounts
The Company defers debt issuance costs directly associated with acquiring third-party financing. These debt issuance costs and any discounts on issued debt are amortized on a straight-line basis, which approximates the effective interest method, as interest expense over the term of the related indebtedness. Deferred financing fees associated with the Company’s Revolving Credit Facilities are primarily recorded within other assets in the Company’s consolidated balance sheets. Deferred financing
fees and unamortized discounts associated with the Company’s other borrowings are primarily recorded as an offset to long-term debt in the Company’s consolidated balance sheets.
Net (Loss) Income per Share
The Company’s basic net (loss) income per ordinary share is calculated by dividing net (loss) income by the weighted average number of ordinary shares outstanding during the period. Diluted net (loss) income per ordinary share reflects the potential dilution that would occur if RSUs or any other potentially dilutive instruments, including share option grants, 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 and Recently Issued Accounting Pronouncements
Recently Adopted Accounting Pronouncements
Government Assistance Disclosures
In November 2021, the Financial Accounting Standards Board (“FASB”) issued ASU 2021-10, “Disclosures by Business Entities about Government Assistance”, which requires all businesses provide annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. These disclosures include providing the nature of the transactions and the related accounting policy used to account for the transactions, the amounts and financial statement line items impacted by these transactions, and the significant terms and conditions of these transactions, including commitments and contingencies related to such transactions. ASU 2021-10 is effective for the Company beginning in its Fiscal 2023 with early adoption permitted. The Company early adopted ASU 2021-10 during the third quarter of Fiscal 2022 and will continue to utilize the grant accounting model.
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 the first quarter of Fiscal 2025 on a prospective basis. See Note 12 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’s Annual Report on Form 10-K for the fiscal year ending 2025, 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.
Receivables
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 collectability 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.
Fair Value Measurements The Company’s debt obligations are recorded in 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.
v3.24.1.1.u2
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Mar. 30, 2024
Accounting Policies [Abstract]  
Activity and Balances of Sales Reserves
The following table details the activity and balances of the Company’s sales reserves for the fiscal years ended March 30, 2024, April 1, 2023, and April 2, 2022 (in millions):
 Balance
Beginning
of Year		Amounts
Charged to
Revenue		Write-offs
Against
Reserves		Balance
at
Year End
Total Sales Reserves:
Fiscal Year Ended March 30, 2024$95 $378 $(394)$79 
Fiscal Year Ended April 1, 202392 400 (397)95 
Fiscal Year Ended April 2, 202298 333 (339)92 
Schedule of Cash and Cash Equivalents
A reconciliation of cash, cash equivalents and restricted cash as of March 30, 2024 and April 1, 2023 from the consolidated balance sheets to the consolidated statements of cash flows is as follows:
 Fiscal Years Ended
 March 30,
2024		April 1,
2023
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents$199 $249 
Restricted cash included within prepaid expenses and other current assets6 7 
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows$205 $256 
Restrictions on Cash and Cash Equivalents
A reconciliation of cash, cash equivalents and restricted cash as of March 30, 2024 and April 1, 2023 from the consolidated balance sheets to the consolidated statements of cash flows is as follows:
 Fiscal Years Ended
 March 30,
2024		April 1,
2023
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents$199 $249 
Restricted cash included within prepaid expenses and other current assets6 7 
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows$205 $256 
Components of Calculation of Basic Net Income Per Ordinary Share and Diluted Net Income Per Ordinary Share
The components of the calculation of basic net (loss) income per ordinary share and diluted net (loss) income per ordinary share are as follows (in millions, except share and per share data):
 Fiscal Years Ended
 March 30,
2024		April 1,
2023		April 2,
2022
Numerator:
Net (loss) income attributable to Capri$(229)$616 $822 
Denominator:
Basic weighted average shares117,014,420 132,532,009 149,724,675 
Weighted average dilutive share equivalents:
Share options, restricted stock units, and performance restricted stock units— 1,470,471 2,773,232 
Diluted weighted average shares117,014,420 134,002,480 152,497,907 
Basic net (loss) income per share (1)
$(1.96)$4.65 $5.49 
Diluted net (loss) income per share (1)
$(1.96)$4.60 $5.39 
(1)Basic and diluted net (loss) income per share are calculated using unrounded numbers.
v3.24.1.1.u2
Revenue Recognition (Tables)
 12 Months Ended
Mar. 30, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Contractually Guaranteed Minimum Fees As of March 30, 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
Fiscal 2025$35 
Fiscal 202632 
Fiscal 202728 
Fiscal 202820 
Fiscal 202917 
Fiscal 2030 and thereafter13 
 Total$145 
Schedule of Revenue Disaggregation
The following table presents the Company’s segment revenues disaggregated by geographic location (in millions):
 Fiscal Years Ended
 March 30,
2024		April 1,
2023		April 2,
2022
Versace - the Americas$338 $408 $408 
Versace - EMEA444 468 425 
Versace - Asia248 230 255 
 Total Versace revenue1,030 1,106 1,088 
Jimmy Choo - the Americas176 196 175 
Jimmy Choo - EMEA266 255 229 
Jimmy Choo - Asia176 182 209 
 Total Jimmy Choo revenue618 633 613 
Michael Kors - the Americas2,298 2,616 2,627 
Michael Kors - EMEA791 819 835 
Michael Kors - Asia433 445 491 
 Total Michael Kors revenue3,522 3,880 3,953 
Total - the Americas2,812 3,220 3,210 
Total - EMEA1,501 1,542 1,489 
Total - Asia857 857 955 
Total revenue$5,170 $5,619 $5,654 
v3.24.1.1.u2
Leases (Tables)
 12 Months Ended
Mar. 30, 2024
Leases [Abstract]  
Schedule of Supplemental Balance Sheet Information
The following table presents supplemental balance sheet information related to leases (in millions):
Balance Sheet LocationMarch 30,
2024		April 1,
2023
Assets
Operating leasesOperating lease right-of-use assets$1,438 $1,330 
Liabilities
Current:
Operating leasesShort-term portion of operating lease liabilities$400 $429 
Non-current:
Operating leasesLong-term portion of operating lease liabilities$1,452 $1,348 
Schedule of Net Lease Costs and Supplemental Cash Flow Information
The components of net lease costs for the fiscal year ended March 30, 2024 and April 1, 2023 were as follows (in millions):
Consolidated Statement of Operations and
Comprehensive (Loss) Income Location		March 30,
2024		April 1,
2023
Operating lease costSelling, general and administrative expenses$402 $405 
Variable lease cost (1)
Selling, general and administrative expenses201 170 
Short-term lease costSelling, general and administrative expenses3 8 
Sublease incomeSelling, general and administrative expenses(7)(9)
Total lease cost, net$599 $574 
(1)The Company elected to account for rent concessions negotiated in connection with COVID-19 as if it were contemplated as part of the existing contract and these concessions are recorded as variable lease expense. For the fiscal year ended March 30, 2024, there were no rent concessions due to COVID-19. For the fiscal year ended April 1, 2023, rent concessions due to COVID-19 were $14 million.

The following table presents the Company’s supplemental cash flow information related to leases (in millions):
March 30,
2024		April 1,
2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases$516 $501 
Non-cash transactions:
Lease assets obtained in exchange for new lease liabilities528 344 
Rent concessions due to COVID-19— 14 
The following tables summarizes the weighted average remaining lease term and weighted average discount rate related to the Company’s operating lease right-of-use assets and lease liabilities recorded on the balance sheets as of March 30, 2024 and April 1, 2023:
March 30,
2024		April 1,
2023
Operating leases:
Weighted average remaining lease term (years)6.65.9
Weighted average discount rate4.3 %3.3 %
Schedule of Contractually Guaranteed Minimum Fees
At March 30, 2024, the future minimum lease payments under the terms of these noncancelable operating lease agreements are as follows (in millions):
March 30,
2024
Fiscal 2025$464 
Fiscal 2026372 
Fiscal 2027291 
Fiscal 2028243 
Fiscal 2029190 
Thereafter600 
Total lease payments2,160 
Less: interest(308)
Total lease liabilities$1,852 
At March 30, 2024, the future minimum sublease income under the terms of these noncancelable operating lease agreements are as follows (in millions):
March 30,
2024
Fiscal 2025$10 
Fiscal 20268 
Fiscal 20277 
Fiscal 20287 
Fiscal 20293 
Thereafter5 
Total sublease income$40 
v3.24.1.1.u2
Receivables, net (Tables)
 12 Months Ended
Mar. 30, 2024
Receivables [Abstract]  
Summary of Receivables, net
Receivables, net, consist of (in millions):
March 30,
2024		April 1,
2023
Trade receivables (1)
$360 $412 
Receivables due from licensees19 14 
379 426 
Less: allowances(47)(57)
Total receivables, net$332 $369 
(1)As of March 30, 2024 and April 1, 2023, $102 million and $96 million, respectively, of trade receivables were insured.
v3.24.1.1.u2
Property and Equipment, net (Tables)
 12 Months Ended
Mar. 30, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment, net
Property and equipment, net, consists of (in millions):
March 30,
2024		April 1,
2023
Leasehold improvements$535 $577 
Computer equipment and software279 237 
Furniture and fixtures187 216 
Equipment112 106 
Building 49 48 
In-store shops 43 44 
Land18 18 
Total property and equipment, gross 1,223 1,246 
Less: accumulated depreciation and amortization (726)(784)
Subtotal497 462 
Construction-in-progress82 90 
Total property and equipment, net$579 $552 
v3.24.1.1.u2
Intangible Assets and Goodwill (Tables)
 12 Months Ended
Mar. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Carrying Values of Finite-Lived Intangible Assets
The following table details the carrying values of the Company’s intangible assets other than goodwill (in millions):
 March 30, 2024April 1, 2023
 Gross
Carrying
Amount		Accumulated
Amortization/Impairment		Net Carrying AmountGross
Carrying
Amount		Accumulated
Amortization/Impairment		Net Carrying Amount
Definite-lived intangible assets:
Reacquired rights $400 $126 $274 $400 $109 $291 
Trademarks23 23 — 23 23 — 
Customer relationships401 165 236 397 136 261 
Total definite-lived intangible assets824 314 510 820 268 552 
Indefinite-lived intangible assets:
Jimmy Choo brand (1)
558 343 215 550 273 277 
Versace brand (2)
896 227 669 899 — 899 
Total indefinite-lived intangible assets1,454 570 884 1,449 273 1,176 
Total intangible assets, excluding goodwill$2,278 $884 $1,394 $2,269 $541 $1,728 
(1)The year-over-year change in net carrying amount reflects an impairment charge of $70 million and foreign currency translation of $8 million for the fiscal year ended March 30, 2024. For the fiscal year ended April 1, 2023, the Company recorded impairment charges of $24 million.
(2)The year-over-year change in net carrying amount reflects an impairment charge of $227 million and foreign currency translation of $3 million for the fiscal year ended March 30, 2024. There were no impairment charges for the fiscal year ended April 1, 2023.
Carrying Values of Indefinite-Lived Intangible Assets
The following table details the carrying values of the Company’s intangible assets other than goodwill (in millions):
 March 30, 2024April 1, 2023
 Gross
Carrying
Amount		Accumulated
Amortization/Impairment		Net Carrying AmountGross
Carrying
Amount		Accumulated
Amortization/Impairment		Net Carrying Amount
Definite-lived intangible assets:
Reacquired rights $400 $126 $274 $400 $109 $291 
Trademarks23 23 — 23 23 — 
Customer relationships401 165 236 397 136 261 
Total definite-lived intangible assets824 314 510 820 268 552 
Indefinite-lived intangible assets:
Jimmy Choo brand (1)
558 343 215 550 273 277 
Versace brand (2)
896 227 669 899 — 899 
Total indefinite-lived intangible assets1,454 570 884 1,449 273 1,176 
Total intangible assets, excluding goodwill$2,278 $884 $1,394 $2,269 $541 $1,728 
(1)The year-over-year change in net carrying amount reflects an impairment charge of $70 million and foreign currency translation of $8 million for the fiscal year ended March 30, 2024. For the fiscal year ended April 1, 2023, the Company recorded impairment charges of $24 million.
(2)The year-over-year change in net carrying amount reflects an impairment charge of $227 million and foreign currency translation of $3 million for the fiscal year ended March 30, 2024. There were no impairment charges for the fiscal year ended April 1, 2023.
Estimated Amortization Expense
Estimated amortization expense for each of the next five years is as follows (in millions):
Fiscal 2025$44 
Fiscal 202644 
Fiscal 202744 
Fiscal 202844 
Fiscal 202943 
Fiscal 2030 and thereafter291 
Total$510 
Changes in Goodwill for Reportable Segments
The following table details the changes in goodwill for each of the Company’s reportable segments (in millions):
VersaceJimmy ChooMichael Kors Total
Balance at April 2, 2022$874 $424 $120 $1,418 
Impairment charges (1)
— (82)— (82)
Foreign currency translation
(17)(26)— (43)
Balance at April 1, 2023857 316 120 1,293 
Impairment charges(1)
— (192)— (192)
Foreign currency translation
(4)9 — 5 
Balance at March 30, 2024$853 $133 $120 $1,106 
(1)The Company recorded impairment charges of $192 million during Fiscal 2024 related to the Jimmy Choo retail and wholesale reporting units. As of March 30, 2024, the Company had accumulated impairment charges of $539 million related to its Jimmy Choo reporting units.
v3.24.1.1.u2
Current Assets and Current Liabilities (Tables)
 12 Months Ended
Mar. 30, 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):
March 30,
2024		April 1,
2023
Prepaid taxes$88 $105 
Interest receivable related to hedges42 10 
Prepaid contracts21 22 
Other accounts receivables8 10 
Other56 48 
Total prepaid expenses and other current assets$215 $195 
Schedule of Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consist of the following (in millions):
March 30,
2024		April 1,
2023
Return liabilities$48 $54 
Accrued capital expenditures35 33 
Other taxes payable29 32 
Accrued advertising and marketing29 26 
Restructuring liability22 1 
Professional services18 14 
Accrued rent (1)
17 18 
Accrued interest17 16 
Accrued purchases and samples16 8 
Gift and retail store credits15 14 
Advance royalties4 18 
Accrued litigation4 12 
Other56 68 
Total accrued expenses and other current liabilities$310 $314 
(1)The accrued rent balance relates to variable lease payments.
v3.24.1.1.u2
Restructuring and Other Expense (Tables)
 12 Months Ended
Mar. 30, 2024
Restructuring and Related Activities [Abstract]  
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 April 1, 2023
$— $— $— 
Additions charged to expense 22 2 
(1)
24 
Payments(1)(1)(2)
Balance at March 30, 2024
$21 $1 $22 
(1)Excludes $2 million of impairment charges related to operating lease right-of-use assets recorded within restructuring and other expense on the consolidated statement of operations and comprehensive (loss) income for the fiscal year ended March 30, 2024.
v3.24.1.1.u2
Debt Obligations (Tables)
 12 Months Ended
Mar. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Debt Obligations
The following table presents the Company’s debt obligations (in millions):
March 30,
2024		April 1,
2023
Revolving Credit Facilities$764 $874 
Versace Term Loan486 488 
Senior Notes due 2024 (1)
450 450 
Other24 17 
Total debt 1,724 1,829 
Less: Unamortized debt issuance costs1 2 
Total carrying value of debt1,723 1,827 
Less: Short-term debt (1)
462 5 
Total long-term debt$1,261 $1,822 
(1)As of March 30, 2024, the Senior Notes, due in November 2024, are recorded within short-term debt on the Company’s consolidated balance sheets.
v3.24.1.1.u2
Fair Value Measurements (Tables)
 12 Months Ended
Mar. 30, 2024
Fair Value Disclosures [Abstract]  
Contracts Measured and Recorded at Fair Value on Recurring and Categorized in Level 2 of Fair Value Hierarchy
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 March 30, 2024, using:
Fair value at April 1, 2023, 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 $— $— $1 $— 
Total derivative assets$— $12 $— $— $1 $— 
Derivative liabilities:
Net investment hedges$— $88 $— $— $36 $— 
Fair value hedges— — — — 3 — 
Total derivative liabilities$— $88 $— $— $39 $— 
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):
March 30, 2024April 1, 2023
Carrying ValueEstimated
 Fair Value 		Carrying ValueEstimated
 Fair Value
Revolving Credit Facilities$764 $764 $874 $874 
Versace Term Loan$485 $487 $487 $481 
Senior Notes due 2024$450 $441 $449 $435 
Carrying Value and Fair Values of Impaired Long-Lived Assets
The following table details the carrying values and fair values of the Company’s assets that have been impaired (in millions):
Carrying Value Prior to ImpairmentFair Value
Impairment Charge (1)
Fiscal 2024:
Brands$1,181 $884 $297 
Goodwill549 357 192 
Operating Lease Right-of-Use Assets
175 98 77 
Property and Equipment
19 8 11 
Total$1,924 $1,347 $577 
Fiscal 2023:
Goodwill$681 $599 $82 
Operating Lease Right-of-Use Assets100 67 33 
Brands224 200 24 
Property and Equipment4 1 3 
Total$1,009 $867 $142 
Fiscal 2022:
Operating Lease Right-of-Use Assets$209 $133 $76 
Property and Equipment12 5 7 
Total$221 $138 $83 
(1)Includes $2 million of impairment charges that were recorded within restructuring and other charges related the Company’s Global Optimization Plan during Fiscal 2024 and $10 million of impairment charges that were recorded within restructuring and other charges related to the Capri Retail Store Optimization Program during Fiscal 2022.
v3.24.1.1.u2
Derivative Financial Instruments (Tables)
 12 Months Ended
Mar. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
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 in the consolidated balance sheets as of March 30, 2024 and April 1, 2023 (in millions):
   Fair Values
 Notional AmountsAssetsLiabilities
 March 30,
2024		April 1,
2023		March 30,
2024		April 1,
2023		March 30,
2024		April 1,
2023
Designated net investment hedges$3,850 $1,378 $12 
(1)
$1 
(1)
$88 
(2)
$36 
(3)
Designated fair value hedges— 1,084 — — — 3 
(3)
Total hedges$3,850 $2,462 $12 $1 $88 $39 
(1)Recorded within other assets in the Company’s consolidated balance sheets.
(2)As of March 30, 2024, the Company recorded $3 million within accrued expenses and current liabilities and $85 million within other long-term liabilities in the Company’s consolidated balance sheets.
(3)Recorded within other long-term liabilities in 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 March 30, 2024 and April 1, 2023 would be as follows (in millions):
Net Investment
 Hedges		Fair Value Hedges
March 30,
2024		April 1,
2023		March 30,
2024		April 1,
2023
Assets subject to master netting arrangements
$12 $1 $— $— 
Liabilities subject to master netting arrangements
$88 $36 $— $3 
Derivative assets, net$8 $1 $— $— 
Derivative liabilities, net$84 $36 $— $3 
Reclassification out of Accumulated Other Comprehensive Income
The following table summarizes the pre-tax impact of the gains and losses on the Company’s designated forward foreign currency exchange contracts, net investment hedges and fair value hedges (in millions): 
 Fiscal Year Ended March 30, 2024Fiscal Year Ended April 1, 2023Fiscal Year Ended April 2, 2022
 Pre-Tax Losses Recognized in OCIPre-Tax Gains/(Losses) Recognized in OCIPre-Tax Gains Recognized in OCI
Designated forward foreign currency exchange contracts$— $8 $11 
Designated net investment hedges$(17)$338 $435 
Designated fair value hedges$(8)$(6)$— 
The following tables summarize the pre-tax impact of the gains and losses within the consolidated statements of operations and comprehensive (loss) income related to the designated forward foreign currency exchange contracts and the designated fair value hedges (in millions):
Fiscal Year Ended
Pre-Tax (Gains) Losses Reclassified from
Accumulated OCI		Location of (Gains) Losses Recognized
March 30, 2024April 1, 2023April 2, 2022
Designated forward foreign currency exchange contracts$(4)$(14)$1 Cost of goods sold
Designated fair value hedges$14 $— $— Foreign currency loss
v3.24.1.1.u2
Shareholders' Equity (Tables)
 12 Months Ended
Mar. 30, 2024
Stockholders' Equity Note [Abstract]  
Changes in Components of Accumulated Other Comprehensive Loss, Net of Taxes
The following table details changes in the components of accumulated other comprehensive income (“AOCI”), net of taxes, for Fiscal 2024, Fiscal 2023 and Fiscal 2022 (in millions):
Foreign  Currency
Translation
Gain (Loss) (1)
Net Gain (Loss) on
Derivatives (2)
Other Comprehensive Income (Loss) Attributable to Capri
Balance at March 27, 2021$57 $(1)$56 
Other comprehensive income before reclassifications127 10 137 
Less: amounts reclassified from AOCI to earnings— (1)(1)
Other comprehensive income, net of tax127 11 138 
Balance at April 2, 2022184 10 194 
Other comprehensive (loss) income before reclassifications(41)8 (33)
Less: amounts reclassified from AOCI to earnings— 14 14 
Other comprehensive loss, net of tax(41)(6)(47)
Balance at April 1, 2023143 4 147 
Other comprehensive income before reclassifications18 (14)4 
Less: amounts reclassified from AOCI to earnings— (10)(10)
Other comprehensive income, net of tax18 (4)14 
Balance at March 30, 2024$161 $— $161 
(1)Foreign currency translation adjustments for Fiscal 2024 primarily include a net $25 million translation gain, partially offset by a $7 million loss, net of taxes of $2 million, primarily relating to the Company’s net investment hedges. Foreign currency translation adjustments for Fiscal 2023 primarily include a net $266 million translation loss, partially offset by a $224 million gain, net of taxes of $114 million, primarily relating to the Company’s net investment hedges. Foreign currency translation gains for Fiscal 2022 include a $321 million gain, net of taxes of $114 million, primarily relating to the Company's net investment hedges, and a net $210 million translation loss.
(2)Reclassifications from AOCI into earnings for Fiscal 2024 primarily include a $14 million loss related to the Company’s GBP fair value hedge due to the settlement of the associated Euro denominated intercompany loans and are recorded within foreign currency loss in the Company’s consolidated statements of operations and comprehensive (loss) income. This is partially offset by a $4 million gain related to the 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. Reclassifications from AOCI into earnings for Fiscal 2023 primarily include a $14 million gain related to the 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. Reclassifications from AOCI into earnings for Fiscal 2022 primarily include a $1 million loss related to the 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.
v3.24.1.1.u2
Share-Based Compensation (Tables)
 12 Months Ended
Mar. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Option Activity and Information about Options Outstanding The following table summarizes the share options activity during Fiscal 2024, and information about options outstanding at March 30, 2024:
Number of
Options		Weighted
Average
Exercise price		Weighted
Average
Remaining
Contractual
Life (years)		Aggregate
Intrinsic
Value
(in millions)
Outstanding at April 1, 2023
229,675 $63.33 
Granted— $— 
Exercised(14,503)$49.88 
Canceled/forfeited(23,205)$49.88 
Outstanding at March 30, 2024
191,967 $65.97 1.16$0.1 
Vested or expected to vest at March 30, 2024
191,967 $65.97 1.16
Vested and exercisable at March 30, 2024
191,967 $65.97 1.16$0.1 
Restricted Share Unit Activity
The following table summarizes the RSU activity during Fiscal 2024:
 Service-basedPerformance-based
 Number of
Restricted
Stock Units		Weighted
Average Grant
Date Fair Value		Number of
Restricted
Stock Units		Weighted
Average Grant
Date Fair Value
Unvested at April 1, 2023
3,181,926 $42.44 165,239 $46.90 
Granted1,944,717 $36.92 203,693 $36.82 
Change due to performance conditions, net— $— — $— 
Vested(2,223,625)$39.06 — $— 
Canceled/forfeited(214,734)$44.84 — $— 
Unvested at March 30, 2024
2,688,284 $41.05 368,932 $41.34 
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs
The following table summarizes compensation expense attributable to share-based compensation for Fiscal 2024, Fiscal 2023 and Fiscal 2022 (in millions):
Fiscal Years Ended
March 30,
2024		April 1,
2023		April 2,
2022
Share-based compensation expense$72 $78 $85 
Tax benefits related to share-based compensation expense
$8 $8 $14 
v3.24.1.1.u2
Taxes (Tables)
 12 Months Ended
Mar. 30, 2024
Income Tax Disclosure [Abstract]  
(Loss) Income Before Provision for Income Taxes
(Loss) income before (benefit) provision for income taxes consisted of the following (in millions):
 Fiscal Years Ended
 March 30,
2024		April 1,
2023		April 2,
2022
United States $(15)$85 $247 
Non-United States (268)563 668 
Total (loss) income before (benefit) provision for income taxes$(283)$648 $915 
Provision for Income Taxes
The (benefit) provision for income taxes was as follows (in millions):
 Fiscal Years Ended
 March 30,
2024		April 1,
2023		April 2,
2022
Current
United States - Federal$14 $62 $36 
United States - State5 22 16 
Non-United States114 (1)46 (3)98 
Total current provision for income taxes133 130 150 
Deferred
United States - Federal(12)(40)24 (4)
United States - State(5)(6)7 
Non-United States (170)(2)(55)(89)(5)
Total deferred provision for income taxes(187)(101)(58)
Total (benefit) provision for income taxes$(54)$29 $92 
(1)Primarily relates to the UK tax restructuring activities in Fiscal 2024.
(2)Primarily relates to the impairment of Jimmy Choo and Versace indefinite-lived intangible assets in Fiscal 2024.
(3)Primarily relates to the remeasurement of an Asian income tax reserve.
(4)Relates to the impact of United States tax accounting method change filed during Fiscal 2022 with respect to cost capitalization.
(5)Primarily relates to a valuation allowance reversal in Italy during Fiscal 2022.
Significant Differences Between the Statutory Tax Rates and Company's Effective Tax Rate
The Company’s benefit for income taxes for the year ended March 30, 2024 and provision for income taxes for the years ended April 1, 2023 and April 2, 2022 were different from the amount computed by applying the statutory U.K. income tax rates to the underlying (Loss) income before (benefit) provision for income taxes as a result of the following (amounts in millions):
 Fiscal Years Ended
 March 30,
2024		April 1,
2023		April 2,
2022
Amount
% (1)
Amount
% (1)
Amount
% (1)
(Benefit) provision for income taxes at the U.K. statutory tax rate (2)
$(71)25.0 %$123 19.0 %174 19.0 %
Effects of global financing arrangements (3)
(28)9.9 %(78)(12.1)%(61)(6.7)%
Differences in tax effects on foreign income(25)8.8 %(1)(0.2)%10 1.1 %
Liability for uncertain tax positions(11)3.9 %(3)(0.4)%91 9.9 %
Effect of changes in valuation allowances on deferred tax assets(9)3.1 %(37)(5.8)%(67)(7.3)%
Non-deductible goodwill impairment (4)
48 (17.0)%15 2.4 %— — %
State and local income taxes, net of federal benefit11 (3.9)%10 1.5 %12 1.3 %
Share based compensation15 (5.4)%6 0.9 %3 0.4 %
Withholding tax5 (1.6)%3 0.5 %5 0.6 %
Merger related costs4 (1.5)%— — %— — %
Brand tax basis step-up— — %— — %(46)(5.0)%
CARES Act tax loss carryback— — %— — %(43)(4.6)%
Tax rate change impact on deferred items— — %— — %21 2.1 %
Other7 (2.3)%(9)(1.3)%(7)(0.7)%
Effective tax rate$(54)19.0 %$29 4.5 %$92 10.1 %
(1)Tax rates are calculated using unrounded numbers.
(2)The UK statutory tax rate increased from 19% to 25% on April 1, 2023.
(3)Includes the tax related impacts of hedge terminations in conjunction with global financing arrangements.
(4)Attributable to goodwill impairment charges related to Jimmy Choo reporting units in Fiscal 2024.
Significant Components of Deferred Tax Assets (Liabilities)
Significant components of the Company’s deferred tax assets (liabilities) consist of the following (in millions):
Fiscal Years Ended
March 30,
2024		April 1,
2023
Deferred tax assets
Operating lease liabilities$458 $442 
Net operating loss carryforwards334 115 
Accrued interest108 70 
Depreciation47 61 
Sales allowances29 38 
Inventories23 21 
Capitalized research and development18 — 
Stock compensation4 6 
Payroll related accruals2 3 
Other18 29 
Total deferred tax assets1,041 785 
Valuation allowance(176)
(1)
(52)
(3)
Net deferred tax assets865 733 
Deferred tax liabilities
Goodwill and intangibles(333)
(2)
(420)
Operating lease right-of-use-assets(359)(339)
Derivative financial instruments(183)(186)
Total deferred tax liabilities(875)(945)
Net deferred tax liabilities$(10)$(212)
(1)Includes an incremental Swiss valuation allowance recorded during Fiscal 2024.
(2)Includes the impact of the Jimmy Choo and Versace indefinite-lived intangible asset impairment recorded during Fiscal 2024.
(3)Includes a U.K. valuation allowance reversal during Fiscal 2023.
Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits Excluding Accrued Interest A reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding accrued interest, for Fiscal 2024, Fiscal 2023 and Fiscal 2022, are presented below (in millions):
Fiscal Years Ended
March 30,
2024		April 1,
2023		April 2,
2022
Unrecognized tax benefits beginning balance$200 $221 $107 
Additions related to prior period tax positions16 12 105 
Additions related to current period tax positions6 14 29 
Decreases related to audit settlements(46)(1)(2)(13)
Decreases related to prior period tax positions
(16)(42)(4)
Decreases in prior period positions due to lapses in statute of limitations
(3)(3)(3)
Unrecognized tax benefits ending balance$157 $200 $221 
(1)This amount is primarily related to settlements of Italian transfer pricing and Hong Kong corporate income tax audits during Fiscal 2024.
v3.24.1.1.u2
Segment Information (Tables)
 12 Months Ended
Mar. 30, 2024
Segment Reporting [Abstract]  
Key Performance Information of Reportable Segments
The following table presents the key performance information of the Company’s reportable segments (in millions):
 Fiscal Years Ended
 March 30,
2024		April 1,
2023		April 2,
2022
Total revenue:
Versace$1,030 $1,106 $1,088 
Jimmy Choo618 633 613 
Michael Kors3,522 3,880 3,953 
Total revenue$5,170 $5,619 $5,654 
Income from operations:
Versace$25 $152 $185 
Jimmy Choo3 38 13 
Michael Kors634 868 1,005 
Total segment income from operations662 1,058 1,203 
Less:Corporate expenses(275)(233)(190)
Impairment of assets (1)
(575)(142)(73)
Merger related costs(20)— — 
COVID-19 related charges (2)
— 9 14 
Impact of war in Ukraine (3)
— 3 (9)
Restructuring and other expense(4)
(33)(16)(42)
Total (loss) income from operations$(241)$679 $903 
(1)Impairment of assets during Fiscal 2024 includes $283 million, $267 million and $25 million of impairment charges related to the Versace, Jimmy Choo and Michael Kors reportable segments, respectively. Impairment of assets during Fiscal 2023 includes $110 million, $30 million and $2 million of impairment charges related to the Jimmy Choo, Michael Kors and Versace reportable segments, respectively. Impairment of assets during Fiscal 2022 includes $50 million, $19 million and $4 million of impairment charges related to the Michael Kors, Versace and Jimmy Choo reportable segments, respectively.
(2)COVID-19 related charges during Fiscal 2023 primarily include net inventory credits of $9 million. COVID-19 related charges during Fiscal 2022 primarily include net inventory credits and severance expense of $16 million and $2 million, respectively. Inventory related costs are recorded within costs of goods sold and severance expense and credit losses are recorded within selling, general and administrative expenses in the consolidated statements of operations and comprehensive (loss) income.
(3)These charges primarily relate to incremental credit losses and inventory reserves which are a direct impact of the war in Ukraine. Credit losses are recorded within selling, general and administrative expenses and inventory related costs are recorded within costs of goods sold in the consolidated statements of operations and comprehensive (loss) income.
(4)See Note 11 for details on the Company's restructuring program.
Depreciation and Amortization Expense for Each Segment
Depreciation and amortization expense for each segment are as follows (in millions):
 Fiscal Years Ended
 March 30,
2024		April 1,
2023		April 2,
2022
Depreciation and amortization:
Versace$55 $51 $52 
Jimmy Choo29 29 31 
Michael Kors82 95 110 
Corporate22 4 — 
Total depreciation and amortization$188 $179 $193 
Total Revenue (as Recognized Based on Country of Origin)
Total revenue (based on country of origin) and long-lived assets by geographic location are as follows (in millions):
 Fiscal Years Ended
 March 30,
2024		April 1,
2023		April 2,
2022
Revenue:
The Americas (1)
$2,812 $3,220 $3,210 
EMEA1,501 1,542 1,489 
Asia 857 857 955 
Total revenue$5,170 $5,619 $5,654 
 As of
March 30,
2024		April 1,
2023		April 2,
2022
Long-lived assets:
The Americas (1)
$1,031 $882 $908 
EMEA1,818 2,129 2,156 
Asia 562 599 617 
Total long-lived assets$3,411 $3,610 $3,681 
(1)Net revenues earned in the United States during Fiscal 2024, Fiscal 2023 and Fiscal 2022 were $2.546 billion, $2.951 billion and $2.989 billion, respectively. Long-lived assets located in the United States as of March 30, 2024, April 1, 2023 and April 2, 2022 were $993 million, $826 million and $858 million, respectively.
Long-Lived Assets by Geographic Location
Total revenue (based on country of origin) and long-lived assets by geographic location are as follows (in millions):
 Fiscal Years Ended
 March 30,
2024		April 1,
2023		April 2,
2022
Revenue:
The Americas (1)
$2,812 $3,220 $3,210 
EMEA1,501 1,542 1,489 
Asia 857 857 955 
Total revenue$5,170 $5,619 $5,654 
 As of
March 30,
2024		April 1,
2023		April 2,
2022
Long-lived assets:
The Americas (1)
$1,031 $882 $908 
EMEA1,818 2,129 2,156 
Asia 562 599 617 
Total long-lived assets$3,411 $3,610 $3,681 
(1)Net revenues earned in the United States during Fiscal 2024, Fiscal 2023 and Fiscal 2022 were $2.546 billion, $2.951 billion and $2.989 billion, respectively. Long-lived assets located in the United States as of March 30, 2024, April 1, 2023 and April 2, 2022 were $993 million, $826 million and $858 million, respectively.
Net Revenues by Major Product Category
Total revenue by major product category are as follows (in millions):
 Fiscal Years Ended
 March 30,
2024		% of
Total		April 1,
2023		% of
Total		April 2,
2022		% of
Total
Accessories$2,570 49.7 %$2,826 50.3 %$2,901 51.3 %
Footwear1,151 22.3 %1,217 21.7 %1,208 21.4 %
Apparel965 18.7 %1,107 19.7 %1,027 18.2 %
Licensed product230 4.4 %222 4.0 %241 4.3 %
Licensing revenue219 4.2 %211 3.8 %212 3.7 %
Other35 0.7 %36 0.5 %65 1.1 %
Total revenue$5,170 $5,619 $5,654 
v3.24.1.1.u2
Business and Basis of Presentation (Details) - segment
 3 Months Ended 12 Months Ended
Mar. 30, 2024
Mar. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Number of reportable segments 3 3
v3.24.1.1.u2
Summary of Significant Accounting Policies - Activity and Balances of Sales Reserves (Details) - SEC Schedule, 12-09, Allowance, Credit Loss - USD ($)
$ in Millions
 12 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Apr. 02, 2022
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance Beginning of Year $ 95 $ 92 $ 98
Amounts Charged to Revenue 378 400 333
Write-offs Against Reserves (394) (397) (339)
Balance at Year End $ 79 $ 95 $ 92
v3.24.1.1.u2
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)
 12 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Apr. 02, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Advertising and marketing expense $ 412,000,000 $ 374,000,000 $ 329,000,000
Cooperative advertising expenses 7,000,000 9,000,000 4,000,000
Selling, general and administrative expenses 2,784,000,000 2,708,000,000 2,533,000,000
Credit card receivables 28,000,000 22,000,000  
Raw materials inventory and work in process inventory 45,000,000 47,000,000  
Long-lived asset impairment charges 88,000,000 36,000,000 83,000,000
Goodwill impairment charges 192,000,000 82,000,000  
Goodwill 1,106,000,000 1,293,000,000 1,418,000,000
Indefinite-lived intangible assets, net $ 884,000,000 $ 1,176,000,000  
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration] Impairment of assets    
Goodwill and intangible asset impairment $ 489,000,000   $ 0
Anti-dilutive securities excluded from computation of earning per share (in shares)   457,722 360,378
Michael Kors Reporting Units      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Goodwill impairment charges 0    
Jimmy Choo Licensing Reporting Unit      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Goodwill impairment charges 0    
Versace Retail and Licensing Reporting Units      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Goodwill impairment charges 0    
Versace Wholesale Reporting Unit      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Goodwill impairment charges $ 0    
Percentage of fair value in excess of carrying amount 3.00%    
Goodwill $ 284,000,000    
Jimmy Choo Retail and Wholesale Reporting Units      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Goodwill impairment charges   $ 82,000,000  
Jimmy Choo Wholesale Reporting Unit      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Goodwill 81,000,000    
COVID19 Government Assistance And Subsidies      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Proceeds from government assistance 0 6,000,000 $ 10,000,000
Jimmy Choo      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Goodwill impairment charges 192,000,000 82,000,000  
Goodwill 133,000,000 316,000,000 424,000,000
Intangible asset impairment 70,000,000 24,000,000  
Indefinite-lived intangible assets, net 215,000,000 277,000,000  
Jimmy Choo | Jimmy Choo Retail Brand Intangible Asset      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Indefinite-lived intangible assets, net 152,000,000    
Jimmy Choo | Jimmy Choo Wholesale Brand Intangible Asset      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Indefinite-lived intangible assets, net 63,000,000    
Versace      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Goodwill impairment charges 0 0  
Goodwill 853,000,000 857,000,000 874,000,000
Intangible asset impairment 227,000,000 0  
Indefinite-lived intangible assets, net 669,000,000 899,000,000  
Versace | Versace Retail Brand Intangible Asset      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Indefinite-lived intangible assets, net 507,000,000    
Versace | Versace Wholesale Brand Intangible Asset      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Indefinite-lived intangible assets, net $ 162,000,000    
MK (Panama) Holdings, S.A.      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Ownership interest 75.00%    
JC Gulf Trading LLC      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Ownership interest 49.00%    
J. Choo (Macau) Co. Limited      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Ownership interest 70.00%    
Trademarks      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Amortization period 20 years    
Software development      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Property, plant and equipment, useful life 5 years    
ERP Systems      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Property, plant and equipment, useful life 10 years    
Minimum | Customer Relationships      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Amortization period 5 years    
Minimum | Equipment, furniture and fixtures      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Property, plant and equipment, useful life 5 years    
Minimum | Computer hardware and software      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Property, plant and equipment, useful life 3 years    
Minimum | In-store shops      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Property, plant and equipment, useful life 3 years    
Maximum      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Forward contracts term, maximum 12 months    
Lessee, operating lease, term of contract 10 years    
Maximum | Customer Relationships      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Amortization period 18 years    
Maximum | Equipment, furniture and fixtures      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Property, plant and equipment, useful life 7 years    
Maximum | Computer hardware and software      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Property, plant and equipment, useful life 5 years    
Maximum | In-store shops      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Property, plant and equipment, useful life 5 years    
Shipping and handling      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Selling, general and administrative expenses $ 259,000,000 $ 270,000,000 $ 236,000,000
v3.24.1.1.u2
Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($)
$ in Millions
Mar. 30, 2024
Apr. 01, 2023
Apr. 02, 2022
Mar. 27, 2021
Accounting Policies [Abstract]        
Cash and cash equivalents $ 199 $ 249    
Restricted cash included within prepaid expenses and other current assets 6 7    
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows $ 205 $ 256 $ 172 $ 234
v3.24.1.1.u2
Summary of Significant Accounting Policies - Components of Calculation of Basic Net Income (Loss) Per Ordinary Share and Diluted Net Income (Loss) Per Ordinary Share (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Apr. 02, 2022
Numerator:      
Net (loss) income attributable to Capri $ (229) $ 616 $ 822
Denominator:      
Basic weighted average shares (in shares) 117,014,420 132,532,009 149,724,675
Weighted average dilutive share equivalents:      
Share options, restricted stock units, and performance restricted stock units (in shares) 0 1,470,471 2,773,232
Diluted weighted average shares (in shares) 117,014,420 134,002,480 152,497,907
Basic net (loss) income per share (in dollars per share) $ (1.96) $ 4.65 $ 5.49
Diluted net (loss) income per share (in dollars per share) $ (1.96) $ 4.60 $ 5.39
v3.24.1.1.u2
Revenue Recognition - Narrative (Details)
$ in Millions
 12 Months Ended
Mar. 30, 2024
USD ($)
distributionChannel
Apr. 01, 2023
USD ($)
Contract With Customer, Asset And Liability [Line Items]    
Number of product distribution channels | distributionChannel 3  
Current contract with customer liability $ 15 $ 14
Return liabilities 48 54
Right to recover returned product 14 17
Contract with customer liability 23 36
Revenue recognized during period 30 13
Gift Cards    
Contract With Customer, Asset And Liability [Line Items]    
Current contract with customer liability $ 15 $ 14
v3.24.1.1.u2
Revenue Recognition - Contractually Guaranteed Minimum Fees from License Agreements (Details)
$ in Millions
Mar. 30, 2024
USD ($)
Disaggregation of Revenue [Line Items]  
Revenue, remaining performance obligation, amount $ 145
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-03-31  
Disaggregation of Revenue [Line Items]  
Revenue, remaining performance obligation, amount $ 35
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-03-30  
Disaggregation of Revenue [Line Items]  
Revenue, remaining performance obligation, amount $ 32
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 $ 28
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 $ 20
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 $ 17
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 $ 13
Revenue, remaining performance obligation, expected timing of satisfaction, period
v3.24.1.1.u2
Revenue Recognition - Schedule of Revenue Disaggregation (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Apr. 02, 2022
Disaggregation of Revenue [Line Items]      
Total revenue $ 5,170 $ 5,619 $ 5,654
The Americas      
Disaggregation of Revenue [Line Items]      
Total revenue 2,812 3,220 3,210
EMEA      
Disaggregation of Revenue [Line Items]      
Total revenue 1,501 1,542 1,489
Asia      
Disaggregation of Revenue [Line Items]      
Total revenue 857 857 955
Versace      
Disaggregation of Revenue [Line Items]      
Total revenue 1,030 1,106 1,088
Versace | The Americas      
Disaggregation of Revenue [Line Items]      
Total revenue 338 408 408
Versace | EMEA      
Disaggregation of Revenue [Line Items]      
Total revenue 444 468 425
Versace | Asia      
Disaggregation of Revenue [Line Items]      
Total revenue 248 230 255
Jimmy Choo      
Disaggregation of Revenue [Line Items]      
Total revenue 618 633 613
Jimmy Choo | The Americas      
Disaggregation of Revenue [Line Items]      
Total revenue 176 196 175
Jimmy Choo | EMEA      
Disaggregation of Revenue [Line Items]      
Total revenue 266 255 229
Jimmy Choo | Asia      
Disaggregation of Revenue [Line Items]      
Total revenue 176 182 209
Michael Kors      
Disaggregation of Revenue [Line Items]      
Total revenue 3,522 3,880 3,953
Michael Kors | The Americas      
Disaggregation of Revenue [Line Items]      
Total revenue 2,298 2,616 2,627
Michael Kors | EMEA      
Disaggregation of Revenue [Line Items]      
Total revenue 791 819 835
Michael Kors | Asia      
Disaggregation of Revenue [Line Items]      
Total revenue $ 433 $ 445 $ 491
v3.24.1.1.u2
Leases - Balance Sheet Information Related to Leases (Details) - USD ($)
$ in Millions
Mar. 30, 2024
Apr. 01, 2023
Assets    
Assets $ 1,438 $ 1,330
Current:    
Short-term operating lease liabilities 400 429
Non-current:    
Long-term operating lease liabilities $ 1,452 $ 1,348
v3.24.1.1.u2
Leases - Comprehensive Income Net Lease Costs (Details) - USD ($)
 12 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Changes to lease related balances, net    
Operating lease cost $ 402,000,000 $ 405,000,000
Variable lease cost 201,000,000 170,000,000
Short-term lease cost 3,000,000 8,000,000
Sublease income (7,000,000) (9,000,000)
Total lease cost, net 599,000,000 574,000,000
COVID-19    
Changes to lease related balances, net    
Variable lease cost $ 0 $ 14,000,000
v3.24.1.1.u2
Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($)
 12 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows used in operating leases $ 516,000,000 $ 501,000,000
Non-cash transactions:    
Lease assets obtained in exchange for new lease liabilities 528,000,000 344,000,000
Rent concessions due to COVID-19 201,000,000 170,000,000
COVID-19    
Non-cash transactions:    
Rent concessions due to COVID-19 $ 0 $ 14,000,000
v3.24.1.1.u2
Leases - Operating Lease Information (Details)
Mar. 30, 2024
Apr. 01, 2023
Operating leases:    
Weighted average remaining lease term (years) 6 years 7 months 6 days 5 years 10 months 24 days
Weighted average discount rate 4.30% 3.30%
v3.24.1.1.u2
Leases - Schedule of Contractually Guaranteed Minimum Fees (Details)
$ in Millions
Mar. 30, 2024
USD ($)
Leases [Abstract]  
Fiscal 2025 $ 464
Fiscal 2026 372
Fiscal 2027 291
Fiscal 2028 243
Fiscal 2029 190
Thereafter 600
Total lease payments 2,160
Less: interest (308)
Total lease liabilities $ 1,852
v3.24.1.1.u2
Leases - Future Minimum Sublease Income (Details)
$ in Millions
Mar. 30, 2024
USD ($)
Leases [Abstract]  
Fiscal 2025 $ 10
Fiscal 2026 8
Fiscal 2027 7
Fiscal 2028 7
Fiscal 2029 3
Thereafter 5
Total sublease income $ 40
v3.24.1.1.u2
Leases - Narrative (Details) - USD ($)
$ in Millions
Mar. 30, 2024
Apr. 01, 2023
Leases [Abstract]    
Future payment obligations of lease agreements, not yet commenced $ 55 $ 139
v3.24.1.1.u2
Receivables, net - Schedule of Receivables (Details) - USD ($)
$ in Millions
Mar. 30, 2024
Apr. 01, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Trade receivables $ 360 $ 412
Receivables due from licensees 19 14
Receivables, gross 379 426
Less: allowances (47) (57)
Total receivables, net 332 369
Credit risk assumed by insured    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Trade receivables $ 102 $ 96
v3.24.1.1.u2
Receivables, net - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Apr. 02, 2022
Receivables [Abstract]      
Allowance for doubtful accounts $ 13 $ 8  
Credit losses $ 6 $ 5 $ 7
v3.24.1.1.u2
Concentration of Credit Risk, Major Customers and Suppliers (Details) - Finished goods
 12 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Apr. 02, 2022
Supplier Concentration Risk | One Contractor      
Concentration Risk [Line Items]      
Concentration risk (as a percent) 12.00% 15.00% 17.00%
One Agent | Supplier Concentration Risk      
Concentration Risk [Line Items]      
Concentration risk (as a percent) 14.00%   14.00%
One Agent | Customer Concentration Risk      
Concentration Risk [Line Items]      
Concentration risk (as a percent)   15.00%  
v3.24.1.1.u2
Property and Equipment, net - Schedule of Property and Equipment (Details) - USD ($)
$ in Millions
Mar. 30, 2024
Apr. 01, 2023
Property, Plant and Equipment [Abstract]    
Leasehold improvements $ 535 $ 577
Computer equipment and software 279 237
Furniture and fixtures 187 216
Equipment 112 106
Building 49 48
In-store shops 43 44
Land 18 18
Total property and equipment, gross 1,223 1,246
Less: accumulated depreciation and amortization (726) (784)
Subtotal 497 462
Construction-in-progress 82 90
Total property and equipment, net $ 579 $ 552
v3.24.1.1.u2
Property and Equipment, net - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Apr. 02, 2022
Property, Plant and Equipment [Line Items]      
Depreciation and amortization of property and equipment $ 143 $ 135 $ 144
Property and Equipment      
Property, Plant and Equipment [Line Items]      
Impairment, long-lived asset, held-for-use $ 11 $ 3 $ 7
v3.24.1.1.u2
Intangible Assets and Goodwill - Carrying Values of Intangible Assets (Details) - USD ($)
 12 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Definite-lived intangible assets:    
Gross Carrying Amount $ 824,000,000 $ 820,000,000
Accumulated Amortization/Impairment 314,000,000 268,000,000
Net Carrying Amount 510,000,000 552,000,000
Indefinite-lived intangible assets:    
Gross Carrying Amount 1,454,000,000 1,449,000,000
Accumulated Amortization/Impairment 570,000,000 273,000,000
Net Carrying Amount 884,000,000 1,176,000,000
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Gross Carrying Amount 2,278,000,000 2,269,000,000
Accumulated Amortization/Impairment 884,000,000 541,000,000
Intangible assets, net 1,394,000,000 1,728,000,000
Jimmy Choo    
Indefinite-lived intangible assets:    
Gross Carrying Amount 558,000,000 550,000,000
Accumulated Amortization/Impairment 343,000,000 273,000,000
Net Carrying Amount 215,000,000 277,000,000
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Intangible asset impairment 70,000,000 24,000,000
Foreign currency translation gain (loss) 8,000,000  
Versace    
Indefinite-lived intangible assets:    
Gross Carrying Amount 896,000,000 899,000,000
Accumulated Amortization/Impairment 227,000,000 0
Net Carrying Amount 669,000,000 899,000,000
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Intangible asset impairment 227,000,000 0
Foreign currency translation gain (loss) (3,000,000)  
Reacquired rights    
Definite-lived intangible assets:    
Gross Carrying Amount 400,000,000 400,000,000
Accumulated Amortization/Impairment 126,000,000 109,000,000
Net Carrying Amount 274,000,000 291,000,000
Trademarks    
Definite-lived intangible assets:    
Gross Carrying Amount 23,000,000 23,000,000
Accumulated Amortization/Impairment 23,000,000 23,000,000
Net Carrying Amount 0 0
Customer relationships    
Definite-lived intangible assets:    
Gross Carrying Amount 401,000,000 397,000,000
Accumulated Amortization/Impairment 165,000,000 136,000,000
Net Carrying Amount $ 236,000,000 $ 261,000,000
v3.24.1.1.u2
Intangible Assets and Goodwill - Additional Information (Details) - USD ($)
 12 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Apr. 02, 2022
Intangible Assets And Goodwill [Line Items]      
Amortization expense $ 45,000,000 $ 44,000,000 $ 49,000,000
Goodwill impairment charges 192,000,000 82,000,000  
Goodwill and intangible asset impairment 489,000,000   $ 0
Jimmy Choo Licensing Reporting Unit      
Intangible Assets And Goodwill [Line Items]      
Goodwill impairment charges 0    
Versace Reporting Units      
Intangible Assets And Goodwill [Line Items]      
Goodwill impairment charges 0    
Jimmy Choo Retail and Wholesale Reporting Units      
Intangible Assets And Goodwill [Line Items]      
Goodwill impairment charges   82,000,000  
Jimmy Choo      
Intangible Assets And Goodwill [Line Items]      
Goodwill impairment charges 192,000,000 82,000,000  
Versace      
Intangible Assets And Goodwill [Line Items]      
Goodwill impairment charges $ 0 $ 0  
Trademarks      
Intangible Assets And Goodwill [Line Items]      
Intangible asset, useful life 20 years    
Customer relationships      
Intangible Assets And Goodwill [Line Items]      
Weighted average useful life 9 years    
Customer relationships | Minimum      
Intangible Assets And Goodwill [Line Items]      
Intangible asset, useful life 5 years    
Customer relationships | Maximum      
Intangible Assets And Goodwill [Line Items]      
Intangible asset, useful life 18 years    
Reacquired rights      
Intangible Assets And Goodwill [Line Items]      
Weighted average useful life 17 years    
v3.24.1.1.u2
Intangible Assets and Goodwill - Estimated Amortization Expense (Details) - USD ($)
$ in Millions
Mar. 30, 2024
Apr. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]    
Fiscal 2025 $ 44  
Fiscal 2026 44  
Fiscal 2027 44  
Fiscal 2028 44  
Fiscal 2029 43  
Fiscal 2030 and thereafter 291  
Net Carrying Amount $ 510 $ 552
v3.24.1.1.u2
Intangible Assets and Goodwill - Changes in Goodwill for Reportable Segments (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Goodwill [Roll Forward]    
Beginning balance $ 1,293 $ 1,418
Impairment charges (192) (82)
Foreign currency translation 5 (43)
Ending balance 1,106 1,293
Jimmy Choo Reporting Units    
Goodwill [Roll Forward]    
Accumulated impairment charges 539  
Versace    
Goodwill [Roll Forward]    
Beginning balance 857 874
Impairment charges 0 0
Foreign currency translation (4) (17)
Ending balance 853 857
Jimmy Choo    
Goodwill [Roll Forward]    
Beginning balance 316 424
Impairment charges (192) (82)
Foreign currency translation 9 (26)
Ending balance 133 316
Michael Kors    
Goodwill [Roll Forward]    
Beginning balance 120 120
Impairment charges 0 0
Foreign currency translation 0 0
Ending balance $ 120 $ 120
v3.24.1.1.u2
Current Assets and Current Liabilities - Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Millions
Mar. 30, 2024
Apr. 01, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Prepaid taxes $ 88 $ 105
Interest receivable related to hedges 42 10
Prepaid contracts 21 22
Other accounts receivables 8 10
Other 56 48
Total prepaid expenses and other current assets $ 215 $ 195
v3.24.1.1.u2
Current Assets and Current Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($)
$ in Millions
Mar. 30, 2024
Apr. 01, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Return liabilities $ 48 $ 54
Accrued capital expenditures 35 33
Other taxes payable 29 32
Accrued advertising and marketing 29 26
Restructuring liability 22 1
Professional services 18 14
Accrued rent 17 18
Accrued interest 17 16
Accrued purchases and samples 16 8
Gift and retail store credits 15 14
Advance royalties 4 18
Accrued litigation 4 12
Other 56 68
Total accrued expenses and other current liabilities $ 310 $ 314
v3.24.1.1.u2
Restructuring and Other Expense - Additional Information (Details)
 12 Months Ended
Mar. 30, 2024
USD ($)
retailStore
Apr. 01, 2023
USD ($)
Apr. 02, 2022
USD ($)
retailStore
Restructuring Cost and Reserve [Line Items]      
Gain on disposition of assets $ 10,000,000    
Gianni Versace S.r.l.      
Restructuring Cost and Reserve [Line Items]      
Other charges $ 7,000,000 $ 16,000,000 $ 33,000,000
Global Optimization Plan      
Restructuring Cost and Reserve [Line Items]      
Number of retail stores closed | retailStore 7    
Net restructuring expenses $ 26,000,000    
Global Optimization Plan | Severance and benefit costs      
Restructuring Cost and Reserve [Line Items]      
Net restructuring expenses 22,000,000    
Global Optimization Plan | Lease-related and other costs      
Restructuring Cost and Reserve [Line Items]      
Net restructuring expenses $ 4,000,000    
Capri Retail Store Optimization Program      
Restructuring Cost and Reserve [Line Items]      
Number of retail stores closed | retailStore     66
Net restructuring expenses   $ 0 $ 9,000,000
v3.24.1.1.u2
Restructuring and Other Expense - Schedule of Restructuring Liability (Details)
$ in Millions
 12 Months Ended
Mar. 30, 2024
USD ($)
Restructuring Reserve [Roll Forward]  
Restructuring liability, beginning balance $ 1
Restructuring liability, ending balance 22
Global Optimization Plan  
Restructuring Reserve [Roll Forward]  
Restructuring liability, beginning balance 0
Additions charged to expense 24
Payments (2)
Restructuring liability, ending balance 22
Operating lease, impairment loss 2
Global Optimization Plan | Severance and benefit costs  
Restructuring Reserve [Roll Forward]  
Restructuring liability, beginning balance 0
Additions charged to expense 22
Payments (1)
Restructuring liability, ending balance 21
Global Optimization Plan | Lease-related and other costs  
Restructuring Reserve [Roll Forward]  
Restructuring liability, beginning balance 0
Additions charged to expense 2
Payments (1)
Restructuring liability, ending balance $ 1
v3.24.1.1.u2
Debt Obligations - Schedule of Debt Obligations (Details) - USD ($)
$ in Millions
Mar. 30, 2024
Apr. 01, 2023
Debt Instrument [Line Items]    
Total debt $ 1,724 $ 1,829
Less: Unamortized debt issuance costs 1 2
Total carrying value of debt 1,723 1,827
Less: Short-term debt 462 5
Total long-term debt 1,261 1,822
Line of Credit | Revolving Credit Facility    
Debt Instrument [Line Items]    
Less: Unamortized debt issuance costs 5 6
Line of Credit | Revolving Credit Facility | Credit Facility 2022    
Debt Instrument [Line Items]    
Total debt 764 874
Line of Credit | Unsecured Debt | Versace Term Loan    
Debt Instrument [Line Items]    
Total debt 486 488
Less: Unamortized debt issuance costs 1  
Total carrying value of debt 485  
Senior Notes due 2024 | 4.00% Senior Notes, Maturity 2024    
Debt Instrument [Line Items]    
Total debt 450  
Total carrying value of debt   449
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 $ 24 $ 17
v3.24.1.1.u2
Debt Obligations - Senior Revolving Credit Facility (Details) - USD ($)
Mar. 30, 2024
Jul. 01, 2022
Apr. 01, 2023
Line of Credit Facility [Line Items]      
Borrowings outstanding $ 1,724,000,000   $ 1,829,000,000
Stand by letter of credit issued 32,000,000    
Debt issuance costs 1,000,000   2,000,000
Senior Unsecured Revolving Credit Facility | Line of Credit      
Line of Credit Facility [Line Items]      
Stand by letter of credit issued 2,000,000   3,000,000
Debt issuance costs $ 5,000,000   6,000,000
Senior Unsecured Revolving Credit Facility | Credit Facility 2022 | Line of Credit      
Line of Credit Facility [Line Items]      
Line of credit facility, maximum borrowing capacity   $ 1,500,000,000  
Line of credit facility, accordion feature, increase limit   $ 500,000,000  
Commitment fee percentage 0.15%    
Leverage ratio of indebtedness to EBITDAR   4.0  
Debt instrument, covenant, cash and cash equivalents limit for leverage ratio   $ 200,000,000  
Borrowings outstanding $ 764,000,000   874,000,000
Line of credit facility, available for future borrowings $ 734,000,000   $ 623,000,000
Senior Unsecured Revolving Credit Facility | Credit Facility 2022 | Line of Credit | Minimum      
Line of Credit Facility [Line Items]      
Commitment fee percentage   0.075%  
Senior Unsecured Revolving Credit Facility | Credit Facility 2022 | Line of Credit | Maximum      
Line of Credit Facility [Line Items]      
Commitment fee percentage   0.175%  
Senior Unsecured Revolving Credit Facility | Credit Facility 2022 | Line of Credit | Secured Overnight Financing Rate (SOFR)      
Line of Credit Facility [Line Items]      
Debt instrument, basis spread on variable rate   0.10%  
Senior Unsecured Revolving Credit Facility | Credit Facility 2022 | Line of Credit | Secured Overnight Index Average (SONIA)      
Line of Credit Facility [Line Items]      
Debt instrument, basis spread on variable rate   0.00%  
Senior Unsecured Revolving Credit Facility | Credit Facility 2022 | Line of Credit | Swiss Average Rate Overnight (SARON)      
Line of Credit Facility [Line Items]      
Debt instrument, basis spread on variable rate   0.00%  
Senior Unsecured Revolving Credit Facility | Credit Facility 2022 | Line of Credit | Euro Interbank Offer Rate (EURIBOR)      
Line of Credit Facility [Line Items]      
Debt instrument, basis spread on variable rate   0.00%  
Senior Unsecured Revolving Credit Facility | Credit Facility 2022 | Line of Credit | Canadian Dollar Canadian Banker's Acceptances Quoted On Reuters Rate (CDOR)      
Line of Credit Facility [Line Items]      
Debt instrument, basis spread on variable rate   0.00%  
Senior Unsecured Revolving Credit Facility | Credit Facility 2022 | Line of Credit | Tokyo Interbank Offer Rate (TIBOR)      
Line of Credit Facility [Line Items]      
Debt instrument, basis spread on variable rate   0.00%  
Letter of Credit | Credit Facility 2022 | Line of Credit      
Line of Credit Facility [Line Items]      
Line of credit facility, maximum borrowing capacity   $ 125,000,000  
Bridge Loan | Credit Facility 2022 | Line of Credit      
Line of Credit Facility [Line Items]      
Line of credit facility, maximum borrowing capacity   $ 100,000,000  
Variable Rate Component One | Senior Unsecured Revolving Credit Facility | Credit Facility 2022 | Line of Credit | Federal Funds Effective Rate      
Line of Credit Facility [Line Items]      
Debt instrument, basis spread on variable rate   0.00%  
Variable Rate Component One | Senior Unsecured Revolving Credit Facility | Credit Facility 2022 | Line of Credit | Secured Overnight Financing Rate (SOFR)      
Line of Credit Facility [Line Items]      
Debt instrument, basis spread on variable rate   0.10%  
Variable Rate Component One | Senior Unsecured Revolving Credit Facility | Credit Facility 2022 | Line of Credit | Base Rate      
Line of Credit Facility [Line Items]      
Debt instrument, basis spread on variable rate   0.00%  
Variable Rate Component Two | Senior Unsecured Revolving Credit Facility | Credit Facility 2022 | Line of Credit | Federal Funds Effective Rate      
Line of Credit Facility [Line Items]      
Debt instrument, basis spread on variable rate   0.50%  
Variable Rate Component Two | Senior Unsecured Revolving Credit Facility | Credit Facility 2022 | Line of Credit | Secured Overnight Financing Rate (SOFR)      
Line of Credit Facility [Line Items]      
Debt instrument, basis spread on variable rate   0.00%  
Variable Rate Component Two | Senior Unsecured Revolving Credit Facility | Credit Facility 2022 | Line of Credit | Base Rate      
Line of Credit Facility [Line Items]      
Debt instrument, basis spread on variable rate   1.00%  
v3.24.1.1.u2
Debt Obligations - Versace Term Loan (Details)
Dec. 05, 2022
USD ($)
Mar. 30, 2024
USD ($)
Apr. 01, 2023
USD ($)
Dec. 05, 2022
EUR (€)
Debt Instrument [Line Items]        
Long-term debt   $ 1,723,000,000 $ 1,827,000,000  
Deferred financing fees   1,000,000 $ 2,000,000  
Unsecured Debt | Versace Term Loan | Line of Credit        
Debt Instrument [Line Items]        
Aggregate principal amount $ 486,000,000     € 450,000,000
Debt instrument, basis spread on variable rate 1.35%      
Leverage ratio of indebtedness to EBITDAR 4.0      
Debt instrument, covenant, cash and cash equivalents limit for leverage ratio $ 200,000,000      
Long-term debt   485,000,000    
Deferred financing fees   $ 1,000,000    
v3.24.1.1.u2
Debt Obligations - Senior Notes and Supplier Financing Program (Details) - USD ($)
 12 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Oct. 20, 2017
Debt Instrument [Line Items]      
Total debt $ 1,724,000,000 $ 1,829,000,000  
Long-term debt 1,723,000,000 1,827,000,000  
Borrowings outstanding $ 11,000,000 4,000,000  
Senior Notes due 2024 | 4.00% Senior Notes, Maturity 2024      
Debt Instrument [Line Items]      
Aggregate principal amount     $ 450,000,000
Stated interest rate 4.25%    
Total debt $ 450,000,000    
Long-term debt   449,000,000  
Issuance costs and unamortized discount   $ 1,000,000  
Senior Notes due 2024 | 4.00% Senior Notes, Maturity 2024 | Anytime      
Debt Instrument [Line Items]      
Debt redemption price as a percentage 100.00%    
Senior Notes due 2024 | 4.00% Senior Notes, Maturity 2024 | Anytime | Treasury Rate      
Debt Instrument [Line Items]      
Make whole redemption, basis spread on variable rate 0.30%    
Senior Notes due 2024 | 4.00% Senior Notes, Maturity 2024 | Change of control event      
Debt Instrument [Line Items]      
Debt redemption price as a percentage 101.00%    
v3.24.1.1.u2
Debt Obligations - Japan and Hong Kong Credit Facility (Details) - Line of Credit - Revolving Credit Facility
 12 Months Ended
Mar. 30, 2024
USD ($)
Mar. 30, 2024
JPY (¥)
Mar. 30, 2024
HKD ($)
Apr. 01, 2023
USD ($)
Japan Credit Facility        
Line of Credit Facility [Line Items]        
Line of credit facility, maximum borrowing capacity $ 7,000,000 ¥ 1,000,000,000    
Line of credit, current obligations $ 0     $ 0
Japan Credit Facility | Bank Rate Two Days Prior        
Line of Credit Facility [Line Items]        
Debt instrument, basis spread on variable rate 0.30%      
HK Credit Facility        
Line of Credit Facility [Line Items]        
Line of credit facility, maximum borrowing capacity $ 6,000,000   $ 50,000,000  
Line of credit, current obligations $ 0     0
Minimum commitment, amount     5,000,000  
HK Credit Facility | HIBOR        
Line of Credit Facility [Line Items]        
Debt instrument, basis spread on variable rate 2.00%      
HK Credit Facility, Bank Guarantees        
Line of Credit Facility [Line Items]        
Bank guarantees supported by facility $ 3,000,000   20,000,000  
HK SCB Credit Facility        
Line of Credit Facility [Line Items]        
Line of credit facility, maximum borrowing capacity 3,000,000   $ 20,000,000  
Line of credit, current obligations $ 0     $ 0
Line of credit facility, interest rate at period end 1.50% 1.50% 1.50%  
HK SCB Credit Facility | Maximum        
Line of Credit Facility [Line Items]        
Debt term 12 months      
v3.24.1.1.u2
Debt Obligations - China Credit Facility (Details) - Line of Credit
 12 Months Ended
Mar. 30, 2024
USD ($)
Mar. 30, 2024
CNY (¥)
Apr. 01, 2023
USD ($)
China Credit Facility | Revolving Credit Facility      
Line of Credit Facility [Line Items]      
Line of credit facility, maximum borrowing capacity $ 9,000,000 ¥ 65,000,000  
Stated interest rate 0.42% 0.42%  
Line of credit, current obligations $ 0   $ 0
China Credit Facility | Revolving Credit Facility | Maximum      
Line of Credit Facility [Line Items]      
Debt term 12 months    
China Credit Facility | Revolving Loan      
Line of Credit Facility [Line Items]      
Line of credit facility, maximum borrowing capacity $ 5,000,000 ¥ 35,000,000  
China Credit Facility | Overdraft Facility      
Line of Credit Facility [Line Items]      
Line of credit facility, maximum borrowing capacity 1,000,000 10,000,000  
China Credit Facility | Non-Financial Bank Guarantee Facility      
Line of Credit Facility [Line Items]      
Line of credit facility, maximum borrowing capacity 3,000,000 20,000,000  
China SCB Credit Facility | Revolving Credit Facility      
Line of Credit Facility [Line Items]      
Line of credit facility, maximum borrowing capacity $ 4,000,000 ¥ 30,000,000  
Stated interest rate 0.15% 0.15%  
Line of credit, current obligations $ 0   $ 0
China SCB Credit Facility | Revolving Credit Facility | Maximum      
Line of Credit Facility [Line Items]      
Debt term 12 months    
China SCB Credit Facility | Revolving Loan      
Line of Credit Facility [Line Items]      
Line of credit facility, maximum borrowing capacity $ 3,000,000 ¥ 20,000,000  
China SCB Credit Facility | Non-Financial Bank Guarantee Facility      
Line of Credit Facility [Line Items]      
Line of credit facility, maximum borrowing capacity $ 1,000,000 ¥ 10,000,000  
v3.24.1.1.u2
Debt Obligations - Versace Credit Facilities (Details)
Mar. 30, 2024
USD ($)
creditFacility
Mar. 30, 2024
EUR (€)
creditFacility
Apr. 01, 2023
USD ($)
Line of Credit Facility [Line Items]      
Long-term debt $ 1,723,000,000   $ 1,827,000,000
Short-term debt 462,000,000   5,000,000
Long-term debt, excluding current maturities 1,261,000,000   1,822,000,000
Notes Payable to Banks      
Line of Credit Facility [Line Items]      
Long-term debt 11,000,000    
Short-term debt 1,000,000    
Long-term debt, excluding current maturities $ 10,000,000    
Versace Credit Facilities | Line of Credit      
Line of Credit Facility [Line Items]      
Number of credit facilities | creditFacility 2 2  
Versace Credit Facilities | Revolving Credit Facility | Line of Credit      
Line of Credit Facility [Line Items]      
Line of credit facility, maximum borrowing capacity $ 26,000,000 € 25,000,000  
Line of credit, current obligations 0   0
Versace BNP Credit Facility | Revolving Credit Facility | Line of Credit      
Line of Credit Facility [Line Items]      
Line of credit facility, maximum borrowing capacity 22,000,000 20,000,000  
Line of credit, current obligations 0   $ 0
Versace Bank Guarantee | Revolving Credit Facility | Line of Credit      
Line of Credit Facility [Line Items]      
Line of credit facility, maximum borrowing capacity 5,000,000 € 5,000,000  
Line of credit, current obligations $ 0    
v3.24.1.1.u2
Commitments and Contingencies - Additional Information (Details)
$ in Millions
 12 Months Ended
Mar. 30, 2024
USD ($)
Commitments and Letters of Credit [Line Items]  
Stand by letter of credit issued $ 32
Other contractual commitments 2,396
Long term employment commitment amount 1
Inventory purchase commitments  
Commitments and Letters of Credit [Line Items]  
Other contractual commitments 582
Debt obligations  
Commitments and Letters of Credit [Line Items]  
Other contractual commitments 1,724
Other contractual obligation  
Commitments and Letters of Credit [Line Items]  
Other contractual commitments 90
2018 Credit Facility  
Commitments and Letters of Credit [Line Items]  
Stand by letter of credit issued $ 2
v3.24.1.1.u2
Fair Value Measurements - Contracts Measured and Recorded at Fair Value on Recurring and Categorized in Level 2 of Fair Value Hierarchy (Details) - USD ($)
$ in Millions
Mar. 30, 2024
Apr. 01, 2023
Derivatives, Fair Value [Line Items]    
Derivative assets $ 12 $ 1
Derivative liabilities 88 39
Quoted prices in active markets for identical assets (Level 1) | Fair Value, Measurements, Recurring    
Derivatives, Fair Value [Line Items]    
Derivative assets 0 0
Derivative liabilities 0 0
Quoted prices in active markets for identical assets (Level 1) | Net investment hedges | Fair Value, Measurements, Recurring    
Derivatives, Fair Value [Line Items]    
Derivative assets 0 0
Derivative liabilities 0 0
Quoted prices in active markets for identical assets (Level 1) | Fair value hedges | Fair Value, Measurements, Recurring    
Derivatives, Fair Value [Line Items]    
Derivative liabilities 0 0
Significant other observable inputs (Level 2) | Fair Value, Measurements, Recurring    
Derivatives, Fair Value [Line Items]    
Derivative assets 12 1
Derivative liabilities 88 39
Significant other observable inputs (Level 2) | Net investment hedges | Fair Value, Measurements, Recurring    
Derivatives, Fair Value [Line Items]    
Derivative assets 12 1
Derivative liabilities 88 36
Significant other observable inputs (Level 2) | Fair value hedges | Fair Value, Measurements, Recurring    
Derivatives, Fair Value [Line Items]    
Derivative liabilities 0 3
Significant unobservable inputs (Level 3) | Fair Value, Measurements, Recurring    
Derivatives, Fair Value [Line Items]    
Derivative assets 0 0
Derivative liabilities 0 0
Significant unobservable inputs (Level 3) | Net investment hedges | Fair Value, Measurements, Recurring    
Derivatives, Fair Value [Line Items]    
Derivative assets 0 0
Derivative liabilities 0 0
Significant unobservable inputs (Level 3) | Fair value hedges | Fair Value, Measurements, Recurring    
Derivatives, Fair Value [Line Items]    
Derivative liabilities $ 0 $ 0
v3.24.1.1.u2
Fair Value Measurements - Fair Value Measurement of Long-term Debt (Details) - USD ($)
$ in Millions
Mar. 30, 2024
Apr. 01, 2023
Line of Credit | Carrying Value | Senior Unsecured Revolving Credit Facility | Credit Facility 2022    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value disclosure $ 764 $ 874
Line of Credit | Carrying Value | Unsecured Debt | Versace Term Loan    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value disclosure 485 487
Line of Credit | Estimated Fair Value | Senior Unsecured Revolving Credit Facility | Credit Facility 2022    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value disclosure 764 874
Line of Credit | Estimated Fair Value | Unsecured Debt | Versace Term Loan    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value disclosure 487 481
Senior Notes due 2024 | Carrying Value | Senior Unsecured Revolving Credit Facility | 4.00% Senior Notes, Maturity 2024    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value disclosure 450 449
Senior Notes due 2024 | Estimated Fair Value | Senior Unsecured Revolving Credit Facility | 4.00% Senior Notes, Maturity 2024    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value disclosure $ 441 $ 435
v3.24.1.1.u2
Fair Value Measurements - Non-Financial Assets and Liabilities (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Apr. 02, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Impairment charge $ 575 $ 142 $ 73
Fair Value, Measurements, Nonrecurring | Significant unobservable inputs (Level 3)      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Carrying Value Prior to Impairment 1,924 1,009 221
Fair Value 1,347 867 138
Impairment charge 577 142 83
Fair Value, Measurements, Nonrecurring | Significant unobservable inputs (Level 3) | Capri Retail Store Optimization Program      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Impairment charge     10
Fair Value, Measurements, Nonrecurring | Significant unobservable inputs (Level 3) | Global Optimization Plan      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Impairment charge 2    
Fair Value, Measurements, Nonrecurring | Brands | Significant unobservable inputs (Level 3) | Brand      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Carrying Value Prior to Impairment 1,181 224  
Fair Value 884 200  
Impairment charge 297 24  
Fair Value, Measurements, Nonrecurring | Goodwill | Significant unobservable inputs (Level 3)      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Carrying Value Prior to Impairment 549 681  
Fair Value 357 599  
Impairment charge 192 82  
Fair Value, Measurements, Nonrecurring | Operating Lease Right-of-Use Assets | Significant unobservable inputs (Level 3)      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Carrying Value Prior to Impairment 175 100 209
Fair Value 98 67 133
Impairment charge 77 33 76
Fair Value, Measurements, Nonrecurring | Property and Equipment | Significant unobservable inputs (Level 3)      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Carrying Value Prior to Impairment 19 4 12
Fair Value 8 1 5
Impairment charge $ 11 $ 3 $ 7
v3.24.1.1.u2
Fair Value Measurements - Narrative (Details) - USD ($)
 12 Months Ended
Mar. 30, 2024
Apr. 02, 2022
Fair Value Disclosures [Abstract]    
Goodwill and intangible asset impairment $ 489,000,000 $ 0
v3.24.1.1.u2
Derivative Financial Instruments - Narrative (Details)
€ in Millions
 3 Months Ended 12 Months Ended
Mar. 30, 2024
USD ($)
Mar. 30, 2024
EUR (€)
Mar. 30, 2024
USD ($)
Apr. 01, 2023
USD ($)
Apr. 02, 2022
USD ($)
Mar. 30, 2024
EUR (€)
Dec. 30, 2023
USD ($)
Jul. 01, 2023
EUR (€)
Apr. 01, 2023
EUR (€)
Derivative [Line Items]                  
Notional amounts $ 3,850,000,000   $ 3,850,000,000 $ 2,462,000,000          
Proceeds from termination of derivatives     54,000,000 409,000,000 $ 189,000,000        
Interest income     (6,000,000) (24,000,000) 18,000,000        
Foreign currency gain (loss)     (37,000,000) (10,000,000) (8,000,000)        
Forward foreign currency exchange contracts                  
Derivative [Line Items]                  
Gain (loss) on derivative recognized       2,000,000 2,000,000        
Forward foreign currency exchange contracts | Designated as Hedging Instrument                  
Derivative [Line Items]                  
Notional amounts 0   0            
Forward foreign currency exchange contracts | Not Designated as Hedging Instrument                  
Derivative [Line Items]                  
Notional amounts 0   0            
Net investment hedges | Designated as Hedging Instrument | Net investment hedging                  
Derivative [Line Items]                  
Notional amounts 3,850,000,000   3,850,000,000 1,378,000,000          
Interest income     95,000,000 38,000,000 $ 63,000,000        
Net investment hedges | Designated as Hedging Instrument | Net investment hedging | Euro                  
Derivative [Line Items]                  
Notional amounts 1,000,000,000   1,000,000,000     € 350      
Fixed interest rate on derivative               0.00%  
Proceeds from termination of derivatives 24,000,000                
Net investment hedges | Designated as Hedging Instrument | Net investment hedging | Euro | Minimum                  
Derivative [Line Items]                  
Fixed interest rate on derivative               1.149%  
Net investment hedges | Designated as Hedging Instrument | Net investment hedging | Euro | Maximum                  
Derivative [Line Items]                  
Fixed interest rate on derivative               1.215%  
Net investment hedges | Designated as Hedging Instrument | Net investment hedging | Yen                  
Derivative [Line Items]                  
Notional amounts       294,000,000          
Proceeds from termination of derivatives 6,000,000                
Net investment hedges | Designated as Hedging Instrument | Net investment hedging | United Kingdom, Pounds                  
Derivative [Line Items]                  
Notional amounts | €                 € 1,000
Derivative, notional amount, terminated during the period 1,241,000,000 € 1,150              
Net investment hedges | Designated as Hedging Instrument | Net investment hedging | Switzerland, Francs                  
Derivative [Line Items]                  
Notional amounts 2,500,000,000   2,500,000,000            
Fixed interest rate on derivative               0.00%  
Cross Currency Interest Rate Contract, Entered Into, Fixed-To-Fixed | Designated as Hedging Instrument | Net investment hedging | Euro                  
Derivative [Line Items]                  
Notional amounts | €               € 350  
Cross Currency Interest Rate Contract, Entered Into, Fixed-To-Fixed | Designated as Hedging Instrument | Net investment hedging | Yen                  
Derivative [Line Items]                  
Derivative, notional amount, terminated during the period 294,000,000                
Cross Currency Interest Rate Contract, Entered Into, Fixed-To-Fixed | Designated as Hedging Instrument | Net investment hedging | United Kingdom, Pounds                  
Derivative [Line Items]                  
Notional amounts | €               150  
Cross Currency Interest Rate Contract, Entered Into, Fixed-To-Fixed | Designated as Hedging Instrument | Net investment hedging | Switzerland, Francs                  
Derivative [Line Items]                  
Notional amounts             $ 2,500,000,000 2,500  
Cross Currency Interest Rate Contract, Entered Into, Float-To-Float | Designated as Hedging Instrument | Net investment hedging | Euro                  
Derivative [Line Items]                  
Notional amounts | €               € 1,000  
Fair value hedges | Designated as Hedging Instrument | Designated fair value hedges                  
Derivative [Line Items]                  
Notional amounts 0   0 1,084,000,000          
Fair value hedges | Designated as Hedging Instrument | Designated fair value hedges | Euro                  
Derivative [Line Items]                  
Foreign currency gain (loss) (14,000,000)                
Fair value hedges | Designated as Hedging Instrument | Designated fair value hedges | United Kingdom, Pounds                  
Derivative [Line Items]                  
Notional amounts | €                 € 1,000
Proceeds from termination of derivatives 25,000,000                
Derivative, notional amount, terminated during the period $ 1,093,000,000.000 € 1,000              
Foreign currency gain (loss)     $ 28,000,000 $ (4,000,000)          
v3.24.1.1.u2
Derivative Financial Instruments - Schedule of Fair Value of Derivative Contracts Recorded on Gross Basis in Consolidated Balance Sheets (Details) - USD ($)
$ in Millions
Mar. 30, 2024
Apr. 01, 2023
Derivative [Line Items]    
Notional Amounts $ 3,850 $ 2,462
Assets 12 1
Liabilities 88 39
Designated net investment hedges | Net investment hedges | Total hedges    
Derivative [Line Items]    
Notional Amounts 3,850 1,378
Assets 12 1
Liabilities 88 36
Designated net investment hedges | Net investment hedges | Total hedges | Accounts Payable and Accrued Liabilities    
Derivative [Line Items]    
Liabilities 3  
Designated net investment hedges | Net investment hedges | Total hedges | Other Noncurrent Liabilities    
Derivative [Line Items]    
Liabilities 85  
Designated fair value hedges | Fair value hedges | Total hedges    
Derivative [Line Items]    
Notional Amounts 0 1,084
Assets 0 0
Liabilities $ 0 $ 3
v3.24.1.1.u2
Derivative Financial Instruments - Fair Values of Derivative Assets and Liabilities (Details) - USD ($)
$ in Millions
Mar. 30, 2024
Apr. 01, 2023
Net investment hedging | Net Investment Hedges    
Derivative [Line Items]    
Assets subject to master netting arrangements $ 12 $ 1
Liabilities subject to master netting arrangements 88 36
Derivative assets, net 8 1
Derivative liabilities, net 84 36
Designated fair value hedges | Fair value hedges    
Derivative [Line Items]    
Assets subject to master netting arrangements 0 0
Liabilities subject to master netting arrangements 0 3
Derivative assets, net 0 0
Derivative liabilities, net $ 0 $ 3
v3.24.1.1.u2
Derivative Financial Instruments - Impact of Effective Portion of Gains and Losses of Forward Contracts Designated as Hedges (Details) - Designated as Hedging Instrument - USD ($)
$ in Millions
 12 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Apr. 02, 2022
Forward foreign currency exchange contracts      
Derivative Instruments, Gain (Loss) [Line Items]      
Pre-Tax Gains/(Losses) Recognized in OCI $ 0 $ 8 $ 11
Forward foreign currency exchange contracts | Cost of goods sold      
Derivative Instruments, Gain (Loss) [Line Items]      
Pre-Tax (Gains) Losses Reclassified from Accumulated OCI (4) (14) 1
Net investment hedges      
Derivative Instruments, Gain (Loss) [Line Items]      
Pre-Tax Gains/(Losses) Recognized in OCI (17) 338 435
Fair value hedges      
Derivative Instruments, Gain (Loss) [Line Items]      
Pre-Tax Gains/(Losses) Recognized in OCI (8) (6) 0
Fair value hedges | Foreign currency loss      
Derivative Instruments, Gain (Loss) [Line Items]      
Pre-Tax (Gains) Losses Reclassified from Accumulated OCI $ 14 $ 0 $ 0
v3.24.1.1.u2
Shareholders' Equity - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Nov. 09, 2022
Jun. 01, 2022
Mar. 30, 2024
Apr. 01, 2023
Apr. 02, 2022
Subsidiary or Equity Method Investee [Line Items]          
Ordinary shares, shares repurchased amount     $ 107 $ 1,364 $ 661
Share Repurchase Program          
Subsidiary or Equity Method Investee [Line Items]          
Ordinary shares, shares repurchased (in shares)     2,637,102 27,356,549  
Remaining authorized repurchase amount     $ 300    
Ordinary shares, shares repurchased amount     $ 100 $ 1,350  
Fiscal 2023 Plan          
Subsidiary or Equity Method Investee [Line Items]          
Ordinary shares repurchased, shares authorized   $ 1,000      
Stock repurchase program, period in force   2 years      
Existing Share Repurchase Plan          
Subsidiary or Equity Method Investee [Line Items]          
Ordinary shares repurchased, shares authorized $ 1,000        
Stock repurchase program, period in force 2 years        
Withholding Taxes          
Subsidiary or Equity Method Investee [Line Items]          
Ordinary shares, shares repurchased (in shares)     185,133 301,326  
Ordinary shares, shares repurchased amount     $ 7 $ 14  
v3.24.1.1.u2
Shareholders' Equity - Changes in Components of Accumulated Other Comprehensive Loss, Net of Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Apr. 02, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance $ 1,849 $ 2,558 $ 2,157
Other comprehensive income (loss), net of tax 14 (47) 137
Ending balance 1,600 1,849 2,558
Foreign currency translation adjustments 4 (41) 127
Forward foreign currency exchange contracts | Total hedges | Cost of goods sold      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Other comprehensive income (loss), net investment hedge, gain (loss), reclassification, before tax 4 14 (1)
Fair value hedges | Total hedges | Foreign currency loss      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Other comprehensive income (loss), net investment hedge, gain (loss), reclassification, before tax (14) 0 0
Other Comprehensive Income (Loss) Attributable to Capri      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance 147 194 56
Other comprehensive income before reclassifications 4 (33) 137
Less: amounts reclassified from AOCI to earnings (10) 14 (1)
Other comprehensive income (loss), net of tax 14 (47) 138
Ending balance 161 147 194
Foreign Currency Translation Gain (Loss)      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance 143 184 57
Other comprehensive income before reclassifications 18 (41) 127
Less: amounts reclassified from AOCI to earnings 0 0 0
Other comprehensive income (loss), net of tax 18 (41) 127
Ending balance 161 143 184
Foreign currency translation adjustments 25 (266) (210)
Gain (loss) related to net investment hedges (7) 224 321
Taxes related to net investment hedges 2 114 114
Net Gain (Loss) on Derivatives      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance 4 10 (1)
Other comprehensive income before reclassifications (14) 8 10
Less: amounts reclassified from AOCI to earnings (10) 14 (1)
Other comprehensive income (loss), net of tax (4) (6) 11
Ending balance $ 0 $ 4 $ 10
v3.24.1.1.u2
Share-Based Compensation - Narrative (Details)
 12 Months Ended
Mar. 30, 2024
USD ($)
equityPlan
typeOfRestrictedShareUnit
shares
Apr. 01, 2023
USD ($)
shares
Apr. 02, 2022
USD ($)
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of equity plans | equityPlan 2    
Outstanding options unvested (in shares) | shares 0    
Outstanding options vested (in shares) | shares 191,967    
Exercise of employee share options $ 1,000,000 $ 6,000,000 $ 17,000,000
Unrecognized stock based compensation expense, options $ 0    
Granted (in shares) | shares 0 0 0
Estimated value of future forfeitures $ 11,000,000    
Stock options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation, vesting period 4 years    
Exercise of employee share options $ 1,000,000 $ 6,000,000  
Restricted Share Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Types of equity instruments other than options | typeOfRestrictedShareUnit 2    
Fair value of restricted shares vested during a period $ 87,000,000 80,000,000 $ 78,000,000
Unrecognized stock based compensation expense, excluding options $ 68,000,000    
Weighted average period of recognition 2 years 4 months 24 days    
Performance Shares      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Fair value of restricted shares vested during a period $ 0 $ 7,000,000 $ 18,000,000
Unrecognized stock based compensation expense, excluding options $ 5,000,000    
Weighted average period of recognition 2 years 2 months 12 days    
Performance Shares | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Potential number of shares that may be earned (as a percent) 200.00%    
Performance Shares | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Potential number of shares that may be earned (as a percent) 0.00%    
Stock Option Plan 2008      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of plans adopted | equityPlan 1    
Shares authorized for issuance (up to) (in shares) | shares 23,980,823    
Shares available for grant (in shares) | shares 0    
Expiration period 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) | shares 22,471,000    
Shares available for grant (in shares) | shares 4,259,449    
Expiration period 7 years    
v3.24.1.1.u2
Share-Based Compensation - Option Activity and Information about Options Outstanding (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Apr. 02, 2022
Number of Options      
Outstanding at beginning of period (in shares) 229,675    
Granted (in shares) 0 0 0
Exercised (in shares) (14,503)    
Canceled/forfeited (in shares) (23,205)    
Outstanding at end of period (in shares) 191,967 229,675  
Vested or expected to vest at end of period (in shares) 191,967    
Vested and exercisable at end of period (in shares) 191,967    
Weighted Average Exercise price      
Outstanding at beginning of period (in dollars per share) $ 63.33    
Granted (in dollars per share) 0    
Exercised (in dollars per share) 49.88    
Canceled/forfeited (in dollars per share) 49.88    
Outstanding at end of period (in dollars per share) 65.97 $ 63.33  
Vested or expected to vest at end of period (in dollars per share) 65.97    
Vested and exercisable at end of period (in dollars per share) $ 65.97    
Weighted Average Remaining Contractual Life (years)      
Outstanding at end of period (in years) 1 year 1 month 28 days    
Vested or expected to vest at end of period (in years) 1 year 1 month 28 days    
Vested and exercisable at end of period (in years) 1 year 1 month 28 days    
Aggregate Intrinsic Value (in millions)      
Outstanding at end of period $ 0.1    
Vested and exercisable at end of period $ 0.1    
v3.24.1.1.u2
Share-Based Compensation - Restricted Shares and Restricted Share Units (Details)
 12 Months Ended
Mar. 30, 2024
$ / shares
shares
Service-based RSU's  
Number of Restricted Stock Units  
Unvested at beginning of period (in shares) | shares 3,181,926
Granted (in shares) | shares 1,944,717
Change due to performance conditions (in shares) | shares 0
Vested (in shares) | shares (2,223,625)
Canceled/forfeited (in shares) | shares (214,734)
Unvested at end of period (in shares) | shares 2,688,284
Weighted Average Grant Date Fair Value  
Unvested at beginning of period (in dollars per share) | $ / shares $ 42.44
Granted (in dollars per share) | $ / shares 36.92
Change due to performance conditions (in dollars per share) | $ / shares 0
Vested (in dollars per share) | $ / shares 39.06
Canceled/forfeited (in dollars per share) | $ / shares 44.84
Unvested at end of period (in dollars per share) | $ / shares $ 41.05
Performance-based RSU's  
Number of Restricted Stock Units  
Unvested at beginning of period (in shares) | shares 165,239
Granted (in shares) | shares 203,693
Change due to performance conditions (in shares) | shares 0
Vested (in shares) | shares 0
Canceled/forfeited (in shares) | shares 0
Unvested at end of period (in shares) | shares 368,932
Weighted Average Grant Date Fair Value  
Unvested at beginning of period (in dollars per share) | $ / shares $ 46.90
Granted (in dollars per share) | $ / shares 36.82
Change due to performance conditions (in dollars per share) | $ / shares 0
Vested (in dollars per share) | $ / shares 0
Canceled/forfeited (in dollars per share) | $ / shares 0
Unvested at end of period (in dollars per share) | $ / shares $ 41.34
v3.24.1.1.u2
Share-Based Compensation - Compensation Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Apr. 02, 2022
Share-Based Payment Arrangement [Abstract]      
Share-based compensation expense $ 72 $ 78 $ 85
Tax benefits related to share-based compensation expense $ 8 $ 8 $ 14
v3.24.1.1.u2
Taxes - (Loss) Income Before Provision for Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Apr. 02, 2022
Income Tax Disclosure [Abstract]      
United States $ (15) $ 85 $ 247
Non-United States (268) 563 668
(Loss) income before (benefit) provision for income taxes $ (283) $ 648 $ 915
v3.24.1.1.u2
Taxes - Provision for Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Apr. 02, 2022
Current      
United States - Federal $ 14 $ 62 $ 36
United States - State 5 22 16
Non-United States 114 46 98
Total current provision for income taxes 133 130 150
Deferred      
United States - Federal (12) (40) 24
United States - State (5) (6) 7
Non-United States (170) (55) (89)
Total deferred provision for income taxes (187) (101) (58)
Total (benefit) provision for income taxes $ (54) $ 29 $ 92
v3.24.1.1.u2
Taxes - Significant Differences Between United States Federal Statutory Tax Rate and Company's Effective Tax Rate (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Apr. 02, 2022
Amount      
(Benefit) provision for income taxes at the U.K. statutory tax rate (2) $ (71) $ 123 $ 174
Effects of global financing arrangements (28) (78) (61)
Differences in tax effects on foreign income (25) (1) 10
Liability for uncertain tax positions (11) (3) 91
Effect of changes in valuation allowances on deferred tax assets (9) (37) (67)
Non-deductible goodwill impairment 48 15 0
State and local income taxes, net of federal benefit 11 10 12
Share based compensation 15 6 3
Withholding tax 5 3 5
Merger related costs 4 0 0
Brand tax basis step-up 0 0 (46)
CARES Act tax loss carryback 0 0 (43)
Tax rate change impact on deferred items 0 0 21
Other 7 (9) (7)
Total (benefit) provision for income taxes $ (54) $ 29 $ 92
Percent      
(Benefit) provision for income taxes at the U.K. statutory tax rate (2) 25.00% 19.00% 19.00%
Effects of global financing arrangements 9.90% (12.10%) (6.70%)
Differences in tax effects on foreign income 8.80% (0.20%) 1.10%
Liability for uncertain tax positions 3.90% (0.40%) 9.90%
Effect of changes in valuation allowances on deferred tax assets 3.10% (5.80%) (7.30%)
Non-deductible goodwill impairment (17.00%) 2.40% 0.00%
State and local income taxes, net of federal benefit (3.90%) 1.50% 1.30%
Share based compensation (5.40%) 0.90% 0.40%
Withholding tax (1.60%) 0.50% 0.60%
Merger related costs (1.50%) 0.00% 0.00%
Brand tax basis step-up 0.00% 0.00% (5.00%)
CARES Act tax loss carryback 0.00% 0.00% (4.60%)
Tax rate change impact on deferred items 0.00% 0.00% 2.10%
Other (2.30%) (1.30%) (0.70%)
Effective tax rate 19.00% 4.50% 10.10%
v3.24.1.1.u2
Taxes - Significant Components of Deferred Tax Assets (Liabilities) (Details) - USD ($)
$ in Millions
Mar. 30, 2024
Apr. 01, 2023
Deferred tax assets    
Operating lease liabilities $ 458 $ 442
Net operating loss carryforwards 334 115
Accrued interest 108 70
Depreciation 47 61
Sales allowances 29 38
Inventories 23 21
Capitalized research and development 18 0
Stock compensation 4 6
Payroll related accruals 2 3
Other 18 29
Total deferred tax assets 1,041 785
Valuation allowance (176) (52)
Net deferred tax assets 865 733
Deferred tax liabilities    
Goodwill and intangibles (333) (420)
Operating lease right-of-use-assets (359) (339)
Derivative financial instruments (183) (186)
Total deferred tax liabilities (875) (945)
Net deferred tax liabilities $ (10) $ (212)
v3.24.1.1.u2
Taxes - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Apr. 02, 2022
Income Tax [Line Items]      
Increase (decrease) in deferred tax valuation allowance $ 124 $ (40) $ (67)
Net operating loss carryforwards 1,797    
Accrued liability for uncertain tax positions 188 236  
Unrecognized tax benefits 173 221 234
Interest and penalties expense on unrecognized tax benefits (11) 14 13
Decrease in unrecognized tax benefits reasonably possible 36    
Remeasurement of Deferred Tax Assets      
Income Tax [Line Items]      
Increase (decrease) in deferred tax valuation allowance (11) (14) (13)
Certain Jurisdictions      
Income Tax [Line Items]      
Increase (decrease) in deferred tax valuation allowance $ 135 $ 6 $ 34
v3.24.1.1.u2
Taxes - Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits Excluding Accrued Interest (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Apr. 02, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Unrecognized tax benefits beginning balance $ 200 $ 221 $ 107
Additions related to prior period tax positions 16 12 105
Additions related to current period tax positions 6 14 29
Decreases related to audit settlements (46) (2) (13)
Decreases related to prior period tax positions (16) (42) (4)
Decreases in prior period positions due to lapses in statute of limitations (3) (3) (3)
Unrecognized tax benefits ending balance $ 157 $ 200 $ 221
v3.24.1.1.u2
Retirement Plans (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Apr. 02, 2022
Retirement Benefits [Abstract]      
Defined contribution plan, service period for eligibility 3 months    
Expenses recognized for defined contribution plans $ 18 $ 17 $ 16
v3.24.1.1.u2
Segment Information - Additional Information (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 30, 2024
USD ($)
segment
retailStore
Mar. 30, 2024
USD ($)
segment
retailStore
Apr. 01, 2023
USD ($)
Apr. 02, 2022
USD ($)
Segment Reporting Information [Line Items]        
Number of operating segments | segment 3      
Number of reportable segments | segment 3 3    
Long-lived assets $ 3,411 $ 3,411 $ 3,610 $ 3,681
Michael Kors        
Segment Reporting Information [Line Items]        
Number of retail store formats | retailStore 4 4    
Long-lived assets $ 1,650 $ 1,650    
Versace        
Segment Reporting Information [Line Items]        
Long-lived assets 1,220 1,220    
Jimmy Choo        
Segment Reporting Information [Line Items]        
Long-lived assets $ 541 $ 541    
v3.24.1.1.u2
Segment Information - Key Performance Information of Reportable Segments (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Apr. 02, 2022
Segment Reporting Information [Line Items]      
Total revenue $ 5,170 $ 5,619 $ 5,654
Income (loss) from operations (241) 679 903
Less: Corporate expenses (275) (233) (190)
Impairment of assets (575) (142) (73)
Merger related costs (20) 0 0
Restructuring and other expense (33) (16) (42)
Operating segments      
Segment Reporting Information [Line Items]      
Income (loss) from operations 662 1,058 1,203
COVID-19      
Segment Reporting Information [Line Items]      
Other nonrecurring (income) expense 0 9 14
Inventory credits, net   9 16
Severance expense     2
Impact of war in Ukraine      
Segment Reporting Information [Line Items]      
Other nonrecurring (income) expense 0 3 (9)
Versace      
Segment Reporting Information [Line Items]      
Total revenue 1,030 1,106 1,088
Impairment of assets (283)   (19)
Versace | Operating segments      
Segment Reporting Information [Line Items]      
Income (loss) from operations 25 152 185
Jimmy Choo      
Segment Reporting Information [Line Items]      
Total revenue 618 633 613
Impairment of assets (267) (110) (4)
Jimmy Choo | Operating segments      
Segment Reporting Information [Line Items]      
Income (loss) from operations 3 38 13
Michael Kors      
Segment Reporting Information [Line Items]      
Total revenue 3,522 3,880 3,953
Impairment of assets (25) (30) (50)
Michael Kors | Operating segments      
Segment Reporting Information [Line Items]      
Income (loss) from operations $ 634 868 $ 1,005
Versace      
Segment Reporting Information [Line Items]      
Impairment of assets   $ (2)  
v3.24.1.1.u2
Segment Information - Depreciation and Amortization Expense for Each Segment (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Apr. 02, 2022
Segment Reporting Information [Line Items]      
Depreciation and amortization $ 188 $ 179 $ 193
Corporate      
Segment Reporting Information [Line Items]      
Depreciation and amortization 22 4 0
Versace | Operating segments      
Segment Reporting Information [Line Items]      
Depreciation and amortization 55 51 52
Jimmy Choo | Operating segments      
Segment Reporting Information [Line Items]      
Depreciation and amortization 29 29 31
Michael Kors | Operating segments      
Segment Reporting Information [Line Items]      
Depreciation and amortization $ 82 $ 95 $ 110
v3.24.1.1.u2
Segment Information - Total Revenue (as Recognized Based on Country of Origin), and Long-Lived Assets by Geographic Location (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Apr. 02, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue $ 5,170 $ 5,619 $ 5,654
Total long-lived assets 3,411 3,610 3,681
Impairment of assets 575 142 73
Jimmy Choo      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue 618 633 613
Total long-lived assets 541    
Impairment of assets 267 110 4
The Americas (U.S., Canada and Latin America)      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue 2,812 3,220 3,210
Total long-lived assets 1,031 882 908
The Americas (U.S., Canada and Latin America) | Jimmy Choo      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue 176 196 175
EMEA      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue 1,501 1,542 1,489
Total long-lived assets 1,818 2,129 2,156
EMEA | Jimmy Choo      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue 266 255 229
Asia      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue 857 857 955
Total long-lived assets 562 599 617
Asia | Jimmy Choo      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue 176 182 209
United States      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue 2,546 2,951 2,989
Total long-lived assets $ 993 $ 826 $ 858
v3.24.1.1.u2
Segment Information - Net Revenues by Major Product Category (Details) - USD ($)
$ in Millions
 12 Months Ended
Mar. 30, 2024
Apr. 01, 2023
Apr. 02, 2022
Revenue from External Customer [Line Items]      
Total revenue $ 5,170 $ 5,619 $ 5,654
Accessories      
Revenue from External Customer [Line Items]      
Total revenue $ 2,570 $ 2,826 $ 2,901
Accessories | Product Concentration Risk | Revenue from Contract with Customer Benchmark      
Revenue from External Customer [Line Items]      
% of Total 49.70% 50.30% 51.30%
Footwear      
Revenue from External Customer [Line Items]      
Total revenue $ 1,151 $ 1,217 $ 1,208
Footwear | Product Concentration Risk | Revenue from Contract with Customer Benchmark      
Revenue from External Customer [Line Items]      
% of Total 22.30% 21.70% 21.40%
Apparel      
Revenue from External Customer [Line Items]      
Total revenue $ 965 $ 1,107 $ 1,027
Apparel | Product Concentration Risk | Revenue from Contract with Customer Benchmark      
Revenue from External Customer [Line Items]      
% of Total 18.70% 19.70% 18.20%
Licensed product      
Revenue from External Customer [Line Items]      
Total revenue $ 230 $ 222 $ 241
Licensed product | Product Concentration Risk | Revenue from Contract with Customer Benchmark      
Revenue from External Customer [Line Items]      
% of Total 4.40% 4.00% 4.30%
Licensing revenue      
Revenue from External Customer [Line Items]      
Total revenue $ 219 $ 211 $ 212
Licensing revenue | Product Concentration Risk | Revenue from Contract with Customer Benchmark      
Revenue from External Customer [Line Items]      
% of Total 4.20% 3.80% 3.70%
Other      
Revenue from External Customer [Line Items]      
Total revenue $ 35 $ 36 $ 65
Other | Product Concentration Risk | Revenue from Contract with Customer Benchmark      
Revenue from External Customer [Line Items]      
% of Total 0.70% 0.50% 1.10%