CAPRI HOLDINGS LTD, 10-Q filed on 11/4/2025
Quarterly Report
v3.25.3
Cover Page - shares
 6 Months Ended
Sep. 27, 2025
Oct. 29, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 27, 2025  
Document Transition Report false  
Entity File Number 001-35368  
Entity Registrant Name CAPRI HOLDINGS LTD  
Entity Incorporation, State or Country Code D8  
Entity Address, Address Line One 90 Whitfield Street  
Entity Address, Address Line Two 2nd Floor  
Entity Address, City or Town London  
Entity Address, Country GB  
Entity Address, Postal Zip Code W1T 4EZ  
Country Region 44  
City Area Code 207  
Local Phone Number 632 8600  
Title of 12(b) Security Ordinary Shares, no par value  
Trading Symbol CPRI  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   119,143,278
Amendment Flag false  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q2  
Entity Central Index Key 0001530721  
Current Fiscal Year End Date --03-28  
v3.25.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Sep. 27, 2025
Mar. 29, 2025
Current assets    
Cash and cash equivalents $ 120 $ 107
Receivables, net 217 215
Inventories, net 766 701
Prepaid expenses and other current assets 203 156
Current assets held for sale 399 342
Total current assets 1,705 1,521
Property and equipment, net 383 393
Operating lease right-of-use assets 885 825
Intangible assets, net 580 582
Goodwill 203 199
Deferred tax assets 1 0
Other assets 98 99
Noncurrent assets held for sale 1,762 1,594
Total assets 5,617 5,213
Current liabilities    
Accounts payable 370 379
Accrued payroll and payroll related expenses 85 81
Accrued income taxes 84 66
Short-term operating lease liabilities 254 249
Short-term debt 11 24
Accrued expenses and other current liabilities 230 233
Current liabilities held for sale 328 304
Total current liabilities 1,362 1,336
Long-term operating lease liabilities 859 814
Deferred tax liabilities 67 233
Long-term debt 1,753 1,466
Other long-term liabilities 1,042 417
Noncurrent liabilities held for sale 604 575
Total liabilities 5,687 4,841
Commitments and contingencies
Shareholders’ equity    
Ordinary shares, no par value; 650,000,000 shares authorized; 228,929,803 shares issued and 119,072,572 outstanding at September 27, 2025; 227,672,351 shares issued and 117,913,201 outstanding at March 29, 2025 0 0
Treasury shares, at cost (109,857,231 shares at September 27, 2025 and 109,759,150 shares at March 29, 2025) (5,464) (5,462)
Additional paid-in capital 1,501 1,476
Accumulated other comprehensive (loss) income (433) 57
Retained earnings 4,322 4,297
Total shareholders’ equity of Capri (74) 368
Noncontrolling interest 4 4
Total shareholders’ equity (70) 372
Total liabilities and shareholders’ equity $ 5,617 $ 5,213
v3.25.3
CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares
Sep. 27, 2025
Mar. 29, 2025
Shareholders’ equity    
Ordinary shares, shares authorized (in shares) 650,000,000 650,000,000
Ordinary shares, shares issued (in shares) 228,929,803 227,672,351
Ordinary shares, shares outstanding (in shares) 119,072,572 117,913,201
Treasury shares (in shares) 109,857,231 109,759,150
v3.25.3
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Income Statement [Abstract]        
Total revenue $ 856 $ 878 $ 1,653 $ 1,726
Cost of goods sold 334 331 629 644
Gross profit 522 547 1,024 1,082
Selling, general and administrative expenses 481 497 936 988
Depreciation and amortization 30 35 60 67
Impairment of assets 21 20 21 20
Restructuring and other expense 2 1 3 2
Total operating expenses 534 553 1,020 1,077
(Loss) income from operations (12) (6) 4 5
Other income, net 0 0 (1) 0
Interest income, net (17) (10) (35) (14)
Foreign currency loss (gain) 3 (11) (2) (7)
Income from continuing operations before income taxes 2 15 42 26
Provision (benefit) for income taxes 36 (27) 20 (21)
Net (loss) income from continuing operations (34) 42 22 47
Net income (loss) from discontinued operations, net of tax 6 (19) 3 (36)
Net (loss) income (28) 23 25 11
Less: Net (loss) income attributable to noncontrolling interest from continuing operations 0 (1) 0 1
Net (loss) income attributable to Capri $ (28) $ 24 $ 25 $ 10
Weighted average ordinary shares outstanding:        
Basic (in shares) 119,786,829 118,467,372 119,293,324 117,953,855
Diluted (in shares) 119,786,829 118,777,723 119,653,017 118,517,098
Net (loss) income per ordinary share attributable to Capri:        
Basic from continuing operations (in dollars per share) $ (0.28) $ 0.37 $ 0.19 $ 0.40
Basic from discontinued operations (in dollars per share) 0.06 (0.17) 0.03 (0.31)
Basic per ordinary share (in dollars per share) (0.22) 0.20 0.22 0.09
Diluted from continuing operations (in dollars per share) (0.28) 0.37 0.19 0.40
Diluted from discontinued operations (in dollars per share) 0.06 (0.17) 0.03 (0.31)
Diluted per ordinary share (in dollars per share) $ (0.22) $ 0.20 $ 0.22 $ 0.09
Statements of Comprehensive Loss:        
Net (loss) income $ (28) $ 23 $ 25 $ 11
Foreign currency translation adjustments (40) (118) (491) (147)
Net gain (loss) on derivatives 3 (11) 1 (11)
Comprehensive loss (65) (106) (465) (147)
Less: Net (loss) income attributable to noncontrolling interest 0 (1) 0 1
Comprehensive loss attributable to Capri $ (65) $ (105) $ (465) $ (148)
v3.25.3
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Millions
Total
Total Equity of Capri
Ordinary Shares
Additional Paid-in Capital
Treasury Shares
AOCI
Retained Earnings
Non-controlling Interest
Beginning balance (in shares) at Mar. 30, 2024     226,271,000          
Beginning balance at Mar. 30, 2024 $ 1,600 $ 1,599 $ 0 $ 1,417 $ (5,458) $ 161 [1] $ 5,479 $ 1
Beginning balance (in shares) at Mar. 30, 2024         (109,641,000)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) 11 10         10 1
Other comprehensive loss (158) (158)       (158) [1]    
Comprehensive loss (147) (148)           1
Vesting of restricted awards, net of forfeitures (in shares)     1,300,000          
Share-based compensation expense 37 37   37        
Repurchase of ordinary shares (in shares)         (106,000)      
Repurchase of ordinary shares (4) (4)     $ (4)      
Ending balance (in shares) at Sep. 28, 2024     227,571,000          
Ending balance at Sep. 28, 2024 1,486 1,484 $ 0 1,454 $ (5,462) 3 [1] 5,489 2
Ending balance (in shares) at Sep. 28, 2024         (109,747,000)      
Beginning balance (in shares) at Jun. 29, 2024     227,517,000          
Beginning balance at Jun. 29, 2024 1,582 1,579 $ 0 1,443 $ (5,461) 132 [1] 5,465 3
Beginning balance (in shares) at Jun. 29, 2024         (109,735,000)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) 23 24         24 (1)
Other comprehensive loss (129) (129)       (129) [1]    
Comprehensive loss (106) (105)           (1)
Vesting of restricted awards, net of forfeitures (in shares)     54,000          
Share-based compensation expense 11 11   11        
Repurchase of ordinary shares (in shares)         (12,000)      
Repurchase of ordinary shares (1) (1)     $ (1)      
Ending balance (in shares) at Sep. 28, 2024     227,571,000          
Ending balance at Sep. 28, 2024 $ 1,486 1,484 $ 0 1,454 $ (5,462) 3 [1] 5,489 2
Ending balance (in shares) at Sep. 28, 2024         (109,747,000)      
Beginning balance (in shares) at Mar. 29, 2025 227,672,351   227,672,000          
Beginning balance at Mar. 29, 2025 $ 372 368 $ 0 1,476 $ (5,462) 57 [2] 4,297 4
Beginning balance (in shares) at Mar. 29, 2025 (109,759,150)       (109,759,000)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) $ 25 25         25  
Other comprehensive loss (490) (490)       (490) [2]    
Comprehensive loss (465) (465)            
Vesting of restricted awards, net of forfeitures (in shares)     1,258,000          
Share-based compensation expense 25 25   25        
Repurchase of ordinary shares (in shares)         (98,000)      
Repurchase of ordinary shares $ (2) (2)     $ (2)      
Ending balance (in shares) at Sep. 27, 2025 228,929,803   228,930,000          
Ending balance at Sep. 27, 2025 $ (70) (74) $ 0 1,501 $ (5,464) (433) [2] 4,322 4
Ending balance (in shares) at Sep. 27, 2025 (109,857,231)       (109,857,000)      
Beginning balance (in shares) at Jun. 28, 2025     228,886,000          
Beginning balance at Jun. 28, 2025 $ (13) (17) $ 0 1,492 $ (5,463) (396) [2] 4,350 4
Beginning balance (in shares) at Jun. 28, 2025         (109,846,000)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) (28) (28)         (28)  
Other comprehensive loss (37) (37)       (37) [2]    
Comprehensive loss (65) (65)            
Vesting of restricted awards, net of forfeitures (in shares)     44,000          
Share-based compensation expense 9 9   9        
Repurchase of ordinary shares (in shares)         (11,000)      
Repurchase of ordinary shares $ (1) (1)     $ (1)      
Ending balance (in shares) at Sep. 27, 2025 228,929,803   228,930,000          
Ending balance at Sep. 27, 2025 $ (70) $ (74) $ 0 $ 1,501 $ (5,464) $ (433) [2] $ 4,322 $ 4
Ending balance (in shares) at Sep. 27, 2025 (109,857,231)       (109,857,000)      
[1] Accumulated other comprehensive (loss) income.
[2] Accumulated other comprehensive (loss) income.
v3.25.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Cash flows from operating activities    
Net (loss) income $ 25 $ 11
Net income (loss) from discontinued operations, net of tax 3 (36)
Net income from continuing operations 22 47
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 60 67
Share-based compensation expense 21 33
Deferred income taxes (17) 5
Impairment of assets 21 20
Changes to lease related balances, net (33) (62)
Foreign currency gain 3 (10)
Other non-cash adjustments 3 6
Change in assets and liabilities:    
Receivables, net 1 53
Inventories, net (45) (107)
Prepaid expenses and other current assets (42) 20
Accounts payable (17) 96
Accrued expenses and other current liabilities 17 (11)
Other long-term assets and liabilities (7) (19)
Net cash (used in) provided by operating activities of continuing operations (13) 138
Net cash used in operating activities of discontinued operations (47) (5)
Net cash (used in) provided by operating activities (60) 133
Cash flows from investing activities    
Capital expenditures (26) (36)
Cash paid for business acquisitions, net of cash acquired 0 (9)
Net cash used in investing activities of continuing operations (26) (45)
Net cash used in investing activities of discontinued operations (9) (34)
Net cash used in investing activities (35) (79)
Cash flows from financing activities    
Debt borrowings 1,149 938
Debt repayments (960) (999)
Debt issuance costs 0 (2)
Repurchase of ordinary shares (2) (4)
Net cash provided by (used in) financing activities of continuing operations 187 (67)
Net cash provided by (used in) financing activities of discontinued operations 0 0
Net cash provided by (used in) financing activities 187 (67)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (36) (1)
Net increase (decrease) in cash, cash equivalents and restricted cash 56 (14)
Beginning of period 175 205
End of period 231 191
Supplemental disclosures of cash flow information    
Cash paid for interest 29 41
Net cash paid for income taxes 77 33
Supplemental disclosure of non-cash investing and financing activities    
Accrued capital expenditures 15 16
Summary of cash, cash equivalents and restricted cash    
Cash, cash equivalents and restricted cash of continuing operations, end of period 130 128
Cash, cash equivalents and restricted cash of discontinued operations, end of period 101 63
Cash, cash equivalents and restricted cash, end of period $ 231 $ 191
v3.25.3
Business and Basis of Presentation
 6 Months Ended
Sep. 27, 2025
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 Michael Kors, Jimmy Choo and Versace tradenames and related trademarks and logos. The Company operates in three reportable segments: Michael Kors, Jimmy Choo and Versace. See Note 18 for additional information regarding the Company’s segments.
On April 10, 2025, the Company and Prada S.p.A. (“Prada”) entered into a Stock Purchase Agreement (the “Purchase Agreement”) whereby Prada has agreed to acquire certain subsidiaries of the Company which operate the Company’s Versace business for an aggregate purchase price of $1.375 billion in cash, subject to certain adjustments, including for net indebtedness, working capital and transaction expenses. As a result, the Company determined that the held for sale and discontinued operations criteria were met during the first quarter of Fiscal 2026 and the Company classified its results of operations and cash flows of its Versace business as discontinued operations in its consolidated statements of operations and comprehensive (loss) income and consolidated statements of cash flows for all periods presented. The related assets and liabilities associated with the discontinued operations are classified as held for sale in the consolidated balance sheets as of September 27, 2025 and March 29, 2025. Unless otherwise noted, discussion within these notes to the consolidated interim financial statements relate to continuing operations. Refer to Note 4 - "Discontinued Operations" for further information.
The interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and include the accounts of the Company and its wholly-owned or controlled subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The interim consolidated financial statements as of September 27, 2025 and for the three and six months ended September 27, 2025 and September 28, 2024 are unaudited. The Company consolidates the results of its Versace business on a one-month lag, as consistent with prior periods. In addition, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The interim consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, necessary for a fair presentation in conformity with U.S. GAAP. The interim consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended March 29, 2025, as filed with the Securities and Exchange Commission on May 28, 2025, in the Company’s Annual Report on Form 10-K. The results of operations for the interim periods should not be considered indicative of results to be expected for the full fiscal year.
The Company utilizes a 52- to 53-week fiscal year and the term “Fiscal Year” or “Fiscal” refers to that 52-week or 53-week period. The results for the three and six months ended September 27, 2025 and September 28, 2024 are based on 13-week and 26-week periods, respectively. The Company’s Fiscal Year 2026 is a 52-week period ending March 28, 2026. The Company’s Fiscal Year 2027 is a 53-week period ending April 3, 2027.
v3.25.3
Termination of the Merger Agreement with Tapestry
 6 Months Ended
Sep. 27, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Termination of the Merger Agreement with Tapestry Termination of the Merger Agreement with Tapestry
As previously disclosed, 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” and, together with Capri and Tapestry, the “Parties”).

The Merger Agreement provided that, among other things and on the terms and subject to the conditions set forth therein, Tapestry would acquire Capri in an all-cash transaction by means of a merger of Merger Sub with and into Capri (the “Merger”), with Capri surviving the Merger as a wholly owned subsidiary of Tapestry. For additional information related to the Merger Agreement, please refer to Capri’s Definitive Proxy Statement on Schedule 14A filed with the U.S. Securities and Exchange Commission (the “SEC”) on September 20, 2023, as well as the supplemental disclosures contained in Capri’s Current Report on Form 8-K filed with the SEC on October 17, 2023.
The Merger had been approved by the boards of directors of Capri and Tapestry and by the shareholders of Capri. Completion of the Merger was subject to, among other customary conditions, the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. The Company received regulatory approval from all countries except for the United States. In connection with the Merger, on April 22, 2024, the U.S. Federal Trade Commission (“FTC”) filed a lawsuit in the United States District Court for the Southern District of New York (the “District Court”) against Tapestry and the Company seeking to block the Merger, claiming that the Merger would violate Section 7 of the Clayton Act and that the Merger Agreement and the Merger constituted unfair methods of competition in violation of Section 5 of the Federal Trade Commission Act and should be enjoined. The preliminary injunction hearing concluded in September 2024, and on October 24, 2024, the District Court granted the FTC's motion for a preliminary injunction to enjoin the Merger pending the completion of the FTC's in-house administrative proceeding. On October 28, 2024, Tapestry and Capri jointly filed a notice of appeal to the U.S. Court of Appeals for the Second Circuit (the “Second Circuit”).

On November 13, 2024, the Parties entered into a Termination Agreement (the “Termination Agreement”), pursuant to which the Parties agreed to terminate the Merger Agreement, effective immediately. In connection with the termination, consistent with the Merger Agreement, Tapestry agreed to reimburse the Company approximately $45 million in cash for certain expenses on November 14, 2024. This reimbursement was recorded within selling, general and administrative expenses in the Company’s consolidated statements of operations and comprehensive (loss) income. The Parties also agreed to release each other and their related parties from any and all liability, claims, rights, actions, causes of action, suits, liens, obligations, accounts, debts, demands, agreements, promises, liabilities, controversies, costs, charges, damages, expenses and fees (including attorney’s, financial advisor’s or other fees) in connection with, arising out of or related to the Merger Agreement or the transactions contemplated therein or thereby. On November 15, 2024, Capri and Tapestry stipulated to the dismissal of the appeal to the Second Circuit. On December 4, 2024, the FTC’s in-house administrative proceeding was dismissed without prejudice.
v3.25.3
Summary of Significant Accounting Policies
 6 Months Ended
Sep. 27, 2025
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 deferred taxes, goodwill, intangible assets, operating lease right-of-use assets and property and equipment, along with the estimated useful lives assigned to these assets. Actual results could differ from those estimates.
Seasonality
The Company experiences certain effects of seasonality with respect to its business. The Company generally experiences greater sales during its third fiscal quarter, primarily driven by holiday season sales, and the lowest sales during its first fiscal quarter.
Cash, Cash Equivalents and Restricted Cash
All highly liquid investments with original maturities of three months or less are considered to be cash equivalents. Included in the Company’s cash and cash equivalents as of September 27, 2025 and March 29, 2025 are credit card receivables of $22 million and $20 million, respectively, which generally settle within two to three business days.
A reconciliation of cash, cash equivalents and restricted cash as of September 27, 2025 and March 29, 2025 from the consolidated balance sheets to the consolidated statements of cash flows is as follows (in millions):
 September 27,
2025		March 29,
2025
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents$120 $107 
Restricted cash included within prepaid expenses and other current assets10 9 
Total cash, cash equivalents and restricted cash shown on the consolidated statements of cash flows from continuing operations$130 $116 
Inventories
Inventories primarily consist of finished goods with the exception of raw materials and work in process. The combined total of raw materials and work in process recorded on the Company’s consolidated balance sheets was $19 million and $17 million as of September 27, 2025 and March 29, 2025, respectively.
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 may 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 (loss) 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 (loss) 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 (gain) 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 the 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 less 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 adjustments (“CTA”), as a component of accumulated other comprehensive (loss) income on the Company’s consolidated balance sheets. Interest accruals and coupon payments are recognized directly in interest 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.
Interest Rate Swap Agreements
The Company also uses interest rate swap agreements to hedge the variability of its cash flows resulting from floating interest rates on the Company’s borrowings. When an interest rate swap agreement qualifies for hedge accounting as a cash flow hedge, the changes in the fair value are recorded in equity as a component of accumulated other comprehensive (loss) income and are reclassified into interest income, net, in the same period during which the hedged transactions affect earnings.
Leases

The Company leases retail stores, office space and warehouse space under operating lease agreements that expire at various dates through September 2043. The Company’s leases generally have terms of up to ten years, generally require fixed rent payments and may require the payment of additional rent if store sales exceed negotiated amounts. Although most of the Company’s equipment is owned, the Company has limited equipment leases that expire on various dates through December 2029. The Company acts as sublessor in certain leasing arrangements, primarily related to closed stores under its restructuring initiatives. 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 the lease commencement date, based on the present value of fixed lease payments over the expected lease term. The Company uses its incremental borrowing rates to determine the present value of fixed lease payments based on the information available at the lease commencement date, as the rate implicit in the lease is not readily determinable for the Company’s leases. The Company’s incremental borrowing rates are based on the term of the leases, the economic environment of the leases and reflect the expected interest rate it would incur to borrow on a secured basis. Certain leases include one or more renewal options, generally for the same period as the initial term of the lease. The exercise of lease renewal options is generally at the Company’s sole discretion and as such, the Company typically determines that exercise of these renewal options is not reasonably certain. As a result, the Company generally does not include the renewal option period in the expected lease term and the associated lease payments are not included in the measurement of the operating lease right-of-use asset and lease liability. Certain leases also contain termination options with an associated penalty. Generally, the Company is reasonably certain not to exercise these options and as such, they are not included in the determination of the expected lease term. The Company recognizes operating lease expense on a straight-line basis over the lease term.

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

The Company’s leases generally provide for payments of non-lease components, such as common area maintenance, real estate taxes and other costs associated with the leased property. The Company accounts for lease and non-lease components of its real estate leases together as a single lease component and, as such, includes fixed payments of non-lease components in the measurement of the operating lease right-of-use assets and lease liabilities for its real estate leases. Variable lease payments, such as percentage rent based on store sales, periodic adjustments for inflation, reimbursement of real estate taxes, any variable common area maintenance and any other variable costs associated with the leased property, are expensed as incurred as variable lease costs and are not recorded on the balance sheet. The Company’s lease agreements do not contain any material residual value guarantees or material restrictions or covenants.
The following table presents the Company’s supplemental cash flow information related to leases (in millions):
Six Months Ended
September 27,
2025		September 28,
2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases
$182 $176 
During both the three and six months ended September 27, 2025, the Company recorded sublease income of $1 million and $3 million, respectively, within selling, general and administrative expenses. During the three and six months ended September 28, 2024, the Company recorded sublease income of $3 million and $5 million, respectively, within selling, general and administrative expenses.
Net (Loss) Income per Share
The Company’s basic net (loss) income per ordinary share is calculated by dividing net (loss) income by the weighted average number of ordinary shares outstanding during the period. Diluted net (loss) income per ordinary share reflects the potential dilution that would occur if restricted share units (“RSUs”) or any other potentially dilutive instruments, including share option grants, were converted or exercised into ordinary shares. These potentially dilutive securities are included in diluted shares to the extent they are dilutive under the treasury stock method for the applicable periods. Performance-based RSUs are included in diluted shares if the related performance conditions are considered satisfied as of the end of the reporting period and to the extent they are dilutive under the treasury stock method.
The components of the calculation of basic net (loss) income per ordinary share and diluted net (loss) income per ordinary share are as follows (in millions, except share and per share data):
 Three Months EndedSix Months Ended
September 27,
2025		September 28,
2024		September 27,
2025		September 28,
2024
Numerator:
Net (loss) income from continuing operations$(34)$42 $22 $47 
Less: Net (loss) income attributable to noncontrolling interest from continuing operations— (1)— 1 
Net (loss) income attributable to Capri from continuing operations$(34)$43 $22 $46 
Net income (loss) from discontinued operations, net of tax$6 $(19)$3 $(36)
Less: Net income attributable to noncontrolling interest from discontinued operations— — — — 
Net income (loss) attributable to Capri from discontinued operations6 (19)3 (36)
Net (loss) income attributable to Capri$(28)$24 $25 $10 
Denominator:
Basic weighted average shares119,786,829 118,467,372 119,293,324 117,953,855 
Weighted average dilutive share equivalents:
Share options, restricted stock units, and performance restricted stock units— 310,351 359,693 563,243 
Diluted weighted average shares119,786,829 118,777,723 119,653,017 118,517,098 
Net (loss) income per ordinary share attributable to Capri:
Basic from continuing operations$(0.28)$0.37 $0.19 $0.40 
Basic from discontinued operations0.06 (0.17)0.03 (0.31)
Basic per ordinary share (1)
$(0.22)$0.20 $0.22 $0.09 
Diluted from continuing operations$(0.28)$0.37 $0.19 $0.40 
Diluted from discontinued operations0.06 (0.17)0.03 (0.31)
Diluted per ordinary share (1)
$(0.22)$0.20 $0.22 $0.09 
(1)Basic and diluted per share amounts are calculated using unrounded numbers.

Diluted net loss per ordinary share attributable to Capri for the three months ended September 27, 2025 excluded all potentially dilutive securities due to the net loss attributable to Capri from continuing operations for the fiscal period as the inclusion of these securities would have been anti-dilutive.
During the six months ended September 27, 2025, share equivalents of 2,102,301 shares have been excluded from the above calculations due to their anti-dilutive effect. During the three and six months ended September 28, 2024, share equivalents of 486,717 and 354,607 shares, respectively, have been excluded from the above calculations due to their anti-dilutive effect.
See Note 3 in the Company’s Annual Report on Form 10-K for the fiscal year ended March 29, 2025 for a complete disclosure of the Company’s significant accounting policies.
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.
Income Taxes
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. The Company will adopt the update beginning with disclosure in its Fiscal 2026 annual consolidated financial statements.
Reporting Comprehensive Income—Expense Disaggregation Disclosures
In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)”, which requires public entities to disaggregate specific types of expenses, including disclosures for purchases of inventory, employee compensation, depreciation, and intangible asset amortization, as well as selling expenses. ASU 2024-03 is effective for annual periods beginning after December 15, 2026. Interim disclosures are required for periods within annual periods beginning after December 15, 2027. Prospective application is required, and retrospective application is permitted. Early adoption is also permitted. We are currently assessing the impact of the requirements on the Company’s consolidated financial statements and disclosures.
Tax Legislation
On December 12, 2022, the European Union member states reached an agreement to implement the Organization for Economic Cooperation and Development’s (“OECD”) reform of international taxation known as Pillar Two Global Anti-Base Erosion ("GloBE") Rules, which broadly mirrors certain provisions of the Inflation Reduction Act by imposing a 15% global minimum tax on multinational companies. GloBE became effective for the Company during Fiscal 2025. Based upon the Company’s analysis, the Pillar Two initiatives are not projected to have a material impact on the Company’s consolidated financial statements.
On July 4, 2025, the U.S. government enacted the One Big Beautiful Bill Act of 2025 (“OBBBA”) which includes, among other provisions, changes to the U.S. corporate income tax system including the allowance of immediate expensing of qualifying research and development expenses and permanent extensions of certain provisions within the Tax Cuts and Jobs Act (“Jobs Act”). Based upon the Company’s analysis, the OBBBA did not have a material impact on the Company’s consolidated financial statements.
v3.25.3
Discontinued Operations
 6 Months Ended
Sep. 27, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations Discontinued Operations
On April 10, 2025, the Company and Prada entered into a Purchase Agreement whereby Prada has agreed to acquire certain subsidiaries of the Company which operate the Company’s Versace business for an aggregate purchase price of $1.375 billion in cash, subject to certain adjustments, including for net indebtedness, working capital and transaction expenses. The sale is anticipated to close in the second half of calendar 2025, subject to customary closing conditions.
The Company determined that the sale of the Versace business represented a strategic shift and the Company concluded that it met the held-for-sale and discontinued operations accounting criteria during the first quarter of Fiscal 2026. Accordingly, the Company is separately reporting the results of the Versace business as discontinued operations in its consolidated statements of operations and presenting the related assets and liabilities as held for sale in its consolidated balance sheets. These changes have been applied to all periods presented. Cash flows from the Company’s discontinued operations are presented as such in the consolidated statements of cash flows for all periods presented.
Additionally, beginning April 10, 2025, in accordance with ASC 360, Property, Plant and Equipment, the Company is no longer depreciating or amortizing Versace’s long-lived tangible and intangible assets or operating lease right-of-use assets.
The following table represents the carrying amounts of the major classes of assets and liabilities classified as held for sale in the consolidated balance sheets as of September 27, 2025 and March 29, 2025 (in millions):
September 27,
2025		March 29,
2025
Cash and cash equivalents$101 $59 
Receivables, net65 62 
Inventories, net194 168 
Prepaid expenses and other current assets39 53 
Current assets held for sale399 342 
Property and equipment, net124 120 
Operating lease right-of-use assets475 388 
Intangible assets, net577 534 
Goodwill528 489 
Other assets58 63 
Noncurrent assets held for sale1,762 1,594 
Total assets held for sale$2,161 $1,936 
Accounts payable$109 $106 
Accrued payroll and payroll related expenses32 28 
Accrued income taxes3 2 
Short-term operating lease liabilities113 101 
Accrued expenses and other current liabilities71 67 
Current liabilities held for sale328 304 
Long-term operating lease liabilities464 439 
Deferred tax liabilities113 106 
Long-term debt11 10 
Other long-term liabilities16 20 
Noncurrent liabilities held for sale604 575 
Total liabilities held for sale$932 $879 
The operating results of the discontinued operations of the Versace business only reflect revenues and expenses that are directly attributable to the Versace business that will be eliminated from continuing operations. Discontinued operations do not include any allocation of corporate overhead expense. The following table presents the major components of discontinued operations, net of income taxes, in the Company’s consolidated statements of operations and comprehensive (loss) income:
Three Months EndedSix Months Ended
September 27,
2025		September 28,
2024		September 27,
2025		September 28,
2024
Total revenue$203 $201 $386 $420 
Cost of goods sold65 54 115 119 
Selling, general and administrative expenses125 142 262 300 
Depreciation and amortization1 14 5 29 
Impairment of assets— 23 — 23 
Restructuring and other expense1 — 4 — 
Other expense, net— — 1 — 
Foreign currency loss (gain)3 (6)(6)(5)
Income (loss) from discontinued operations before income taxes8 (26)5 (46)
Provision (benefit) for income taxes2 (7)2 (10)
Net income (loss) from discontinued operations, net of tax$6 $(19)$3 $(36)
v3.25.3
Revenue Recognition
 6 Months Ended
Sep. 27, 2025
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 and retail store credits, net of estimated “breakage”
was $9 million and $10 million as of September 27, 2025 and March 29, 2025, 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 Michael Kors and Jimmy Choo 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 and eyewear, 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 licensees, 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. The Company’s guaranteed minimum royalty amounts due from licensees relate to contractual periods that do not exceed 12 months.
Sales Returns
The refund liability recorded as of September 27, 2025 was $24 million, and the related asset for the right to recover returned product as of September 27, 2025 was $6 million. The refund liability recorded as of March 29, 2025 was $25 million, and the related asset for the right to recover returned product as of March 29, 2025 was $6 million.
Contract Balances
Total contract liabilities were $13 million and $14 million as of September 27, 2025 and March 29, 2025, respectively. For the three and six months ended September 27, 2025, the Company recognized $2 million and $12 million, respectively, in revenue relating to contract liabilities that existed at March 29, 2025. For the three and six months ended September 28, 2024, the Company recognized $4 million and $12 million in revenue which related to contract liabilities that existed at March 30, 2024. There were no material contract assets recorded as of September 27, 2025 and March 29, 2025.
There were no changes in historical variable consideration estimates that were materially different from actual results.
Disaggregation of Revenue
The following table presents the Company’s segment revenue disaggregated by geographic location (in millions):
 Three Months EndedSix Months Ended
 September 27,
2025		September 28,
2024		September 27,
2025		September 28,
2024
Michael Kors - the Americas$457 $492 $870 $943 
Michael Kors - EMEA194 187 344 325 
Michael Kors - Asia74 59 146 145 
 Total Michael Kors revenue725 738 1,360 1,413 
Jimmy Choo - the Americas34 35 80 87 
Jimmy Choo - EMEA67 71 145 148 
Jimmy Choo - Asia30 34 68 78 
Total Jimmy Choo revenue131 140 293 313 
Total - the Americas491 527 950 1,030 
Total - EMEA261 258 489 473 
Total - Asia104 93 214 223 
Total revenue$856 $878 $1,653 $1,726 
See Note 4 in the Company’s Annual Report on Form 10-K for the fiscal year ended March 29, 2025 for a complete disclosure of the Company’s revenue recognition policy.
v3.25.3
Receivables, net
 6 Months Ended
Sep. 27, 2025
Receivables [Abstract]  
Receivables, net Receivables, net
Receivables, net, consist of (in millions):
September 27,
2025		March 29,
2025
Trade receivables (1)
$237 $237 
Receivables due from licensees25 20 
262 257 
Less: allowances(45)(42)
Total receivables, net$217 $215 
(1)As of September 27, 2025 and March 29, 2025, $54 million and $55 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 $14 million and $13 million as of September 27, 2025 and March 29, 2025, respectively. The Company had credit losses of $1 million for the three and six months ended September 27, 2025, respectively. The Company had credit losses of $3 million and $4 million for the three and six months ended September 28, 2024, respectively.
v3.25.3
Property and Equipment, net
 6 Months Ended
Sep. 27, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment, net Property and Equipment, net
Property and equipment, net, consists of (in millions):
September 27,
2025		March 29,
2025
Leasehold improvements$418 $408 
Computer equipment and software300 284 
Furniture and fixtures165 153 
Equipment109 104 
Building62 57 
In-store shops27 26 
Land19 18 
Total property and equipment, gross1,100 1,050 
Less: accumulated depreciation(730)(675)
Subtotal370 375 
Construction-in-progress13 18 
Total property and equipment, net$383 $393 
Depreciation of property and equipment for the three and six months ended September 27, 2025 was $23 million and $46 million, respectively. Depreciation of property and equipment for the three and six months ended September 28, 2024 was $28 million and $54 million, respectively. During the three and six months ended September 27, 2025, the Company recorded $5 million in property and equipment impairment charges, respectively. During the three and six months ended September 28, 2024, the Company recorded $2 million in property and equipment impairment charges, respectively.
v3.25.3
Intangible Assets and Goodwill
 6 Months Ended
Sep. 27, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets and Goodwill Intangible Assets and Goodwill
The following table details the carrying values of the Company’s intangible assets and goodwill (in millions):
September 27,
2025		March 29,
2025
Definite-lived intangible assets:
Reacquired rights $400 $400 
Trademarks23 23 
Customer relationships (1)
222 214 
Gross definite-lived intangible assets645 637 
Less: accumulated amortization(277)(259)
Net definite-lived intangible assets368 378 
Indefinite-lived intangible assets:
Jimmy Choo brand (2)
212 204 
Net indefinite-lived intangible assets212 204 
Intangible assets, net$580 $582 
Goodwill (3)
$203 $199 
(1)The change in the carrying value since March 29, 2025 reflects the impact of foreign currency translation adjustments.
(2)The change in the carrying value since March 29, 2025 reflects the impact of foreign currency translation adjustments. As of September 27, 2025 and March 29, 2025, the Company had accumulated impairment charges of $358 million related to its Jimmy Choo brand intangible assets.
(3)Includes accumulated impairment of $605 million related to the Jimmy Choo reporting units as of September 27, 2025 and March 29, 2025.
Amortization expense for the Company’s definite-lived intangible assets was $7 million and $14 million, respectively, for the three and six months ended September 27, 2025. Amortization expense for the Company’s definite-lived intangible assets was $7 million and $13 million, respectively, for the three and six months ended September 28, 2024.
v3.25.3
Other Current Assets and Other Current Liabilities
 6 Months Ended
Sep. 27, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Other Current Assets and Other Current Liabilities Other Current Assets and Other Current Liabilities
Prepaid expenses and other current assets consist of the following (in millions):
September 27,
2025		March 29,
2025
Prepaid taxes$121 $65 
Interest receivable related to hedges20 36 
Prepaid contracts18 20 
Restricted cash10 9 
Other accounts receivables6 8 
Other prepaid expenses and current assets28 18 
Total prepaid expenses and other current assets$203 $156 

Accrued expenses and other current liabilities consist of the following (in millions):
September 27,
2025		March 29,
2025
Accrued purchases and samples$42 $21 
Accrued advertising and marketing30 28 
Other taxes payable28 32 
Return liabilities24 25 
Professional services17 16 
Accrued e-commerce15 15 
Accrued rent (1)
14 16 
Retail store expense accrual13 15 
Accrued capital expenditures10 9 
Gift and retail store credits9 10 
Other accrued expenses and current liabilities28 46 
Total accrued expenses and other current liabilities$230 $233 
(1)The accrued rent balance relates to variable lease payments.
v3.25.3
Restructuring and Other Expense
 6 Months Ended
Sep. 27, 2025
Restructuring and Related Activities [Abstract]  
Restructuring and Other Expense Restructuring and Other Expense
Restructuring Charges - Global Optimization Plan
As previously announced during the fourth quarter of Fiscal 2024, the Board of Directors of the Company approved a Global Optimization Plan in order to streamline the Company’s operating model, maximize efficiency and support long-term profitable growth.
During the three and six months ended September 27, 2025 the Company closed 15 and 30 retail stores, respectively, which have been incorporated into the Global Optimization Plan. The Company closed 8 and 19 retail stores incorporated into the Global Optimization Plan during the three and six months ended September 28, 2024, respectively. Net restructuring charges recorded in connection with the Global Optimization Plan during the three and six months ended September 27, 2025 were $2 million and $3 million, respectively, primarily related to severance and store closure costs, partially offset by gains on lease terminations. Net restructuring charges recorded in connection with the Global Optimization Plan during the three and six months ended September 28, 2024 were $1 million and $2 million, respectively, primarily related to lease termination and store closure costs.
The below table presents a roll forward of the Company’s restructuring liability related to its Global Optimization Plan (in millions):
Severance and benefit costsLease-related and other costsTotal
Balance at March 29, 2025
$4 $— $4 
Additions charged to expense
4 — 
(1)
4 
Payments(7)— (7)
Balance at September 27, 2025
$1 $— $1 
(1)Excludes $1 million of gains on lease terminations and store closure costs related to operating lease right-of-use assets recorded within restructuring and other expense on the consolidated statements of operations and comprehensive (loss) income for the six months ended September 27, 2025.
v3.25.3
Debt Obligations
 6 Months Ended
Sep. 27, 2025
Debt Disclosure [Abstract]  
Debt Obligations Debt Obligations
The following table presents the Company’s debt obligations (in millions):
September 27,
2025		March 29,
2025
Revolving Credit Facilities$1,024 $755 
2025 Term Loans729 712 
Other16 29 
Total debt 1,769 1,496 
Less: Unamortized debt issuance costs5 6 
Total carrying value of debt1,764 1,490 
Less: Short-term debt
11 24 
Total long-term debt
$1,753 $1,466 
Senior Revolving Credit Facility
On February 4, 2025 (the “Closing Date”), the Company entered into the Amended and Restated Credit Agreement with, among others, JPMorgan Chase Bank, N.A., as administrative agent, which amended and restated the Company’s existing credit agreement, dated as of July 1, 2022 (as previously amended, the “Existing Credit Agreement”). The Amended and Restated Credit Agreement provides for senior secured credit facilities in the aggregate principal amount of the United States dollar equivalent of $2.2 billion (the “2025 Credit Facilities”), under which the Company, a U.S. subsidiary of the Company, a Canadian subsidiary of the Company and a Swiss subsidiary of the Company are borrowers, and which will be guaranteed by the borrowers and certain other subsidiaries of the Company (the “Guarantees”). The 2025 Credit Facilities mature on July 1, 2027.
Pursuant to the Amended and Restated Credit Agreement, the obligations under the 2025 Credit Facilities are secured by liens on substantially all of the assets of the Company and its U.S. subsidiaries that are borrowers and guarantors, excluding real property and other customary exceptions, and substantially all of the registered intellectual property of the Company and its subsidiaries. With respect to certain non-ordinary course asset sales, the Company may elect to reinvest the net cash proceeds from such sales in the business of the Company and its subsidiaries, and to the extent it does not do so, the Company is required to apply such net cash proceeds to prepay the 2025 Term Loans, subject to certain thresholds and exceptions. The 2025 Term Loans are also required to be prepaid with the net cash proceeds of any indebtedness for borrowed money that is not permitted under the Amended and Restated Credit Agreement, as well as from certain equity issuances by the Company.
The 2025 Credit Facilities are comprised of (i) a $700 million senior secured term loan facility comprised of (a) a $392 million tranche of term loans in United States dollars (the “USD Term Loans”), which was fully drawn by Michael Kors (USA), Inc. on the Closing Date, and (b) a tranche of term loans in Euros in an amount equal to the Euro equivalent of $320 million, or €296 million, at the time of closing (the “Euro Term Loans,” and together with the USD Term Loans, the “2025 Term Loans”), which were fully drawn by Michael Kors (Switzerland) GmbH on the Closing Date, and (ii) the existing $1.5 billion revolving credit facility (the “2022 Credit Facility”) as provided under the Existing Credit Agreement, which may be denominated in United States dollars and other currencies, including Euros, Canadian Dollars, Pounds Sterling, Japanese Yen and Swiss Francs, and which includes sub-facilities for the issuance of letters of credit up to $125 million and swing line loans at the administrative agent’s discretion of up to $100 million.
The 2025 Credit Facilities provide for an annual administration fee and the Revolving Credit Facility provides for an unused commitment fee equal to 7.5 basis points to 17.5 basis points per annum, based on the Company’s public debt ratings and/or net leverage ratio, applied to the average daily unused amount of the 2022 Credit Facility, which was 15.0 basis points as of September 27, 2025. Loans under the 2025 Credit Facilities may be prepaid and commitments may be terminated or reduced by the borrowers without premium or penalty other than customary “breakage” costs.
The 2025 Credit Facilities also permit certain working capital facilities between the Company or any of its subsidiaries, on the one hand, and a lender or an affiliate of a lender under the 2025 Credit Facilities, on the other, to be guaranteed under the Guarantees, and permit certain swap obligations and banking services obligations owing to, supply chain financings with, and up to $100 million outstanding principal amount of bilateral letters of credit and bank guarantees issued by, a lender or an affiliate of a lender to be guaranteed and secured under the Guarantees and collateral documents.
The Amended and Restated Credit Agreement continues to require the Company to maintain a net leverage ratio as of the end of each fiscal quarter of no greater than 4.0 to 1; provided, that on no more than two occasions, if the Company consummates a material acquisition, the Company may elect to increase the covenant level to 4.5 to 1 for the four fiscal quarter period commencing with the fiscal quarter in which such material acquisition is consummated. Such net leverage ratio is calculated as the ratio of the sum of total indebtedness, plus the capitalized amount of all operating lease obligations, as of the date of the measurement, minus unrestricted cash and cash equivalents not to exceed $200 million, to Consolidated EBITDAR. The Amended and Restated Credit Agreement also includes customary covenants that limit additional indebtedness, liens, acquisitions and other investments, dispositions, restricted payments and affiliate transactions. The Amended and Restated Credit Agreement 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 or collateral document supporting the 2025 Credit Facilities 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 2025 Credit Facilities would be entitled to take various actions, including, but not limited to, terminating the commitments and accelerating amounts outstanding under the 2025 Credit Facilities and exercising remedies against collateral.
The Company had $1.024 billion and $755 million of borrowings outstanding under the 2022 Revolving Credit Facility as of September 27, 2025 and March 29, 2025, respectively. In addition, stand-by letters of credit of $1 million were outstanding as of September 27, 2025 and March 29, 2025, respectively. As of September 27, 2025 and March 29, 2025, the amount available for future borrowings under the 2022 Revolving Credit Facility was $475 million and $744 million, respectively.
The Company had $3 million of deferred financing fees related to the 2022 Revolving Credit Facility as of September 27, 2025 and March 29, 2025 and are recorded within other assets in the Company’s consolidated balance sheets.
As of September 27, 2025, the carrying value of borrowings outstanding under the 2025 Term Loans was $724 million, net of debt issuance costs of $5 million, and are recorded within long-term debt in the Company's consolidated balance sheets.
As of September 27, 2025, and the date these financial statements were issued, the Company was in compliance with all covenants related to the 2025 Credit Facilities.
Supplier Financing Program
The Company offers a supplier financing program which enables the Company’s inventory suppliers, at their sole discretion, to sell their receivables (i.e., the Company’s payment obligations to suppliers) to a financial institution on a non-recourse basis in order to be paid earlier than current payment terms provide. The Company’s obligations, including the amount due and scheduled payment dates, which generally do not exceed 90 days, are not impacted by a suppliers’ decision to
participate in this program. The Company does not reimburse suppliers for any costs they incur to participate in the program and their participation is voluntary. The amount outstanding under this program as of September 27, 2025 and March 29, 2025 was $11 million and $24 million, respectively, and is presented as short-term debt on the Company’s consolidated balance sheets.
See Note 12 to the Company’s Fiscal 2025 Annual Report on Form 10-K for additional information regarding the Company’s credit facilities and debt obligations.
v3.25.3
Commitments and Contingencies
 6 Months Ended
Sep. 27, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
The Company is involved in various routine legal proceedings incident to the ordinary course of its business. The Company believes that the outcome of all pending, routine legal proceedings, in the aggregate, will not have a material adverse effect on its business, results of operations and financial condition.
See the matters in Item 1. Legal Proceedings to the accompanying Part II Other Information for additional information on certain non-routine legal proceedings against the Company which may be material.
Please also refer to the Contractual Obligations and Commercial Commitments disclosure within the Liquidity and Capital Resources section of the Company’s Annual Report on Form 10-K for the fiscal year ended March 29, 2025 for a detailed disclosure of other commitments and contractual obligations as of March 29, 2025.
v3.25.3
Fair Value Measurements
 6 Months Ended
Sep. 27, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Financial assets and liabilities are measured at fair value using the three-level valuation hierarchy for disclosure of fair value measurements. The determination of the applicable level within the hierarchy of a particular asset or liability depends on the inputs used in the valuation as of the measurement date, notably the extent to which the inputs are market-based (observable) or internally derived (unobservable). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from independent sources. Unobservable inputs are inputs based on a company’s own assumptions about market participant assumptions based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of inputs as follows:
Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that a company has the ability to access at the measurement date.
Level 2 – Valuations based on quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability and inputs derived principally from or corroborated by observable market data.
Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

At September 27, 2025 and March 29, 2025, the fair values of the Company’s derivative contracts were determined using broker quotations, which were calculations derived from observable market information: the applicable currency rates at the balance sheet date and those forward rates particular to the contract at inception. The Company makes no adjustments to these broker obtained quotes or prices, but assesses the credit risk of the counterparty and would adjust the provided valuations for counterparty credit risk when appropriate. The fair value of the Company’s derivative instruments are included in prepaid expenses and other current assets, other assets, accrued expenses and other current liabilities and in other long-term liabilities on the consolidated balance sheets depending on whether they represent assets or liabilities of the Company and based on the maturity date of each individual hedge contract. See Note 14 for further detail.
All contracts are measured and recorded at fair value on a recurring basis and are categorized in Level 2 of the fair value hierarchy, as shown in the following table (in millions):
 
Fair value at September 27, 2025 using:
Fair value at March 29, 2025 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 liabilities:
Forward foreign currency exchange contracts
$— $4 $— $— $2 $— 
Net investment hedges— 909 — — 289 — 
Total derivative liabilities$— $913 $— $— $291 $— 
The Company’s debt obligations are recorded on its consolidated balance sheets at carrying values, which may differ from the related fair values. The fair value of the Company’s debt is estimated using external pricing data, including any available quoted market prices and based on other debt instruments with similar characteristics. Borrowings under revolving credit facilities, if outstanding, are recorded at carrying value, which approximates fair value due to the frequent nature of such borrowings and repayments. See Note 11 for detailed information related to carrying values of the Company’s outstanding debt.
The following table summarizes the carrying values and estimated fair values of the Company’s debt, based on Level 2 measurements (in millions):
September 27, 2025March 29, 2025
Carrying
Value		Estimated
Fair Value 		Carrying
Value		Estimated
Fair Value
Revolving Credit Facilities$1,024 $1,024 $755 $755 
2025 Term Loans$724 $725 $706 $699 
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 are assessed for impairment at least annually, while its other long-lived assets, including operating lease right-of-use assets, property and equipment and definite-lived intangible assets, are assessed for impairment whenever events or changes in circumstances indicate that the carrying amount of any such asset may not be recoverable. The Company determines the fair values of these assets based on Level 3 measurements using the Company’s best estimates of the amount and timing of future discounted cash flows, based on historical experience, market conditions, current trends and performance expectations.
The Company recorded $21 million impairment charges during the three and six months ended September 27, 2025. The Company recorded $20 million of impairment charges during the three and six months ended September 28, 2024. The following table details the carrying values and fair values of the Company’s assets that have been impaired during the three and six months ended September 27, 2025 and the three and six months ended September 28, 2024 (in millions):
Three and Six Months Ended
September 27, 2025		Three and Six Months Ended
September 28, 2024
Carrying Value Prior to ImpairmentFair ValueImpairment ChargeCarrying Value Prior to ImpairmentFair Value
Impairment Charge
Operating lease right-of-use assets$43 $27 $16 

$42 $24 $18 
Property and equipment, net8 3 5 3 1 2 
Total$51 $30 $21 $45 $25 $20 
v3.25.3
Derivative Financial Instruments
 6 Months Ended
Sep. 27, 2025
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.
As of March 29, 2025, the Company had total notional amounts of $50 million of EUR/USD forward contracts outstanding. During the first quarter of Fiscal 2026, the Company entered into multiple EUR/USD forward contracts with additional notional amounts of $29 million. As of September 27, 2025, the Company had total notional amounts outstanding of $52 million of forward foreign currency exchange contracts.
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 (loss) income and are reclassified from accumulated other comprehensive (loss) 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. During both the three and six months ended September 27, 2025, the Company reclassified $1 million from accumulated other comprehensive (loss) income into cost of goods sold due to the maturity of certain forward foreign currency exchange contracts.
Net Investment Hedges
As of March 29, 2025, the Company had $3.5 billion of hedges outstanding to hedge its net investment in Swiss Franc (“CHF”) denominated subsidiaries, of which the Company will exchange monthly and semi-annual fixed rate payments on United States dollar notional amounts for fixed rate payments of 0.0% in CHF. During the first and second quarter of Fiscal 2026, the Company modified multiple fixed-to-fixed cross-currency swap agreements with aggregate notional amounts of $950 million and $275 million, respectively, of which the Company will exchange monthly fixed rate payments on United States dollar notional amounts for fixed rate payments of 0.0% in CHF. As of September 27, 2025, the Company had $3.5 billion of outstanding hedges to hedge its net investment in CHF denominated subsidiaries. These contracts have maturity dates between March 2027 and May 2045 and are designated as net investment hedges.
Certain of these contracts are supported by a credit support annex (“CSA”) which provides for collateral exchange with the earliest effective date being June 2030. If the fair value of a derivative contract exceeds a certain threshold governed by the aforementioned CSAs, either party is required to post cash collateral.
As of September 27, 2025 and March 29, 2025, the Company had $2.364 billion of fixed-to-fixed cross-currency hedges outstanding related to its net investment in Euro denominated subsidiaries, of which the Company will exchange monthly fixed rate payments on United States dollar notional amounts for fixed rate payments of 0.0% in EUR. These contracts have maturity dates between January 2027 and July 2031 and have been designated as net investment hedges.
When a cross-currency swap is used as a hedging instrument in a net investment hedge assessed under the spot method, the cross-currency basis spread is excluded from the assessment of hedge effectiveness and is recognized as a reduction in interest income in the Company’s consolidated statements of operations and comprehensive (loss) income. Accordingly, the Company recorded interest income of $35 million and $71 million during the three and six months ended September 27, 2025, and $29 million and $53 million during the three and six months ended September 28, 2024, respectively.
The net gains or losses on net investment hedges are reported within CTA as a component of accumulated other comprehensive (loss) income on the Company’s consolidated balance sheets. Upon discontinuation of the hedge, such amounts remain in CTA until the related net investment is sold or liquidated.
Interest Rate Swaps
During the second quarter of Fiscal 2025, the Company entered into multiple interest rate swaps with aggregate notional amounts of €800 million. The swaps were designed to mitigate the impact of adverse interest rate fluctuations for a portion of the Company’s variable rate debt. €500 million of the total interest rate swaps entered into relate to the Company’s Senior Revolving Credit Facility expiring July 2027. The remaining €300 million of the interest rate swaps entered into related to the Company’s previously outstanding Versace Term Loan. During the fourth quarter of Fiscal 2025, the Company terminated these interest rate swaps to coincide with the Company’s debt refinancing and paid $13 million. As of September 27, 2025 and March 29, 2025, the Company did not have any interest rate swap agreements outstanding.

When an interest rate swap agreement qualifies for hedge accounting as a cash flow hedge, the changes in the fair value are recorded in equity as a component of accumulated other comprehensive (loss) income and are reclassified into interest income, net, in the same period in which the hedged transactions affect earnings. During the three and six months ended September 27, 2025, the Company recognized $2 million and $4 million of interest expense, respectively, related to amortization of the fair value previously recorded as a component of accumulated other comprehensive (loss) income related to the terminated interest rate swaps. During the three and six months ended September 28, 2024, the Company recognized $1 million of interest income related to these agreements.
The Company only enters into derivative instruments with highly credit-rated counterparties and does not enter into derivative contracts for trading or speculative purposes.
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 September 27, 2025 and March 29, 2025 (in millions):
Fair Value
 Notional AmountsAssetsLiabilities
 September 27,
2025		March 29,
2025		September 27,
2025		March 29,
2025		September 27,
2025		March 29,
2025
Designated forward foreign currency exchange contracts$52 $50 $— $— $4 
(1)
$2 
(1)
Designated net investment hedges5,864 5,864 — — 909 
(2)
289 
(2)
Total$5,916 $5,914 $— $— $913 $291 
(1)Recorded within accrued expenses and other current liabilities on the Company’s consolidated balance sheets.
(2)As of September 27, 2025, the Company recorded $909 million within other long-term liabilities on the Company’s consolidated balance sheets. As of March 29, 2025, the Company recorded $12 million within accrued expenses and other current liabilities and $277 million within other long-term liabilities on the Company’s consolidated balance sheets.
The Company records and presents the fair value of all of its derivative assets and liabilities on its consolidated balance sheets on a gross basis, as shown in the above table. However, if the Company were to offset and record the asset and liability balances for its derivative instruments on a net basis in accordance with the terms of its master netting arrangements, which provide for the right to set-off amounts for similar transactions denominated in the same currencies and with the same banks, the resulting impact as of September 27, 2025 and March 29, 2025 would be as follows (in millions):
Forward Currency
Exchange Contracts		Net Investment Hedges
September 27,
2025		March 29,
2025		September 27,
2025		March 29,
2025
Liabilities subject to master netting arrangements$4 $2 $909 $289 
Derivative liabilities, net$4 $2 $909 $289 
Currently, the Company’s master netting arrangements do not require cash collateral to be pledged by the Company or its counterparties.
The following tables summarize the losses recognized within the consolidated statements of operations and comprehensive income related to the Company’s hedge contracts for the three and six months ended September 27, 2025 and September 28, 2024 (in millions):
Three Months Ended
Six Months Ended
September 27, 2025September 28, 2024September 27, 2025September 28, 2024Location of Loss Recognized
Designated forward foreign currency exchange contracts$1 $— $1 $— Cost of goods sold
Designated interest rate swaps$2 $— $4 $— Interest expense, net
The Company expects that substantially all of the amounts currently recorded in accumulated other comprehensive (loss) income for its forward foreign currency exchange contracts will be reclassified into earnings during the next 12 months, based upon the timing of inventory purchases and turnover.
The following table summarizes the pre-tax impact of the losses recorded to other comprehensive income (“OCI”) related to the Company’s designated hedges (in millions):
Three Months Ended
Six Months Ended
September 27, 2025September 28, 2024September 27, 2025September 28, 2024
Pre-Tax Losses
Recognized in OCI		Pre-Tax Losses
Recognized in OCI		Pre-Tax Losses
Recognized in OCI		Pre-Tax Losses
Recognized in OCI
Designated forward foreign currency exchange contracts$— $— $(4)$— 
Designated net investment hedges$(35)$(240)$(620)$(266)
Designated interest rate swaps$— $(15)$— $(15)
v3.25.3
Shareholders' Equity
 6 Months Ended
Sep. 27, 2025
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
Share Repurchase Program
On November 9, 2022, the Company announced its Board of Directors approved a two-year share repurchase program to purchase up to $1.0 billion of its outstanding ordinary shares which expired on November 9, 2024. Share repurchases were permitted to 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 was prohibited from repurchasing its ordinary shares other than the acceptance of Company ordinary shares as payment of the exercise price of Company options or for withholding taxes with respect of Company equity awards.
Accordingly, the Company did not repurchase any of its ordinary shares during the pendency of the Merger Agreement through the expiration date of the share repurchase program.
During the six months ended September 27, 2025 and September 28, 2024, the Company did not purchase any of its’ ordinary shares through open market transactions.
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 the six months ended September 27, 2025 and September 28, 2024, the Company withheld 98,081 shares and 105,470 shares, respectively, with a fair value of $2 million and $4 million, respectively, in satisfaction of minimum tax withholding obligations relating to the vesting of restricted share awards.
Accumulated Other Comprehensive (Loss) Income
The following table details changes in the components of accumulated other comprehensive (loss) income, net of taxes, for the six months ended September 27, 2025 and September 28, 2024, respectively (in millions):
Foreign Currency Translation Adjustments (1)
Net Loss on Derivatives (2)
Other Comprehensive (Loss) Income Attributable to Capri
Balance at March 29, 2025$67 $(10)$57 
Other comprehensive loss before reclassifications(491)(3)(494)
Loss reclassified from AOCI to earnings — 4 4 
Other comprehensive loss, net of tax(491)1 (490)
Balance at September 27, 2025$(424)$(9)$(433)
Balance at March 30, 2024$161 $— $161 
Other comprehensive loss before reclassifications (147)(11)(158)
Balance at September 28, 2024$14 $(11)$3 
(1)Foreign currency translation adjustments for the six months ended September 27, 2025 primarily include a $464 million loss, net of taxes of $156 million, relating to the Company’s net investment hedges, as well as a net $27 million translation loss. Foreign currency translation adjustments for the six months ended September 28, 2024 primarily include a $199 million loss, net of taxes of $67 million, relating to the Company’s net investment hedges partially offset by a net $52 million translation gain.
(2)Other comprehensive loss before reclassifications for both the six months ended September 27, 2025 and September 28, 2024 were primarily related to the Company’s forward foreign currency exchange contracts, net of taxes. Reclassifications from AOCI into earnings for six months ended September 27, 2025 were $3 million, net of taxes of $1 million related to the Company’s previously terminated interest rate swaps and $1 million, net of immaterial taxes, related to the Company’s forward foreign currency exchange contracts for inventory purchases.
v3.25.3
Share-Based Compensation
 6 Months Ended
Sep. 27, 2025
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. On December 1, 2011, the Company adopted the Omnibus Incentive Plan (the “Incentive Plan”) which allows for grants of share options, restricted shares, RSUs and other forms of equity compensation. On August 7, 2025, the Company’s shareholders approved an amendment to the Incentive Plan to increase the number of ordinary shares authorized for issuance by 2,500,000 increasing the total authorized ordinary shares from 22,471,000 to 24,971,000. At September 27, 2025, there were 3,633,443 ordinary shares available for future grants of equity awards under the Incentive Plan. Option grants issued under the Incentive Plan generally expire seven years from the grant date.
The following table summarizes the Company’s share-based compensation activity during the six months ended September 27, 2025:
 OptionsService-Based RSUsPerformance-Based RSUs
Outstanding/Unvested at March 29, 2025
180,481 2,992,161 162,954 
Granted— 2,212,457 — 
Exercised/Vested— (1,320,515)— 
Canceled/Forfeited(180,481)(448,678)— 
Outstanding/Unvested at September 27, 2025
— 3,435,425 162,954 
The weighted average grant date fair value of service-based RSUs granted during the six months ended September 27, 2025 was $17.89. There were no performance-based RSUs granted during the six months ended September 27, 2025. The weighted average grant date fair value of service-based RSUs granted during the six months ended September 28, 2024 was $32.20. There were no performance-based RSUs granted during the six months ended September 28, 2024.
Share-Based Compensation Expense
The following table summarizes compensation expense attributable to share-based compensation for the three and six months ended September 27, 2025 and September 28, 2024 (in millions):
Three Months EndedSix Months Ended
September 27,
2025		September 28,
2024		September 27,
2025		September 28,
2024
Share-based compensation expense$7 $9 $21 $33 
Tax benefit related to share-based compensation expense$1 $1 $1 $5 
Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company estimates forfeitures based on historical forfeiture rates. The estimated value of future forfeitures for equity awards as of September 27, 2025 is $6 million. There were no forfeitures for performance-based RSUs.
See Note 17 in the Company’s Fiscal 2025 Annual Report on Form 10-K for additional information relating to the Company’s share-based compensation awards.
v3.25.3
Income Taxes
 6 Months Ended
Sep. 27, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The provision for income taxes was $36 million and $20 million for the three and six months ended September 27, 2025, compared to a benefit of $27 million and $21 million for the three and six months ended September 28, 2024. The Company’s effective tax rate for the three and six months ended September 27, 2025 compared to the effective tax rate for the three and six months ended September 28, 2024 is not a meaningful metric due to the effect of the Company recording $40 million and $14 million of incremental net valuation allowances for the three and six months ended September 27, 2025, respectively.
On January 10, 2025, the United States Treasury and the IRS issued final regulations that address several long-standing issues related to dual consolidated losses and introduce new rules for disregarded payment losses. The changes related to disregarded payment losses could impact how the Company utilizes certain deductions and losses to offset its U.S. income as part of its global financing activities, beginning in Fiscal 2027. Based upon the Company’s analysis, this is not projected to have a material impact on the Company’s consolidated financial statements.
On July 4, 2025, the U.S. government enacted the OBBBA which includes, among other provisions, changes to the U.S. corporate income tax system including the allowance of immediate expensing of qualifying research and development expenses and permanent extensions of certain provisions within the Jobs Act. Based upon the Company’s analysis, the OBBBA did not have a material impact on the Company’s consolidated financial statements.
v3.25.3
Segment Information
 6 Months Ended
Sep. 27, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
On April 10, 2025, the Company and Prada entered into a Purchase Agreement whereby Prada has agreed to acquire certain subsidiaries of the Company which operate the Company’s Versace business for an aggregate purchase price of $1.375 billion in cash, subject to certain adjustments, including for net indebtedness, working capital and transaction expenses. As a result, the Company determined that the held for sale and discontinued operations criteria were met and the Company has classified the results of operations and cash flows of its Versace business as discontinued operations in its consolidated statements of operations and comprehensive (loss) income and consolidated statements of cash flows for all periods presented. The related assets and liabilities associated with the discontinued operations are classified as held for sale in the consolidated balance sheets as of September 27, 2025 and March 29, 2025. Accordingly, the Versace business has been excluded from the segment information herein for all periods presented. Refer to Note 4 - "Discontinued Operations" for further information.

The Company operates its business through three operating segments — Michael Kors, Jimmy Choo and Versace, 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”), who is the Company’s Chairman and Chief Executive Officer, 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:
•Michael Kors — segment includes revenue generated through the sale of Michael Kors products through four primary Michael Kors retail formats: “Collection” stores, “Lifestyle” stores (including concessions), outlet stores and e-commerce sites, through which the Company sells Michael Kors products, as well as licensed products bearing the Michael Kors name, directly to consumers throughout the Americas, certain parts of EMEA and certain parts of Asia. The Company also sells Michael Kors products directly to department stores, primarily located across the Americas and Europe, to specialty stores and travel retail shops, and to its geographic licensees. In addition, revenue is generated through product and geographic licensing arrangements, which allow third parties to use the Michael Kors brand name and trademarks in connection with the manufacturing and sale of products, including watches, jewelry, fragrances and eyewear.
•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. In addition, revenue is generated 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, as well as 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.
•Versace — segment includes revenue generated through the sale of Versace luxury ready-to-wear, accessories and footwear through directly operated Versace boutiques throughout North America, 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 the Versace Jeans Couture product line, fragrances, watches, eyewear and home furnishings. As noted above, the results of the Versace business are excluded from the segment information herein for all periods presented. Refer to Note 4 - "Discontinued Operations" for further information.
In addition to these reportable segments, the Company has certain corporate costs that are not directly attributable to its brands and, therefore, are not allocated to its segments. Such costs primarily include certain administrative, corporate occupancy, shared service and information technology 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 transaction related costs, impairment charges and restructuring and other expense. The segment structure is consistent with how the Company’s CODM plans and allocates resources, manages the business and assesses performance. All intercompany revenues are eliminated in consolidation and are not reviewed when evaluating segment performance.
The following table presents the key performance information of the Company’s reportable segments (in millions):
 Three Months EndedSix Months Ended
 September 27,
2025		September 28,
2024		September 27,
2025		September 28,
2024
Total revenue:
Michael Kors$725 $738 $1,360 $1,413 
Jimmy Choo131 140 293 313 
Total revenue$856 $878 $1,653 $1,726 
Cost of goods sold:
Michael Kors$295 $287 $542 $543 
Jimmy Choo39 44 87 101 
Total cost of goods sold$334 $331 $629 $644 
Selling, general and administrative expenses:
Michael Kors$339 $344 $646 $668 
Jimmy Choo94 93 197 198 
Corporate48 60 93 122 
Total selling, general and administrative expenses$481 $497 $936 $988 
Depreciation and amortization:
Michael Kors$18 $20 $36 $40 
Jimmy Choo7 8 14 15 
Corporate5 7 10 12 
Total depreciation and amortization$30 $35 $60 $67 
(Loss) income from operations:
Michael Kors$73 $87 $136 $162 
Jimmy Choo(9)(5)(5)(1)
64 82 131 161 
Less:Corporate expenses(53)(57)(103)(119)
Impairment of assets (1)
(21)(20)(21)(20)
Transaction related costs— (10)— (15)
Restructuring and other expense (2)(1)(3)(2)
(Loss) income from operations$(12)$(6)$4 $5 
(1)Impairment of assets during the three and six months ended September 27, 2025 and September 28, 2024 primarily related to operating lease right-of-use assets at certain Michael Kors store locations.
Total revenue (based on country of origin) by geographic location are as follows (in millions):
Three Months EndedSix Months Ended
 September 27,
2025		September 28,
2024		September 27,
2025		September 28,
2024
Revenue:
The Americas (1)
$491 $527 $950 $1,030 
EMEA261 258 489 473 
Asia104 93 214 223 
Total revenue$856 $878 $1,653 $1,726 
(1)Total revenue earned in the U.S. was $442 million and $860 million, respectively, for the three and six months ended September 27, 2025. Total revenue earned in the U.S. was $471 million and $929 million, respectively, for the three and six months ended September 28, 2024.
Total long-lived assets of the Company’s reportable segments are as follows (in millions):
 As of
September 27,
2025		March 29,
2025
Long-lived assets:
Michael Kors$1,246 $1,197 
Jimmy Choo602 603 
Total long-lived assets$1,848 $1,800 
v3.25.3
Subsequent Events
 6 Months Ended
Sep. 27, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On November 4, 2025, the Company announced the Board of Directors approved a three-year share repurchase program of up to $1.0 billion of its outstanding ordinary shares, which the Company expects to begin implementing in Fiscal 2027. Share repurchases may be made in open market or privately negotiated transactions, subject to market conditions, applicable legal requirements, trading restrictions under the Company's insider trading policy and other relevant factors. The program may be suspended or discontinued at any time.
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 27, 2025
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
v3.25.3
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Sep. 27, 2025
Accounting Policies [Abstract]  
Consolidation
The interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and include the accounts of the Company and its wholly-owned or controlled subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The interim consolidated financial statements as of September 27, 2025 and for the three and six months ended September 27, 2025 and September 28, 2024 are unaudited. The Company consolidates the results of its Versace business on a one-month lag, as consistent with prior periods. In addition, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The interim consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, necessary for a fair presentation in conformity with U.S. GAAP. The interim consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended March 29, 2025, as filed with the Securities and Exchange Commission on May 28, 2025, in the Company’s Annual Report on Form 10-K. The results of operations for the interim periods should not be considered indicative of results to be expected for the full fiscal year.
Fiscal Period
The Company utilizes a 52- to 53-week fiscal year and the term “Fiscal Year” or “Fiscal” refers to that 52-week or 53-week period. The results for the three and six months ended September 27, 2025 and September 28, 2024 are based on 13-week and 26-week periods, respectively. The Company’s Fiscal Year 2026 is a 52-week period ending March 28, 2026. The Company’s Fiscal Year 2027 is a 53-week period ending April 3, 2027.
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 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.
Cash, Cash Equivalents and Restricted Cash All highly liquid investments with original maturities of three months or less are considered to be cash equivalents.
Inventories Inventories primarily consist of finished goods with the exception of raw materials and work in process.
Derivative Financial Instruments
Forward Foreign Currency Exchange Contracts
The Company 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 may 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 (loss) 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 (loss) 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 (gain) 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 the 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 less 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 adjustments (“CTA”), as a component of accumulated other comprehensive (loss) income on the Company’s consolidated balance sheets. Interest accruals and coupon payments are recognized directly in interest 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.
Interest Rate Swap Agreements
The Company also uses interest rate swap agreements to hedge the variability of its cash flows resulting from floating interest rates on the Company’s borrowings. When an interest rate swap agreement qualifies for hedge accounting as a cash flow hedge, the changes in the fair value are recorded in equity as a component of accumulated other comprehensive (loss) income and are reclassified into interest income, net, in the same period during which the hedged transactions affect earnings.
Leases
The Company leases retail stores, office space and warehouse space under operating lease agreements that expire at various dates through September 2043. The Company’s leases generally have terms of up to ten years, generally require fixed rent payments and may require the payment of additional rent if store sales exceed negotiated amounts. Although most of the Company’s equipment is owned, the Company has limited equipment leases that expire on various dates through December 2029. The Company acts as sublessor in certain leasing arrangements, primarily related to closed stores under its restructuring initiatives. 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 the lease commencement date, based on the present value of fixed lease payments over the expected lease term. The Company uses its incremental borrowing rates to determine the present value of fixed lease payments based on the information available at the lease commencement date, as the rate implicit in the lease is not readily determinable for the Company’s leases. The Company’s incremental borrowing rates are based on the term of the leases, the economic environment of the leases and reflect the expected interest rate it would incur to borrow on a secured basis. Certain leases include one or more renewal options, generally for the same period as the initial term of the lease. The exercise of lease renewal options is generally at the Company’s sole discretion and as such, the Company typically determines that exercise of these renewal options is not reasonably certain. As a result, the Company generally does not include the renewal option period in the expected lease term and the associated lease payments are not included in the measurement of the operating lease right-of-use asset and lease liability. Certain leases also contain termination options with an associated penalty. Generally, the Company is reasonably certain not to exercise these options and as such, they are not included in the determination of the expected lease term. The Company recognizes operating lease expense on a straight-line basis over the lease term.

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

The Company’s leases generally provide for payments of non-lease components, such as common area maintenance, real estate taxes and other costs associated with the leased property. The Company accounts for lease and non-lease components of its real estate leases together as a single lease component and, as such, includes fixed payments of non-lease components in the measurement of the operating lease right-of-use assets and lease liabilities for its real estate leases. Variable lease payments, such as percentage rent based on store sales, periodic adjustments for inflation, reimbursement of real estate taxes, any variable common area maintenance and any other variable costs associated with the leased property, are expensed as incurred as variable lease costs and are not recorded on the balance sheet. The Company’s lease agreements do not contain any material residual value guarantees or material restrictions or covenants.
Net (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 restricted share units (“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 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.
Income Taxes
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. The Company will adopt the update beginning with disclosure in its Fiscal 2026 annual consolidated financial statements.
Reporting Comprehensive Income—Expense Disaggregation Disclosures
In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)”, which requires public entities to disaggregate specific types of expenses, including disclosures for purchases of inventory, employee compensation, depreciation, and intangible asset amortization, as well as selling expenses. ASU 2024-03 is effective for annual periods beginning after December 15, 2026. Interim disclosures are required for periods within annual periods beginning after December 15, 2027. Prospective application is required, and retrospective application is permitted. Early adoption is also permitted. We are currently assessing the impact of the requirements on the Company’s consolidated financial statements and disclosures.
Tax Legislation
On December 12, 2022, the European Union member states reached an agreement to implement the Organization for Economic Cooperation and Development’s (“OECD”) reform of international taxation known as Pillar Two Global Anti-Base Erosion ("GloBE") Rules, which broadly mirrors certain provisions of the Inflation Reduction Act by imposing a 15% global minimum tax on multinational companies. GloBE became effective for the Company during Fiscal 2025. Based upon the Company’s analysis, the Pillar Two initiatives are not projected to have a material impact on the Company’s consolidated financial statements.
On July 4, 2025, the U.S. government enacted the One Big Beautiful Bill Act of 2025 (“OBBBA”) which includes, among other provisions, changes to the U.S. corporate income tax system including the allowance of immediate expensing of qualifying research and development expenses and permanent extensions of certain provisions within the Tax Cuts and Jobs Act (“Jobs Act”). Based upon the Company’s analysis, the OBBBA did not have a material impact on the Company’s consolidated financial statements.
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 and retail store credits, net of estimated “breakage”
was $9 million and $10 million as of September 27, 2025 and March 29, 2025, 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 Michael Kors and Jimmy Choo 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 and eyewear, 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 licensees, 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. The Company’s guaranteed minimum royalty amounts due from licensees relate to contractual periods that do not exceed 12 months.
Receivables, net
Receivables are presented net of allowances for discounts, markdowns, operational chargebacks and credit losses. Discounts are based on open invoices where trade discounts have been extended to customers. Markdowns are based on wholesale customers’ sales performance, seasonal negotiations with customers, historical deduction trends and an evaluation of current market conditions. Operational chargebacks are based on deductions taken by customers, net of expected recoveries. Such provisions, and related recoveries, are reflected in revenues.
The Company’s allowance for credit losses is determined through analysis of periodic aging of receivables and assessments of 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 $14 million and $13 million as of September 27, 2025 and March 29, 2025, respectively. The Company had credit losses of $1 million for the three and six months ended September 27, 2025, respectively. The Company had credit losses of $3 million and $4 million for the three and six months ended September 28, 2024, respectively.
Fair Value Measurements At September 27, 2025 and March 29, 2025, the fair values of the Company’s derivative contracts were determined using broker quotations, which were calculations derived from observable market information: the applicable currency rates at the balance sheet date and those forward rates particular to the contract at inception. The Company makes no adjustments to these broker obtained quotes or prices, but assesses the credit risk of the counterparty and would adjust the provided valuations for counterparty credit risk when appropriate. The fair value of the Company’s derivative instruments are included in prepaid expenses and other current assets, other assets, accrued expenses and other current liabilities and in other long-term liabilities on the consolidated balance sheets depending on whether they represent assets or liabilities of the Company and based on the maturity date of each individual hedge contract.
The Company’s cash and cash equivalents, accounts receivable and accounts payable are recorded at carrying value, which approximates fair value.
v3.25.3
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Sep. 27, 2025
Accounting Policies [Abstract]  
Schedule of Cash and Cash Equivalents
A reconciliation of cash, cash equivalents and restricted cash as of September 27, 2025 and March 29, 2025 from the consolidated balance sheets to the consolidated statements of cash flows is as follows (in millions):
 September 27,
2025		March 29,
2025
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents$120 $107 
Restricted cash included within prepaid expenses and other current assets10 9 
Total cash, cash equivalents and restricted cash shown on the consolidated statements of cash flows from continuing operations$130 $116 
Schedule of Restrictions on Cash and Cash Equivalents
A reconciliation of cash, cash equivalents and restricted cash as of September 27, 2025 and March 29, 2025 from the consolidated balance sheets to the consolidated statements of cash flows is as follows (in millions):
 September 27,
2025		March 29,
2025
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents$120 $107 
Restricted cash included within prepaid expenses and other current assets10 9 
Total cash, cash equivalents and restricted cash shown on the consolidated statements of cash flows from continuing operations$130 $116 
Schedule of Supplemental Cash Flow Information Related to Leases
The following table presents the Company’s supplemental cash flow information related to leases (in millions):
Six Months Ended
September 27,
2025		September 28,
2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases
$182 $176 
Schedule of Components of Calculation of Basic Net (Loss) Income Per Ordinary Share and Diluted Net (Loss) Income Per Ordinary Share
The components of the calculation of basic net (loss) income per ordinary share and diluted net (loss) income per ordinary share are as follows (in millions, except share and per share data):
 Three Months EndedSix Months Ended
September 27,
2025		September 28,
2024		September 27,
2025		September 28,
2024
Numerator:
Net (loss) income from continuing operations$(34)$42 $22 $47 
Less: Net (loss) income attributable to noncontrolling interest from continuing operations— (1)— 1 
Net (loss) income attributable to Capri from continuing operations$(34)$43 $22 $46 
Net income (loss) from discontinued operations, net of tax$6 $(19)$3 $(36)
Less: Net income attributable to noncontrolling interest from discontinued operations— — — — 
Net income (loss) attributable to Capri from discontinued operations6 (19)3 (36)
Net (loss) income attributable to Capri$(28)$24 $25 $10 
Denominator:
Basic weighted average shares119,786,829 118,467,372 119,293,324 117,953,855 
Weighted average dilutive share equivalents:
Share options, restricted stock units, and performance restricted stock units— 310,351 359,693 563,243 
Diluted weighted average shares119,786,829 118,777,723 119,653,017 118,517,098 
Net (loss) income per ordinary share attributable to Capri:
Basic from continuing operations$(0.28)$0.37 $0.19 $0.40 
Basic from discontinued operations0.06 (0.17)0.03 (0.31)
Basic per ordinary share (1)
$(0.22)$0.20 $0.22 $0.09 
Diluted from continuing operations$(0.28)$0.37 $0.19 $0.40 
Diluted from discontinued operations0.06 (0.17)0.03 (0.31)
Diluted per ordinary share (1)
$(0.22)$0.20 $0.22 $0.09 
(1)Basic and diluted per share amounts are calculated using unrounded numbers.
v3.25.3
Discontinued Operations (Tables)
 6 Months Ended
Sep. 27, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Carrying Amounts of Major Classes of Assets and Liabilities Classified as Held for Sale and Major Components of Discontinued Operations, Net of Income Taxes
The following table represents the carrying amounts of the major classes of assets and liabilities classified as held for sale in the consolidated balance sheets as of September 27, 2025 and March 29, 2025 (in millions):
September 27,
2025		March 29,
2025
Cash and cash equivalents$101 $59 
Receivables, net65 62 
Inventories, net194 168 
Prepaid expenses and other current assets39 53 
Current assets held for sale399 342 
Property and equipment, net124 120 
Operating lease right-of-use assets475 388 
Intangible assets, net577 534 
Goodwill528 489 
Other assets58 63 
Noncurrent assets held for sale1,762 1,594 
Total assets held for sale$2,161 $1,936 
Accounts payable$109 $106 
Accrued payroll and payroll related expenses32 28 
Accrued income taxes3 2 
Short-term operating lease liabilities113 101 
Accrued expenses and other current liabilities71 67 
Current liabilities held for sale328 304 
Long-term operating lease liabilities464 439 
Deferred tax liabilities113 106 
Long-term debt11 10 
Other long-term liabilities16 20 
Noncurrent liabilities held for sale604 575 
Total liabilities held for sale$932 $879 
The following table presents the major components of discontinued operations, net of income taxes, in the Company’s consolidated statements of operations and comprehensive (loss) income:
Three Months EndedSix Months Ended
September 27,
2025		September 28,
2024		September 27,
2025		September 28,
2024
Total revenue$203 $201 $386 $420 
Cost of goods sold65 54 115 119 
Selling, general and administrative expenses125 142 262 300 
Depreciation and amortization1 14 5 29 
Impairment of assets— 23 — 23 
Restructuring and other expense1 — 4 — 
Other expense, net— — 1 — 
Foreign currency loss (gain)3 (6)(6)(5)
Income (loss) from discontinued operations before income taxes8 (26)5 (46)
Provision (benefit) for income taxes2 (7)2 (10)
Net income (loss) from discontinued operations, net of tax$6 $(19)$3 $(36)
v3.25.3
Revenue Recognition (Tables)
 6 Months Ended
Sep. 27, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Segment Revenue Disaggregated by Geographic Location
The following table presents the Company’s segment revenue disaggregated by geographic location (in millions):
 Three Months EndedSix Months Ended
 September 27,
2025		September 28,
2024		September 27,
2025		September 28,
2024
Michael Kors - the Americas$457 $492 $870 $943 
Michael Kors - EMEA194 187 344 325 
Michael Kors - Asia74 59 146 145 
 Total Michael Kors revenue725 738 1,360 1,413 
Jimmy Choo - the Americas34 35 80 87 
Jimmy Choo - EMEA67 71 145 148 
Jimmy Choo - Asia30 34 68 78 
Total Jimmy Choo revenue131 140 293 313 
Total - the Americas491 527 950 1,030 
Total - EMEA261 258 489 473 
Total - Asia104 93 214 223 
Total revenue$856 $878 $1,653 $1,726 
v3.25.3
Receivables, net (Tables)
 6 Months Ended
Sep. 27, 2025
Receivables [Abstract]  
Schedule of Receivables, Net
Receivables, net, consist of (in millions):
September 27,
2025		March 29,
2025
Trade receivables (1)
$237 $237 
Receivables due from licensees25 20 
262 257 
Less: allowances(45)(42)
Total receivables, net$217 $215 
(1)As of September 27, 2025 and March 29, 2025, $54 million and $55 million, respectively, of trade receivables were insured.
v3.25.3
Property and Equipment, net (Tables)
 6 Months Ended
Sep. 27, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment, Net
Property and equipment, net, consists of (in millions):
September 27,
2025		March 29,
2025
Leasehold improvements$418 $408 
Computer equipment and software300 284 
Furniture and fixtures165 153 
Equipment109 104 
Building62 57 
In-store shops27 26 
Land19 18 
Total property and equipment, gross1,100 1,050 
Less: accumulated depreciation(730)(675)
Subtotal370 375 
Construction-in-progress13 18 
Total property and equipment, net$383 $393 
v3.25.3
Intangible Assets and Goodwill (Tables)
 6 Months Ended
Sep. 27, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Indefinite-Lived Intangible Assets
The following table details the carrying values of the Company’s intangible assets and goodwill (in millions):
September 27,
2025		March 29,
2025
Definite-lived intangible assets:
Reacquired rights $400 $400 
Trademarks23 23 
Customer relationships (1)
222 214 
Gross definite-lived intangible assets645 637 
Less: accumulated amortization(277)(259)
Net definite-lived intangible assets368 378 
Indefinite-lived intangible assets:
Jimmy Choo brand (2)
212 204 
Net indefinite-lived intangible assets212 204 
Intangible assets, net$580 $582 
Goodwill (3)
$203 $199 
(1)The change in the carrying value since March 29, 2025 reflects the impact of foreign currency translation adjustments.
(2)The change in the carrying value since March 29, 2025 reflects the impact of foreign currency translation adjustments. As of September 27, 2025 and March 29, 2025, the Company had accumulated impairment charges of $358 million related to its Jimmy Choo brand intangible assets.
(3)Includes accumulated impairment of $605 million related to the Jimmy Choo reporting units as of September 27, 2025 and March 29, 2025.
Schedule of Finite-Lived Intangible Assets
The following table details the carrying values of the Company’s intangible assets and goodwill (in millions):
September 27,
2025		March 29,
2025
Definite-lived intangible assets:
Reacquired rights $400 $400 
Trademarks23 23 
Customer relationships (1)
222 214 
Gross definite-lived intangible assets645 637 
Less: accumulated amortization(277)(259)
Net definite-lived intangible assets368 378 
Indefinite-lived intangible assets:
Jimmy Choo brand (2)
212 204 
Net indefinite-lived intangible assets212 204 
Intangible assets, net$580 $582 
Goodwill (3)
$203 $199 
(1)The change in the carrying value since March 29, 2025 reflects the impact of foreign currency translation adjustments.
(2)The change in the carrying value since March 29, 2025 reflects the impact of foreign currency translation adjustments. As of September 27, 2025 and March 29, 2025, the Company had accumulated impairment charges of $358 million related to its Jimmy Choo brand intangible assets.
(3)Includes accumulated impairment of $605 million related to the Jimmy Choo reporting units as of September 27, 2025 and March 29, 2025.
v3.25.3
Other Current Assets and Other Current Liabilities (Tables)
 6 Months Ended
Sep. 27, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consist of the following (in millions):
September 27,
2025		March 29,
2025
Prepaid taxes$121 $65 
Interest receivable related to hedges20 36 
Prepaid contracts18 20 
Restricted cash10 9 
Other accounts receivables6 8 
Other prepaid expenses and current assets28 18 
Total prepaid expenses and other current assets$203 $156 
Schedule of Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consist of the following (in millions):
September 27,
2025		March 29,
2025
Accrued purchases and samples$42 $21 
Accrued advertising and marketing30 28 
Other taxes payable28 32 
Return liabilities24 25 
Professional services17 16 
Accrued e-commerce15 15 
Accrued rent (1)
14 16 
Retail store expense accrual13 15 
Accrued capital expenditures10 9 
Gift and retail store credits9 10 
Other accrued expenses and current liabilities28 46 
Total accrued expenses and other current liabilities$230 $233 
(1)The accrued rent balance relates to variable lease payments.
v3.25.3
Restructuring and Other Expense (Tables)
 6 Months Ended
Sep. 27, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Roll Forward of Restructuring Liability Related to Global Optimization Plan
The below table presents a roll forward of the Company’s restructuring liability related to its Global Optimization Plan (in millions):
Severance and benefit costsLease-related and other costsTotal
Balance at March 29, 2025
$4 $— $4 
Additions charged to expense
4 — 
(1)
4 
Payments(7)— (7)
Balance at September 27, 2025
$1 $— $1 
(1)Excludes $1 million of gains on lease terminations and store closure costs related to operating lease right-of-use assets recorded within restructuring and other expense on the consolidated statements of operations and comprehensive (loss) income for the six months ended September 27, 2025.
v3.25.3
Debt Obligations (Tables)
 6 Months Ended
Sep. 27, 2025
Debt Disclosure [Abstract]  
Schedule of Debt Obligations
The following table presents the Company’s debt obligations (in millions):
September 27,
2025		March 29,
2025
Revolving Credit Facilities$1,024 $755 
2025 Term Loans729 712 
Other16 29 
Total debt 1,769 1,496 
Less: Unamortized debt issuance costs5 6 
Total carrying value of debt1,764 1,490 
Less: Short-term debt
11 24 
Total long-term debt
$1,753 $1,466 
v3.25.3
Fair Value Measurements (Tables)
 6 Months Ended
Sep. 27, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measured and Recorded on a Recurring Basis
All contracts are measured and recorded at fair value on a recurring basis and are categorized in Level 2 of the fair value hierarchy, as shown in the following table (in millions):
 
Fair value at September 27, 2025 using:
Fair value at March 29, 2025 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 liabilities:
Forward foreign currency exchange contracts
$— $4 $— $— $2 $— 
Net investment hedges— 909 — — 289 — 
Total derivative liabilities$— $913 $— $— $291 $— 
Schedule of Carrying Values and Estimated Fair Values of Debt, Based on Level 2 Measurements
The following table summarizes the carrying values and estimated fair values of the Company’s debt, based on Level 2 measurements (in millions):
September 27, 2025March 29, 2025
Carrying
Value		Estimated
Fair Value 		Carrying
Value		Estimated
Fair Value
Revolving Credit Facilities$1,024 $1,024 $755 $755 
2025 Term Loans$724 $725 $706 $699 
Schedule of Carrying Values and Fair Values of Assets Impaired The following table details the carrying values and fair values of the Company’s assets that have been impaired during the three and six months ended September 27, 2025 and the three and six months ended September 28, 2024 (in millions):
Three and Six Months Ended
September 27, 2025		Three and Six Months Ended
September 28, 2024
Carrying Value Prior to ImpairmentFair ValueImpairment ChargeCarrying Value Prior to ImpairmentFair Value
Impairment Charge
Operating lease right-of-use assets$43 $27 $16 

$42 $24 $18 
Property and equipment, net8 3 5 3 1 2 
Total$51 $30 $21 $45 $25 $20 
v3.25.3
Derivative Financial Instruments (Tables)
 6 Months Ended
Sep. 27, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Derivative Contracts Recorded on Gross Basis in Consolidated Balance Sheets
The following table details the fair value of the Company’s derivative contracts, which are recorded on a gross basis in the consolidated balance sheets as of September 27, 2025 and March 29, 2025 (in millions):
Fair Value
 Notional AmountsAssetsLiabilities
 September 27,
2025		March 29,
2025		September 27,
2025		March 29,
2025		September 27,
2025		March 29,
2025
Designated forward foreign currency exchange contracts$52 $50 $— $— $4 
(1)
$2 
(1)
Designated net investment hedges5,864 5,864 — — 909 
(2)
289 
(2)
Total$5,916 $5,914 $— $— $913 $291 
(1)Recorded within accrued expenses and other current liabilities on the Company’s consolidated balance sheets.
(2)As of September 27, 2025, the Company recorded $909 million within other long-term liabilities on the Company’s consolidated balance sheets. As of March 29, 2025, the Company recorded $12 million within accrued expenses and other current liabilities and $277 million within other long-term liabilities on the Company’s consolidated balance sheets.
Schedule of Derivative Instruments on The Balance Sheets, Net Basis However, if the Company were to offset and record the asset and liability balances for its derivative instruments on a net basis in accordance with the terms of its master netting arrangements, which provide for the right to set-off amounts for similar transactions denominated in the same currencies and with the same banks, the resulting impact as of September 27, 2025 and March 29, 2025 would be as follows (in millions):
Forward Currency
Exchange Contracts		Net Investment Hedges
September 27,
2025		March 29,
2025		September 27,
2025		March 29,
2025
Liabilities subject to master netting arrangements$4 $2 $909 $289 
Derivative liabilities, net$4 $2 $909 $289 
Schedule of Pre-tax Impact of Losses on Derivative
The following tables summarize the losses recognized within the consolidated statements of operations and comprehensive income related to the Company’s hedge contracts for the three and six months ended September 27, 2025 and September 28, 2024 (in millions):
Three Months Ended
Six Months Ended
September 27, 2025September 28, 2024September 27, 2025September 28, 2024Location of Loss Recognized
Designated forward foreign currency exchange contracts$1 $— $1 $— Cost of goods sold
Designated interest rate swaps$2 $— $4 $— Interest expense, net
The following table summarizes the pre-tax impact of the losses recorded to other comprehensive income (“OCI”) related to the Company’s designated hedges (in millions):
Three Months Ended
Six Months Ended
September 27, 2025September 28, 2024September 27, 2025September 28, 2024
Pre-Tax Losses
Recognized in OCI		Pre-Tax Losses
Recognized in OCI		Pre-Tax Losses
Recognized in OCI		Pre-Tax Losses
Recognized in OCI
Designated forward foreign currency exchange contracts$— $— $(4)$— 
Designated net investment hedges$(35)$(240)$(620)$(266)
Designated interest rate swaps$— $(15)$— $(15)
v3.25.3
Shareholders' Equity (Tables)
 6 Months Ended
Sep. 27, 2025
Equity [Abstract]  
Schedule of Changes in Components of Accumulated Other Comprehensive (Loss) Income, Net of Taxes
The following table details changes in the components of accumulated other comprehensive (loss) income, net of taxes, for the six months ended September 27, 2025 and September 28, 2024, respectively (in millions):
Foreign Currency Translation Adjustments (1)
Net Loss on Derivatives (2)
Other Comprehensive (Loss) Income Attributable to Capri
Balance at March 29, 2025$67 $(10)$57 
Other comprehensive loss before reclassifications(491)(3)(494)
Loss reclassified from AOCI to earnings — 4 4 
Other comprehensive loss, net of tax(491)1 (490)
Balance at September 27, 2025$(424)$(9)$(433)
Balance at March 30, 2024$161 $— $161 
Other comprehensive loss before reclassifications (147)(11)(158)
Balance at September 28, 2024$14 $(11)$3 
(1)Foreign currency translation adjustments for the six months ended September 27, 2025 primarily include a $464 million loss, net of taxes of $156 million, relating to the Company’s net investment hedges, as well as a net $27 million translation loss. Foreign currency translation adjustments for the six months ended September 28, 2024 primarily include a $199 million loss, net of taxes of $67 million, relating to the Company’s net investment hedges partially offset by a net $52 million translation gain.
(2)Other comprehensive loss before reclassifications for both the six months ended September 27, 2025 and September 28, 2024 were primarily related to the Company’s forward foreign currency exchange contracts, net of taxes. Reclassifications from AOCI into earnings for six months ended September 27, 2025 were $3 million, net of taxes of $1 million related to the Company’s previously terminated interest rate swaps and $1 million, net of immaterial taxes, related to the Company’s forward foreign currency exchange contracts for inventory purchases.
v3.25.3
Share-Based Compensation (Tables)
 6 Months Ended
Sep. 27, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-Based Compensation Activity
The following table summarizes the Company’s share-based compensation activity during the six months ended September 27, 2025:
 OptionsService-Based RSUsPerformance-Based RSUs
Outstanding/Unvested at March 29, 2025
180,481 2,992,161 162,954 
Granted— 2,212,457 — 
Exercised/Vested— (1,320,515)— 
Canceled/Forfeited(180,481)(448,678)— 
Outstanding/Unvested at September 27, 2025
— 3,435,425 162,954 
Schedule of Compensation Expense Attributable to Share-Based Compensation
The following table summarizes compensation expense attributable to share-based compensation for the three and six months ended September 27, 2025 and September 28, 2024 (in millions):
Three Months EndedSix Months Ended
September 27,
2025		September 28,
2024		September 27,
2025		September 28,
2024
Share-based compensation expense$7 $9 $21 $33 
Tax benefit related to share-based compensation expense$1 $1 $1 $5 
v3.25.3
Segment Information (Tables)
 6 Months Ended
Sep. 27, 2025
Segment Reporting [Abstract]  
Schedule of Key Performance Information of Reportable Segments
The following table presents the key performance information of the Company’s reportable segments (in millions):
 Three Months EndedSix Months Ended
 September 27,
2025		September 28,
2024		September 27,
2025		September 28,
2024
Total revenue:
Michael Kors$725 $738 $1,360 $1,413 
Jimmy Choo131 140 293 313 
Total revenue$856 $878 $1,653 $1,726 
Cost of goods sold:
Michael Kors$295 $287 $542 $543 
Jimmy Choo39 44 87 101 
Total cost of goods sold$334 $331 $629 $644 
Selling, general and administrative expenses:
Michael Kors$339 $344 $646 $668 
Jimmy Choo94 93 197 198 
Corporate48 60 93 122 
Total selling, general and administrative expenses$481 $497 $936 $988 
Depreciation and amortization:
Michael Kors$18 $20 $36 $40 
Jimmy Choo7 8 14 15 
Corporate5 7 10 12 
Total depreciation and amortization$30 $35 $60 $67 
(Loss) income from operations:
Michael Kors$73 $87 $136 $162 
Jimmy Choo(9)(5)(5)(1)
64 82 131 161 
Less:Corporate expenses(53)(57)(103)(119)
Impairment of assets (1)
(21)(20)(21)(20)
Transaction related costs— (10)— (15)
Restructuring and other expense (2)(1)(3)(2)
(Loss) income from operations$(12)$(6)$4 $5 
(1)Impairment of assets during the three and six months ended September 27, 2025 and September 28, 2024 primarily related to operating lease right-of-use assets at certain Michael Kors store locations.
Schedule of Total Revenue (as Recognized Based on Country of Origin)
Total revenue (based on country of origin) by geographic location are as follows (in millions):
Three Months EndedSix Months Ended
 September 27,
2025		September 28,
2024		September 27,
2025		September 28,
2024
Revenue:
The Americas (1)
$491 $527 $950 $1,030 
EMEA261 258 489 473 
Asia104 93 214 223 
Total revenue$856 $878 $1,653 $1,726 
(1)Total revenue earned in the U.S. was $442 million and $860 million, respectively, for the three and six months ended September 27, 2025. Total revenue earned in the U.S. was $471 million and $929 million, respectively, for the three and six months ended September 28, 2024.
Schedule of Long-Lived Assets by Geographic Areas
Total long-lived assets of the Company’s reportable segments are as follows (in millions):
 As of
September 27,
2025		March 29,
2025
Long-lived assets:
Michael Kors$1,246 $1,197 
Jimmy Choo602 603 
Total long-lived assets$1,848 $1,800 
v3.25.3
Business and Basis of Presentation (Details)
$ in Millions
 6 Months Ended
Sep. 27, 2025
segment
Apr. 10, 2025
USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Number of reportable segments | segment 3  
Discontinued Operations, Held-for-Sale | Versace Business    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Aggregate purchase price | $   $ 1,375
v3.25.3
Termination of the Merger Agreement with Tapestry (Details)
$ in Millions
Nov. 14, 2024
USD ($)
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Proceeds from merger termination $ 45
v3.25.3
Summary of Significant Accounting Policies - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Mar. 29, 2025
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Credit card receivables $ 22   $ 22   $ 20
Combined total of raw materials and work in process 19   19   $ 17
Sublease income $ 1 $ 3 $ 3 $ 5  
Anti-dilutive securities excluded from calculation of basic and diluted net income per ordinary share (in shares)   486,717 2,102,301 354,607  
Maximum          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Lessee, operating lease, term of contract (in years) 10 years   10 years    
v3.25.3
Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Millions
Sep. 27, 2025
Mar. 29, 2025
Sep. 28, 2024
Accounting Policies [Abstract]      
Cash and cash equivalents $ 120 $ 107  
Restricted cash included within prepaid expenses and other current assets 10 9  
Total cash, cash equivalents and restricted cash shown on the consolidated statements of cash flows from continuing operations $ 130 $ 116 $ 128
v3.25.3
Summary of Significant Accounting Policies - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($)
$ in Millions
 6 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows used in operating leases $ 182 $ 176
v3.25.3
Summary of Significant Accounting Policies - Schedule of Components of Calculation of Basic Net (Loss) Income Per Ordinary Share and Diluted Net (Loss) Income Per Ordinary Share (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Numerator:        
Net (loss) income from continuing operations $ (34) $ 42 $ 22 $ 47
Less: Net (loss) income attributable to noncontrolling interest from continuing operations 0 (1) 0 1
Net (loss) income attributable to Capri from continuing operations (34) 43 22 46
Net income (loss) from discontinued operations, net of tax 6 (19) 3 (36)
Less: Net income attributable to noncontrolling interest from discontinued operations 0 0 0 0
Net income (loss) attributable to Capri from discontinued operations 6 (19) 3 (36)
Net (loss) income attributable to Capri $ (28) $ 24 $ 25 $ 10
Denominator:        
Basic weighted average shares (in shares) 119,786,829 118,467,372 119,293,324 117,953,855
Weighted average dilutive share equivalents:        
Share options, restricted stock units, and performance restricted stock units (in shares) 0 310,351 359,693 563,243
Diluted weighted average shares (in shares) 119,786,829 118,777,723 119,653,017 118,517,098
Net (loss) income per ordinary share attributable to Capri:        
Basic from continuing operations (in dollars per share) $ (0.28) $ 0.37 $ 0.19 $ 0.40
Basic from discontinued operations (in dollars per share) 0.06 (0.17) 0.03 (0.31)
Basic per ordinary share (in dollars per share) (0.22) 0.20 0.22 0.09
Diluted from continuing operations (in dollars per share) (0.28) 0.37 0.19 0.40
Diluted from discontinued operations (in dollars per share) 0.06 (0.17) 0.03 (0.31)
Diluted per ordinary share (in dollars per share) $ (0.22) $ 0.20 $ 0.22 $ 0.09
v3.25.3
Discontinued Operations - Narrative (Details)
$ in Millions
Apr. 10, 2025
USD ($)
Discontinued Operations, Held-for-Sale | Versace Business  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Aggregate purchase price $ 1,375
v3.25.3
Discontinued Operations - Schedule of Carrying Amounts of Major Classes of Assets and Liabilities Classified as Held for Sale (Details) - USD ($)
$ in Millions
Sep. 27, 2025
Mar. 29, 2025
Carrying amounts of the major classes of assets included in discontinued operations    
Current assets held for sale $ 399 $ 342
Noncurrent assets held for sale 1,762 1,594
Carrying amounts of the major classes of liabilities included in discontinued operations    
Current liabilities held for sale 328 304
Noncurrent liabilities held for sale 604 575
Discontinued Operations, Held-for-Sale | Versace Business    
Carrying amounts of the major classes of assets included in discontinued operations    
Cash and cash equivalents 101 59
Receivables, net 65 62
Inventories, net 194 168
Prepaid expenses and other current assets 39 53
Current assets held for sale 399 342
Property and equipment, net 124 120
Operating lease right-of-use assets 475 388
Intangible assets, net 577 534
Goodwill 528 489
Other assets 58 63
Noncurrent assets held for sale 1,762 1,594
Total assets held for sale 2,161 1,936
Carrying amounts of the major classes of liabilities included in discontinued operations    
Accounts payable 109 106
Accrued payroll and payroll related expenses 32 28
Accrued income taxes 3 2
Short-term operating lease liabilities 113 101
Accrued expenses and other current liabilities 71 67
Current liabilities held for sale 328 304
Long-term operating lease liabilities 464 439
Deferred tax liabilities 113 106
Long-term debt 11 10
Other long-term liabilities 16 20
Noncurrent liabilities held for sale 604 575
Total liabilities held for sale $ 932 $ 879
v3.25.3
Discontinued Operations - Schedule of Major Components of Discontinued Operations, Net of Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]        
Net income (loss) from discontinued operations, net of tax $ 6 $ (19) $ 3 $ (36)
Discontinued Operations, Held-for-Sale | Versace Business        
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]        
Total revenue 203 201 386 420
Cost of goods sold 65 54 115 119
Selling, general and administrative expenses 125 142 262 300
Depreciation and amortization 1 14 5 29
Impairment of assets 0 23 0 23
Restructuring and other expense 1 0 4 0
Other expense, net 0 0 1 0
Foreign currency loss (gain) 3 (6) (6) (5)
Income (loss) from discontinued operations before income taxes 8 (26) 5 (46)
Provision (benefit) for income taxes 2 (7) 2 (10)
Net income (loss) from discontinued operations, net of tax $ 6 $ (19) $ 3 $ (36)
v3.25.3
Revenue Recognition - Narrative (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 27, 2025
USD ($)
distributionChannel
Sep. 28, 2024
USD ($)
Sep. 27, 2025
USD ($)
distributionChannel
Sep. 28, 2024
USD ($)
Mar. 29, 2025
USD ($)
Contract With Customer, Asset And Liability [Line Items]          
Number of product distribution channels | distributionChannel 3   3    
Contract liability $ 9   $ 9   $ 10
Refund liability 24   24   25
Right to recover returned product 6   6   6
Total contract liabilities 13   13   14
Revenue recognized related to contract liabilities 2 $ 4 12 $ 12  
Gift and Retail Store Credits          
Contract With Customer, Asset And Liability [Line Items]          
Contract liability $ 9   $ 9   $ 10
v3.25.3
Revenue Recognition - Schedule of Segment Revenue Disaggregated by Geographic Location (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Disaggregation of Revenue [Line Items]        
Total revenue $ 856 $ 878 $ 1,653 $ 1,726
Michael Kors        
Disaggregation of Revenue [Line Items]        
Total revenue 725 738 1,360 1,413
Jimmy Choo        
Disaggregation of Revenue [Line Items]        
Total revenue 131 140 293 313
The Americas        
Disaggregation of Revenue [Line Items]        
Total revenue 491 527 950 1,030
The Americas | Michael Kors        
Disaggregation of Revenue [Line Items]        
Total revenue 457 492 870 943
The Americas | Jimmy Choo        
Disaggregation of Revenue [Line Items]        
Total revenue 34 35 80 87
EMEA        
Disaggregation of Revenue [Line Items]        
Total revenue 261 258 489 473
EMEA | Michael Kors        
Disaggregation of Revenue [Line Items]        
Total revenue 194 187 344 325
EMEA | Jimmy Choo        
Disaggregation of Revenue [Line Items]        
Total revenue 67 71 145 148
Asia        
Disaggregation of Revenue [Line Items]        
Total revenue 104 93 214 223
Asia | Michael Kors        
Disaggregation of Revenue [Line Items]        
Total revenue 74 59 146 145
Asia | Jimmy Choo        
Disaggregation of Revenue [Line Items]        
Total revenue $ 30 $ 34 $ 68 $ 78
v3.25.3
Receivables, net - Schedule of Receivables, Net (Details) - USD ($)
$ in Millions
Sep. 27, 2025
Mar. 29, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Trade receivables $ 237 $ 237
Receivables due from licensees 25 20
Receivables, gross 262 257
Less: allowances (45) (42)
Total receivables, net 217 215
Credit Risk Assumed by Insured    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Trade receivables $ 54 $ 55
v3.25.3
Receivables, net - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Mar. 29, 2025
Receivables [Abstract]          
Allowance for credit losses $ 14   $ 14   $ 13
Credit losses $ 1 $ 3 $ 1 $ 4  
v3.25.3
Property and Equipment, net - Schedule of Property and Equipment, Net (Details) - USD ($)
$ in Millions
Sep. 27, 2025
Mar. 29, 2025
Property, Plant and Equipment [Abstract]    
Leasehold improvements $ 418 $ 408
Computer equipment and software 300 284
Furniture and fixtures 165 153
Equipment 109 104
Building 62 57
In-store shops 27 26
Land 19 18
Total property and equipment, gross 1,100 1,050
Less: accumulated depreciation (730) (675)
Subtotal 370 375
Construction-in-progress 13 18
Total property and equipment, net $ 383 $ 393
v3.25.3
Property and Equipment, net - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Property, Plant and Equipment [Line Items]        
Depreciation of property and equipment $ 23 $ 28 $ 46 $ 54
Property, Plant and Equipment        
Property, Plant and Equipment [Line Items]        
Impairment charges for property and equipment $ 5 $ 2 $ 5 $ 2
v3.25.3
Intangible Assets and Goodwill - Schedule of Carrying Values of Intangible Assets and Goodwill (Details) - USD ($)
$ in Millions
Sep. 27, 2025
Mar. 29, 2025
Definite-lived intangible assets:    
Gross definite-lived intangible assets $ 645 $ 637
Less: accumulated amortization (277) (259)
Net definite-lived intangible assets 368 378
Indefinite-lived intangible assets:    
Net indefinite-lived intangible assets 212 204
Intangible assets, net 580 582
Goodwill 203 199
Jimmy Choo brand    
Indefinite-lived intangible assets:    
Net indefinite-lived intangible assets 212 204
Accumulated impairment charges related to intangible assets 358 358
Accumulated impairment related to reporting units 605 605
Reacquired rights    
Definite-lived intangible assets:    
Gross definite-lived intangible assets 400 400
Trademarks    
Definite-lived intangible assets:    
Gross definite-lived intangible assets 23 23
Customer relationships    
Definite-lived intangible assets:    
Gross definite-lived intangible assets $ 222 $ 214
v3.25.3
Intangible Assets and Goodwill - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization expense for definite-lived intangible assets $ 7 $ 7 $ 14 $ 13
v3.25.3
Other Current Assets and Other Current Liabilities - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Millions
Sep. 27, 2025
Mar. 29, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Prepaid taxes $ 121 $ 65
Interest receivable related to hedges 20 36
Prepaid contracts 18 20
Restricted cash 10 9
Other accounts receivables 6 8
Other prepaid expenses and current assets 28 18
Total prepaid expenses and other current assets $ 203 $ 156
v3.25.3
Other Current Assets and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($)
$ in Millions
Sep. 27, 2025
Mar. 29, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accrued purchases and samples $ 42 $ 21
Accrued advertising and marketing 30 28
Other taxes payable 28 32
Return liabilities 24 25
Professional services 17 16
Accrued e-commerce 15 15
Accrued rent 14 16
Retail store expense accrual 13 15
Accrued capital expenditures 10 9
Gift and retail store credits 9 10
Other accrued expenses and current liabilities 28 46
Total accrued expenses and other current liabilities $ 230 $ 233
v3.25.3
Restructuring and Other Expense - Narrative (Details) - Global Optimization Plan
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 27, 2025
USD ($)
retailStore
Sep. 28, 2024
USD ($)
retailStore
Sep. 27, 2025
USD ($)
retailStore
Sep. 28, 2024
USD ($)
retailStore
Restructuring Cost and Reserve [Line Items]        
Number of retail stores closed | retailStore 15 8 30 19
Net restructuring charges | $ $ 2 $ 1 $ 3 $ 2
v3.25.3
Restructuring and Other Expense - Schedule of Roll Forward of Restructuring Liability Related to Global Optimization Plan (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Restructuring Reserve [Roll Forward]        
Gain on lease termination and store closure costs $ (2) $ (1) $ (3) $ (2)
Global Optimization Plan        
Restructuring Reserve [Roll Forward]        
Beginning balance     4  
Additions charged to expense     4  
Payments     (7)  
Ending balance 1   1  
Severance and benefit costs | Global Optimization Plan        
Restructuring Reserve [Roll Forward]        
Beginning balance     4  
Additions charged to expense     4  
Payments     (7)  
Ending balance 1   1  
Lease-related and other costs | Global Optimization Plan        
Restructuring Reserve [Roll Forward]        
Beginning balance     0  
Additions charged to expense     0  
Payments     0  
Ending balance $ 0   0  
Gain on lease termination and store closure costs     $ 1  
v3.25.3
Debt Obligations - Schedule of Debt Obligations (Details) - USD ($)
$ in Millions
Sep. 27, 2025
Mar. 29, 2025
Debt Instrument [Line Items]    
Total debt $ 1,769 $ 1,496
Less: Unamortized debt issuance costs 5 6
Total carrying value of debt 1,764 1,490
Less: Short-term debt 11 24
Total long-term debt 1,753 1,466
Other    
Debt Instrument [Line Items]    
Total debt 16 29
Revolving Credit Facilities | Credit Agreement | Line of Credit    
Debt Instrument [Line Items]    
Total debt 1,024 755
2025 Term Loans | Credit Agreement | Line of Credit    
Debt Instrument [Line Items]    
Total debt $ 729 $ 712
v3.25.3
Debt Obligations - Narrative (Details)
Sep. 27, 2025
USD ($)
Feb. 04, 2025
USD ($)
Mar. 29, 2025
USD ($)
Feb. 04, 2025
EUR (€)
Debt Instrument [Line Items]        
Total debt $ 1,769,000,000   $ 1,496,000,000  
Debt issuance costs 5,000,000   6,000,000  
Carrying value of borrowings outstanding 1,764,000,000   1,490,000,000  
Short-term debt 11,000,000   24,000,000  
Line of Credit | Revolving Credit Facilities        
Debt Instrument [Line Items]        
Letter of credit outstanding 1,000,000   1,000,000  
Credit Agreement | Line of Credit        
Debt Instrument [Line Items]        
Line of credit facility, maximum borrowing capacity   $ 2,200,000,000    
Leverage ratio on debt instrument   4.0    
Debt instrument, covenant, leverage ratio during period with material acquisition   4.5    
Debt instrument, covenant, cash and cash equivalents limit for net leverage ratio   $ 200,000,000    
Credit Agreement | Line of Credit | 2025 Term Loans        
Debt Instrument [Line Items]        
Debt instrument, face amount   700,000,000    
Total debt 729,000,000   712,000,000  
Credit Agreement | Line of Credit | 2025 Term Loans | United States of America, Dollars        
Debt Instrument [Line Items]        
Debt instrument, face amount   392,000,000    
Credit Agreement | Line of Credit | 2025 Term Loans | Euro Member Countries, Euro        
Debt Instrument [Line Items]        
Debt instrument, face amount   320,000,000   € 296,000,000
Credit Agreement | Line of Credit | Revolving Credit Facilities        
Debt Instrument [Line Items]        
Line of credit facility, maximum borrowing capacity   1,500,000,000    
Total debt 1,024,000,000   755,000,000  
Credit Agreement | Line of Credit | Letter of Credit        
Debt Instrument [Line Items]        
Line of credit facility, maximum borrowing capacity   125,000,000    
Credit Agreement | Line of Credit | Bridge Loan        
Debt Instrument [Line Items]        
Line of credit facility, maximum borrowing capacity   100,000,000    
Credit Facility 2025 | Line of Credit | 2025 Term Loans        
Debt Instrument [Line Items]        
Debt issuance costs 5,000,000      
Carrying value of borrowings outstanding $ 724,000,000      
Credit Facility 2025 | Line of Credit | Revolving Credit Facilities        
Debt Instrument [Line Items]        
Debt instrument, maximum guaranteed secured working capital facilities   $ 100,000,000    
Credit Facility 2025 | Line of Credit | Revolving Credit Facilities | Minimum        
Debt Instrument [Line Items]        
Commitment fee (as percent)   0.075%    
Credit Facility 2025 | Line of Credit | Revolving Credit Facilities | Maximum        
Debt Instrument [Line Items]        
Commitment fee (as percent)   0.175%    
Credit Facility 2022 | Line of Credit | Revolving Credit Facilities        
Debt Instrument [Line Items]        
Commitment fee (as percent) 0.15%      
Total debt $ 1,024,000,000.000   755,000,000  
Amount available for future borrowings 475,000,000   744,000,000  
Debt issuance costs $ 3,000,000   $ 3,000,000  
v3.25.3
Fair Value Measurements - Schedule of Fair Value Measured and Recorded on a Recurring Basis (Details) - USD ($)
$ in Millions
Sep. 27, 2025
Mar. 29, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total derivative liabilities $ 913 $ 291
Quoted prices in active markets for identical assets (Level 1) | Fair value, measurements, recurring    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total derivative liabilities 0 0
Quoted prices in active markets for identical assets (Level 1) | Forward foreign currency exchange contracts | Fair value, measurements, recurring    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total derivative liabilities 0 0
Quoted prices in active markets for identical assets (Level 1) | Net investment hedges | Fair value, measurements, recurring    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total derivative liabilities 0 0
Significant other observable inputs (Level 2) | Fair value, measurements, recurring    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total derivative liabilities 913 291
Significant other observable inputs (Level 2) | Forward foreign currency exchange contracts | Fair value, measurements, recurring    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total derivative liabilities 4 2
Significant other observable inputs (Level 2) | Net investment hedges | Fair value, measurements, recurring    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total derivative liabilities 909 289
Significant unobservable inputs (Level 3) | Fair value, measurements, recurring    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total derivative liabilities 0 0
Significant unobservable inputs (Level 3) | Forward foreign currency exchange contracts | Fair value, measurements, recurring    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total derivative liabilities 0 0
Significant unobservable inputs (Level 3) | Net investment hedges | Fair value, measurements, recurring    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total derivative liabilities $ 0 $ 0
v3.25.3
Fair Value Measurements - Schedule of Carrying Values and Estimated Fair Values of Debt, Based on Level 2 Measurements (Details) - Line of Credit - USD ($)
$ in Millions
Sep. 27, 2025
Mar. 29, 2025
Revolving Credit Facilities | Credit Agreement | Carrying Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt $ 1,024 $ 755
Revolving Credit Facilities | Credit Agreement | Estimated Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt 1,024 755
2025 Term Loans | Carrying Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt 724 706
2025 Term Loans | Estimated Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt $ 725 $ 699
v3.25.3
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Fair Value Disclosures [Abstract]        
Impairment of assets $ 21 $ 20 $ 21 $ 20
v3.25.3
Fair Value Measurements - Schedule of Carrying Values and Fair Values of Assets Impaired (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Impairment Charge $ 21 $ 20 $ 21 $ 20
Significant unobservable inputs (Level 3) | Nonrecurring        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Carrying Value Prior to Impairment 51 45 51 45
Fair Value 30 25 30 25
Impairment Charge 21 20 21 20
Operating lease right-of-use assets | Significant unobservable inputs (Level 3) | Nonrecurring        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Carrying Value Prior to Impairment 43 42 43 42
Fair Value 27 24 27 24
Impairment Charge 16 18 16 18
Property and equipment, net | Significant unobservable inputs (Level 3) | Nonrecurring        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Carrying Value Prior to Impairment 8 3 8 3
Fair Value 3 1 3 1
Impairment Charge $ 5 $ 2 $ 5 $ 2
v3.25.3
Derivative Financial Instruments - Narrative (Details)
€ in Millions
 3 Months Ended 6 Months Ended
Sep. 27, 2025
USD ($)
Mar. 29, 2025
USD ($)
Sep. 28, 2024
USD ($)
Sep. 27, 2025
USD ($)
Sep. 28, 2024
USD ($)
Jun. 28, 2025
USD ($)
Sep. 28, 2024
EUR (€)
Derivative [Line Items]              
Notional amounts $ 5,916,000,000 $ 5,914,000,000   $ 5,916,000,000      
Interest income 17,000,000   $ 10,000,000 35,000,000 $ 14,000,000    
Forward foreign currency exchange contracts              
Derivative [Line Items]              
Reclassification of cost of goods sold into earnings 1,000,000     1,000,000      
Forward foreign currency exchange contracts | Designated as Hedging Instrument              
Derivative [Line Items]              
Notional amounts 52,000,000     52,000,000      
Forward foreign currency exchange contracts | Designated interest rate swaps | Designated as Hedging Instrument              
Derivative [Line Items]              
Notional amounts 52,000,000 50,000,000   52,000,000      
Net investment hedges | Net Investment Hedges | Designated as Hedging Instrument              
Derivative [Line Items]              
Notional amounts 5,864,000,000 5,864,000,000   5,864,000,000      
Interest income 35,000,000   29,000,000 71,000,000 53,000,000    
Interest rate swaps | Designated interest rate swaps | Designated as Hedging Instrument              
Derivative [Line Items]              
Notional amounts 0 0   0     € 800
Interest income (2,000,000)   $ (1,000,000) (4,000,000) $ (1,000,000)    
Settlement of interest rate swaps   13,000,000          
Interest rate swaps | Designated interest rate swaps | Designated as Hedging Instrument | Credit Agreement              
Derivative [Line Items]              
Notional amounts | €             500
Interest rate swaps | Designated interest rate swaps | Designated as Hedging Instrument | Versace Term Loan              
Derivative [Line Items]              
Notional amounts | €             € 300
Euro Member Countries, Euro | Forward foreign currency exchange contracts | Designated as Hedging Instrument              
Derivative [Line Items]              
Notional amounts   50,000,000       $ 29,000,000  
Euro Member Countries, Euro | Net investment hedges | Net Investment Hedges | Designated as Hedging Instrument              
Derivative [Line Items]              
Notional amounts $ 2,364,000,000 $ 2,364,000,000   $ 2,364,000,000      
Derivative fixed interest rate (as percent) 0.00% 0.00%   0.00%      
Switzerland, Francs | Net investment hedges | Net Investment Hedges | Designated as Hedging Instrument              
Derivative [Line Items]              
Notional amounts $ 3,500,000,000 $ 3,500,000,000   $ 3,500,000,000      
Derivative fixed interest rate (as percent) 0.00% 0.00%   0.00%   0.00%  
Switzerland, Francs | Cross currency interest rate contract, modified, fixed-to-fixed | Net Investment Hedges | Designated as Hedging Instrument              
Derivative [Line Items]              
Notional amounts $ 275,000,000     $ 275,000,000   $ 950,000,000  
v3.25.3
Derivative Financial Instruments - Schedule of Fair Value of Derivative Contracts Recorded on Gross Basis in Consolidated Balance Sheets (Details) - USD ($)
$ in Millions
Sep. 27, 2025
Mar. 29, 2025
Derivatives, Fair Value [Line Items]    
Notional Amounts $ 5,916 $ 5,914
Assets 0 0
Liabilities 913 291
Forward foreign currency exchange contracts | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amounts 52  
Forward foreign currency exchange contracts | Designated interest rate swaps | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amounts 52 50
Assets 0 0
Liabilities 4 2
Designated net investment hedges | Designated net investment hedges | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amounts 5,864 5,864
Assets 0 0
Liabilities 909 289
Designated net investment hedges | Designated net investment hedges | Designated as Hedging Instrument | Other Noncurrent Liabilities    
Derivatives, Fair Value [Line Items]    
Liabilities $ 909 277
Designated net investment hedges | Designated net investment hedges | Designated as Hedging Instrument | Accounts Payable and Accrued Liabilities    
Derivatives, Fair Value [Line Items]    
Liabilities   $ 12
v3.25.3
Derivative Financial Instruments - Schedule of Derivative Instruments on The Balance Sheets, Net Basis (Details) - USD ($)
$ in Millions
Sep. 27, 2025
Mar. 29, 2025
Forward Currency Exchange Contracts | Designated interest rate swaps    
Derivative [Line Items]    
Liabilities subject to master netting arrangements $ 4 $ 2
Derivative liabilities, net 4 2
Net Investment Hedges | Net Investment Hedges    
Derivative [Line Items]    
Liabilities subject to master netting arrangements 909 289
Derivative liabilities, net $ 909 $ 289
v3.25.3
Derivative Financial Instruments - Schedule of Losses Recognized Related to Hedge Contracts (Details) - Designated as Hedging Instrument - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Forward Currency Exchange Contracts | Cost of goods sold        
Derivative Instruments, Gain (Loss) [Line Items]        
Losses recognized related to hedge contracts $ 1 $ 0 $ 1 $ 0
Interest rate swaps | Interest expense, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Losses recognized related to hedge contracts $ 2 $ 0 $ 4 $ 0
v3.25.3
Derivative Financial Instruments - Schedule of Pre-tax Impact of Losses on Derivative (Details) - Designated as Hedging Instrument - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Designated forward foreign currency exchange contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Pre-Tax Losses Recognized in OCI $ 0 $ 0 $ (4) $ 0
Designated net investment hedges        
Derivative Instruments, Gain (Loss) [Line Items]        
Pre-Tax Losses Recognized in OCI (35) (240) (620) (266)
Designated interest rate swaps        
Derivative Instruments, Gain (Loss) [Line Items]        
Pre-Tax Losses Recognized in OCI $ 0 $ (15) $ 0 $ (15)
v3.25.3
Shareholders' Equity - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 15 Months Ended
Nov. 09, 2022
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Nov. 09, 2024
Subsidiary or Equity Method Investee [Line Items]            
Ordinary shares, shares repurchased amount   $ 1 $ 1 $ 2 $ 4  
Existing Share Repurchase Plan            
Subsidiary or Equity Method Investee [Line Items]            
Share repurchase program, period in force (in years) 2 years          
Share-repurchase program, purchase amount $ 1,000          
Ordinary shares, repurchased (in shares)       0 0 0
Withholding Taxes            
Subsidiary or Equity Method Investee [Line Items]            
Ordinary shares, repurchased (in shares)       98,081 105,470  
Ordinary shares, shares repurchased amount       $ 2 $ 4  
v3.25.3
Shareholders' Equity - Schedule of Changes in Components of Accumulated Other Comprehensive (Loss) Income, Net of Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance $ (13) $ 1,582 $ 372 $ 1,600
Other comprehensive loss, net of tax (37) (129) (490) (158)
Ending balance (70) 1,486 (70) 1,486
Foreign currency translation adjustments loss 40 118 491 147
Interest rate swaps        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Loss reclassified from AOCI to earnings     3  
Reclassification from AOCI, current period, tax     1  
Forward foreign currency exchange contracts        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Loss reclassified from AOCI to earnings     1  
Reclassification from AOCI, current period, tax     0  
Other Comprehensive (Loss) Income Attributable to Capri        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance (396) [1] 132 [2] 57 [1] 161 [2]
Other comprehensive loss before reclassifications     (494) (158)
Loss reclassified from AOCI to earnings     4  
Other comprehensive loss, net of tax (37) [1] (129) [2] (490) [1] (158) [2]
Ending balance (433) [1] 3 [2] (433) [1] 3 [2]
Foreign Currency Translation Adjustments        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance     67 161
Other comprehensive loss before reclassifications     (491) (147)
Loss reclassified from AOCI to earnings     0  
Other comprehensive loss, net of tax     (491)  
Ending balance (424) 14 (424) 14
Foreign currency translation adjustments loss     464 199
Taxes related net investment hedges     156 67
Translation gain (loss)     (27) 52
Net Loss on Derivatives        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance     (10) 0
Other comprehensive loss before reclassifications     (3) (11)
Loss reclassified from AOCI to earnings     4  
Other comprehensive loss, net of tax     1  
Ending balance $ (9) $ (11) $ (9) $ (11)
[1] Accumulated other comprehensive (loss) income.
[2] Accumulated other comprehensive (loss) income.
v3.25.3
Share-Based Compensation - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 6 Months Ended
Aug. 07, 2025
Sep. 27, 2025
Sep. 28, 2024
Aug. 06, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Estimated value of future forfeitures for equity awards   $ 6    
Service-Based RSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Weighted average grant date fair value of service based RSUs (in dollars per share)   $ 17.89 $ 32.20  
Performance-based RSUs granted (in shares)   2,212,457    
Forfeitures for performance-based RSUs (in shares)   448,678    
Performance-Based RSUs        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Performance-based RSUs granted (in shares)   0 0  
Forfeitures for performance-based RSUs (in shares)   0    
Omnibus Incentive Plan 2012        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of additional shares authorized (in shares) 2,500,000      
Shares authorized for issuance (up to) (in shares) 24,971,000     22,471,000
Shares available for future grant (in shares)   3,633,443    
Option expiration period (in years)   7 years    
v3.25.3
Share-Based Compensation - Schedule of Share-Based Compensation Activity (Details) - shares
 6 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Options    
Options    
Outstanding at beginning of period (in shares) 180,481  
Granted (in shares) 0  
Exercised/Vested (in shares) 0  
Canceled/Forfeited (in shares) (180,481)  
Outstanding at end of period (in shares) 0  
Service-Based RSUs    
RSUs    
Unvested at beginning of period (in shares) 2,992,161  
Granted (in shares) 2,212,457  
Exercised/Vested (in shares) (1,320,515)  
Canceled/Forfeited (in shares) (448,678)  
Unvested at end of period (in shares) 3,435,425  
Performance-Based RSUs    
RSUs    
Unvested at beginning of period (in shares) 162,954  
Granted (in shares) 0 0
Exercised/Vested (in shares) 0  
Canceled/Forfeited (in shares) 0  
Unvested at end of period (in shares) 162,954  
v3.25.3
Share-Based Compensation - Schedule of Compensation Expense Attributable to Share-Based Compensation (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Share-Based Payment Arrangement [Abstract]        
Share-based compensation expense $ 7 $ 9 $ 21 $ 33
Tax benefit related to share-based compensation expense $ 1 $ 1 $ 1 $ 5
v3.25.3
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Income Tax Disclosure [Abstract]        
Provision (benefit) for income taxes $ 36 $ (27) $ 20 $ (21)
Incremental net valuation allowances $ 40   $ 14  
v3.25.3
Segment Information - Narrative (Details)
$ in Millions
 6 Months Ended
Sep. 27, 2025
segment
retailStore
Apr. 10, 2025
USD ($)
Segment Reporting Information [Line Items]    
Number of operating segments 3  
Number of reportable segments 3  
Michael Kors    
Segment Reporting Information [Line Items]    
Number of retail store formats | retailStore 4  
Discontinued Operations, Held-for-Sale | Versace Business    
Segment Reporting Information [Line Items]    
Disposal group, including discontinued operation, consideration | $   $ 1,375
v3.25.3
Segment Information - Schedule of Key Performance Information of Reportable Segments (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Segment Reporting Information [Line Items]        
Total revenue $ 856 $ 878 $ 1,653 $ 1,726
Cost of goods sold 334 331 629 644
Selling, general and administrative expenses 481 497 936 988
Depreciation and amortization 30 35 60 67
(Loss) income from operations (12) (6) 4 5
Corporate expenses (53) (57) (103) (119)
Impairment of assets (21) (20) (21) (20)
Transaction related costs 0 (10) 0 (15)
Restructuring and other expense (2) (1) (3) (2)
Operating Segments        
Segment Reporting Information [Line Items]        
(Loss) income from operations 64 82 131 161
Corporate        
Segment Reporting Information [Line Items]        
Selling, general and administrative expenses 48 60 93 122
Depreciation and amortization 5 7 10 12
Michael Kors        
Segment Reporting Information [Line Items]        
Total revenue 725 738 1,360 1,413
Cost of goods sold 295 287 542 543
Michael Kors | Operating Segments        
Segment Reporting Information [Line Items]        
Selling, general and administrative expenses 339 344 646 668
Depreciation and amortization 18 20 36 40
(Loss) income from operations 73 87 136 162
Jimmy Choo        
Segment Reporting Information [Line Items]        
Total revenue 131 140 293 313
Cost of goods sold 39 44 87 101
Jimmy Choo | Operating Segments        
Segment Reporting Information [Line Items]        
Selling, general and administrative expenses 94 93 197 198
Depreciation and amortization 7 8 14 15
(Loss) income from operations $ (9) $ (5) $ (5) $ (1)
v3.25.3
Segment Information - Schedule of Total Revenue (as Recognized Based on Country of Origin) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenue $ 856 $ 878 $ 1,653 $ 1,726
The Americas        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenue 491 527 950 1,030
EMEA        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenue 261 258 489 473
Asia        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenue 104 93 214 223
U.S.        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total revenue $ 442 $ 471 $ 860 $ 929
v3.25.3
Segment Information - Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas (Details) - USD ($)
$ in Millions
Sep. 27, 2025
Mar. 29, 2025
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets $ 1,848 $ 1,800
Michael Kors    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets 1,246 1,197
Jimmy Choo    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets $ 602 $ 603
v3.25.3
Subsequent Events (Details) - Subsequent Event
Nov. 04, 2025
USD ($)
Subsequent Event [Line Items]  
Share repurchase program, period in force (in years) 3 years
Share-repurchase program, purchase amount $ 1,000,000,000