CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares |
Dec. 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) | 229,020,596 | 227,672,351 |
| Ordinary shares, shares outstanding (in shares) | 119,148,040 | 117,913,201 |
| Treasury shares, at cost (in shares) | 109,872,556 | 109,759,150 |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Dec. 27, 2025 |
Dec. 28, 2024 |
Dec. 27, 2025 |
Dec. 28, 2024 |
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| Income Statement [Abstract] | ||||
| Total revenue | $ 1,025,000,000 | $ 1,068,000,000 | $ 2,678,000,000 | $ 2,794,000,000 |
| Cost of goods sold | 402,000,000 | 394,000,000 | 1,031,000,000 | 1,038,000,000 |
| Gross profit | 623,000,000 | 674,000,000 | 1,647,000,000 | 1,756,000,000 |
| Selling, general and administrative expenses | 535,000,000 | 537,000,000 | 1,471,000,000 | 1,525,000,000 |
| Depreciation and amortization | 30,000,000 | 32,000,000 | 90,000,000 | 99,000,000 |
| Impairment of assets | 0 | 81,000,000 | 21,000,000 | 101,000,000 |
| Restructuring and other expense (income) | 12,000,000 | (2,000,000) | 15,000,000 | 0 |
| Total operating expenses | 577,000,000 | 648,000,000 | 1,597,000,000 | 1,725,000,000 |
| Income from continuing operations | 46,000,000 | 26,000,000 | 50,000,000 | 31,000,000 |
| Other income, net | 0 | 0 | (1,000,000) | 0 |
| Interest income, net | (9,000,000) | (8,000,000) | (44,000,000) | (22,000,000) |
| Foreign currency loss (gain) | 0 | 15,000,000 | (2,000,000) | 8,000,000 |
| Income from continuing operations before income taxes | 55,000,000 | 19,000,000 | 97,000,000 | 45,000,000 |
| (Benefit) provision for income taxes | (2,000,000) | 13,000,000 | 18,000,000 | (8,000,000) |
| Net income from continuing operations | 57,000,000 | 6,000,000 | 79,000,000 | 53,000,000 |
| Net income (loss) from discontinued operations, net of tax | 59,000,000 | (552,000,000) | 62,000,000 | (588,000,000) |
| Net income (loss) | 116,000,000 | (546,000,000) | 141,000,000 | (535,000,000) |
| Less: Net income attributable to noncontrolling interest from continuing operations | 0 | 1,000,000 | 0 | 2,000,000 |
| Net income (loss) attributable to Capri | $ 116,000,000 | $ (547,000,000) | $ 141,000,000 | $ (537,000,000) |
| Weighted average ordinary shares outstanding: | ||||
| Basic (in shares) | 119,852,277 | 118,543,746 | 119,479,642 | 118,150,485 |
| Diluted (in shares) | 120,600,670 | 118,600,375 | 119,968,901 | 118,544,856 |
| Net income (loss) per ordinary share attributable to Capri: | ||||
| Basic from continuing operations (in dollars per share) | $ 0.47 | $ 0.05 | $ 0.66 | $ 0.44 |
| Basic from discontinued operations (in dollars per share) | 0.49 | (4.66) | 0.52 | (4.98) |
| Basic per ordinary share (in dollars per share) | 0.96 | (4.61) | 1.18 | (4.54) |
| Diluted from continuing operations (in dollars per share) | 0.47 | 0.05 | 0.66 | 0.44 |
| Diluted from discontinued operations (in dollars per share) | 0.49 | (4.66) | 0.52 | (4.98) |
| Diluted per ordinary share (in dollars per share) | $ 0.96 | $ (4.61) | $ 1.18 | $ (4.54) |
| Statements of Comprehensive Income (Loss): | ||||
| Net income (loss) | $ 116,000,000 | $ (546,000,000) | $ 141,000,000 | $ (535,000,000) |
| Foreign currency translation adjustments | 51,000,000 | 119,000,000 | (440,000,000) | (28,000,000) |
| Net gain (loss) on derivatives | 7,000,000 | 0 | 8,000,000 | (11,000,000) |
| Comprehensive income (loss) | 174,000,000 | (427,000,000) | (291,000,000) | (574,000,000) |
| Less: Net income attributable to noncontrolling interest | 0 | 1,000,000 | 0 | 2,000,000 |
| Comprehensive income (loss) attributable to Capri | $ 174,000,000 | $ (428,000,000) | $ (291,000,000) | $ (576,000,000) |
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) |
9 Months Ended | |
|---|---|---|
Dec. 27, 2025 |
Dec. 28, 2024 |
|
| Cash flows from operating activities | ||
| Net income (loss) | $ 141,000,000 | $ (535,000,000) |
| Net income (loss) from discontinued operations, net of tax | 62,000,000 | (588,000,000) |
| Net income from continuing operations | 79,000,000 | 53,000,000 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
| Depreciation and amortization | 90,000,000 | 99,000,000 |
| Share-based compensation expense | 28,000,000 | 42,000,000 |
| Deferred income taxes | (17,000,000) | (1,000,000) |
| Impairment of assets | 21,000,000 | 101,000,000 |
| Changes to lease related balances, net | (51,000,000) | (97,000,000) |
| Foreign currency gain | 2,000,000 | 4,000,000 |
| Other non-cash adjustments | 26,000,000 | 4,000,000 |
| Change in assets and liabilities: | ||
| Receivables, net | 23,000,000 | 83,000,000 |
| Inventories, net | 56,000,000 | (57,000,000) |
| Prepaid expenses and other current assets | (53,000,000) | 1,000,000 |
| Accounts payable | (42,000,000) | 171,000,000 |
| Accrued expenses and other current liabilities | 96,000,000 | 50,000,000 |
| Other long-term assets and liabilities | 0 | (12,000,000) |
| Net cash provided by operating activities of continuing operations | 258,000,000 | 441,000,000 |
| Net cash (used in) provided by operating activities of discontinued operations | (116,000,000) | 1,000,000 |
| Net cash provided by operating activities | 142,000,000 | 442,000,000 |
| Cash flows from investing activities | ||
| Capital expenditures | (45,000,000) | (58,000,000) |
| Cash paid for business acquisitions, net of cash acquired | 0 | (9,000,000) |
| Settlement of net investment hedges | 0 | 42,000,000 |
| Net cash used in investing activities of continuing operations | (45,000,000) | (25,000,000) |
| Net cash provided by (used in) investing activities of discontinued operations | 1,282,000,000 | (43,000,000) |
| Net cash provided by (used in) investing activities | 1,237,000,000 | (68,000,000) |
| Cash flows from financing activities | ||
| Debt borrowings | 1,680,000,000 | 1,849,000,000 |
| Debt repayments | (3,022,000,000) | (2,055,000,000) |
| Debt issuance costs | 0 | (2,000,000) |
| Repurchase of ordinary shares | (2,000,000) | (4,000,000) |
| Net cash used in financing activities of continuing operations | (1,344,000,000) | (212,000,000) |
| Net cash used in financing activities of discontinued operations | 0 | 0 |
| Net cash used in financing activities | (1,344,000,000) | (212,000,000) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (46,000,000) | (2,000,000) |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (11,000,000) | 160,000,000 |
| Beginning of period | 175,000,000 | 205,000,000 |
| End of period | 164,000,000 | 365,000,000 |
| Supplemental disclosures of cash flow information | ||
| Cash paid for interest | 45,000,000 | 64,000,000 |
| Net cash paid for income taxes | 91,000,000 | 75,000,000 |
| Supplemental disclosure of non-cash investing and financing activities | ||
| Accrued capital expenditures | 9,000,000 | 11,000,000 |
| Summary of cash, cash equivalents and restricted cash | ||
| Cash, cash equivalents and restricted cash of continuing operations, end of period | 164,000,000 | 305,000,000 |
| Cash, cash equivalents and restricted cash of discontinued operations, end of period | 0 | 60,000,000 |
| Cash, cash equivalents and restricted cash, end of period | $ 164,000,000 | $ 365,000,000 |
Business and Basis of Presentation |
9 Months Ended |
|---|---|
Dec. 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 and Jimmy Choo tradenames and related trademarks and logos. The Company operates in two reportable segments: Michael Kors and Jimmy Choo. See Note 18 - "Segment Information" 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 agreed to acquire certain subsidiaries of the Company which operate the Company’s Versace business. 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 the Versace business as discontinued operations in its consolidated statements of operations and comprehensive income (loss) and consolidated statements of cash flows for all periods presented. Accordingly, the related assets and liabilities associated with the discontinued operations are classified as held for sale in the consolidated balance sheet as of March 29, 2025. On December 2, 2025, the Company completed the sale of its Versace business. 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 December 27, 2025 and for the three and nine months ended December 27, 2025 and December 28, 2024 are unaudited. The Company historically consolidated the results of the Versace business on a one-month lag. 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 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 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- or 53-week period. The results for the three and nine months ended December 27, 2025 and December 28, 2024 are based on 13- and 39-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.
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Termination of the Merger Agreement with Tapestry |
9 Months Ended |
|---|---|
Dec. 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 income (loss). 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.
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Summary of Significant Accounting Policies |
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| 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. 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 December 27, 2025 and March 29, 2025 are credit card receivables of $35 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 December 27, 2025 and March 29, 2025 from the consolidated balance sheets to the consolidated statements of cash flows is as follows (in millions):
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 $18 million and $17 million as of December 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 income (loss). 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 income (loss). 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):
During the three and nine months ended December 27, 2025, the Company recorded sublease income of $1 million and $4 million, respectively, within selling, general and administrative expenses. During the three and nine months ended December 28, 2024, the Company recorded sublease income of $2 million and $7 million, respectively, within selling, general and administrative expenses. Net Income (Loss) per Share The Company’s basic net income (loss) per ordinary share is calculated by dividing net income (loss) by the weighted average number of ordinary shares outstanding during the period. Diluted net income (loss) 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 income (loss) per ordinary share and diluted net income (loss) per ordinary share are as follows (in millions, except share and per share data):
(1)Basic and diluted per share amounts are calculated using unrounded numbers. During the three and nine months ended December 27, 2025, share equivalents of 1,136,239 and 1,780,281 shares have been excluded from the above calculations due to their anti-dilutive effect. Diluted net loss per ordinary share attributable to Capri and diluted net loss per share attributable to discontinued operations, net of tax for the three and nine months ended December 28, 2024, included all weighed average diluted shares outstanding due to the net income attributable to Capri from continuing operations for these periods. See Note 3 - "Summary of Significant Accounting Policies" 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. The Company is currently assessing the impact of the requirements on its consolidated financial statements and disclosures. 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. The Company is currently assessing the impact of the requirements on its consolidated financial statements and disclosures. Tax Legislation 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. Hedge Accounting In November 2025, the FASB issued ASU 2025-09, “Derivatives and Hedging (Topic 815): Hedge Accounting Improvements”, which includes amendments to more closely align hedge accounting with the economics of an entity’s risk management activities. The amendments are effective for the Company’s annual periods beginning Fiscal 2028 and interim periods within those fiscal years, with early adoption permitted, and should be applied prospectively. The Company is currently evaluating the ASU to determine its impact on the Company’s financial statements and related disclosures.
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Discontinued Operations |
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| Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discontinued Operations | Discontinued Operations On April 10, 2025, the Company and Prada entered into the Purchase Agreement whereby Prada 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. On December 2, 2025 (the “Closing Date”), the Company completed the sale of its Versace business for gross cash proceeds of $1.395 billion based on an estimated closing statement. After giving effect to certain benefits the purchaser will receive pursuant to the Purchase Agreement and the Transition Services Agreement (“TSA”), the Company’s net consideration from the Versace divestiture was approximately $1.365 billion. Based on the provisions of the Purchase Agreement, within 90 days of the Closing Date, Prada will deliver an initial closing statement including net working capital, net indebtedness, cash and certain other post-closing adjustments as of the Closing Date. Once the initial closing statement becomes final and binding, the Company will adjust the cash proceeds and record an adjustment to the gain on sale for any difference from the estimated closing statement which the Company expects to record during the fourth quarter of Fiscal 2026. The Company previously 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 reported the results of the Versace business as discontinued operations in its consolidated statements of operations and presented the related assets and liabilities as held for sale in its consolidated balance sheets. These changes have been applied to all periods presented as applicable. Cash flows from the Company’s discontinued operations are presented as such in the consolidated statements of cash flows for all periods presented. Additionally, as of April 10, 2025, in accordance with ASC 360, Property, Plant and Equipment, the Company stopped recording depreciation and amortization of Versace’s long-lived tangible, intangible and 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 sheet as of March 29, 2025 (in millions):
The operating results of discontinued operations only reflect revenues and expenses that are directly attributable to the Versace business through the Closing Date that were removed 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 income (loss) (in millions):
The Company recognized a preliminary gain on sale of $45 million, which is recorded in other income, net, as part of discontinued operations in the Company’s consolidated statements of operations and comprehensive income (loss) during the three and nine months ended December 27, 2025. The Company included the cash proceeds received from the sale in net cash used in investing activities of discontinued operations within the consolidated statements of cash flows. The following table presents the details of the gain on the sale of the Versace business as of the Closing Date (in millions):
The sale of the Versace business resulted in a capital loss for income tax purposes. As the Company maintains a full valuation allowance on its net deferred tax assets, a valuation allowance of $127 million was also recorded against the entire deferred tax asset generated from the sale resulting in no net impact to the tax provision during the period. In addition, the Company agreed to provide certain transition services to Versace pursuant to the TSA. Income related to the TSA is presented in continuing operations within other income, net of approximately $1 million on the Company’s consolidated statements of operations and comprehensive income (loss) for the three and nine months ended December 27, 2025, respectively.
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Revenue Recognition |
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| 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 December 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 December 27, 2025 was $39 million, and the related asset for the right to recover returned product as of December 27, 2025 was $10 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 $9 million and $14 million as of December 27, 2025 and March 29, 2025, respectively. For the three and nine months ended December 27, 2025, the Company recognized $1 million and $13 million, respectively, in revenue relating to contract liabilities that existed at March 29, 2025. For the three and nine months ended December 28, 2024, the Company recognized $3 million and $15 million in revenue which related to contract liabilities that existed at March 30, 2024. There were no material contract assets recorded as of December 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):
See Note 4 - "Revenue Recognition" 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.
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Receivables, net |
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| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Receivables, net | Receivables, net Receivables, net, consist of (in millions):
(1)As of December 27, 2025 and March 29, 2025, $65 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 $19 million and $13 million as of December 27, 2025 and March 29, 2025, respectively. The Company had credit losses of $11 million and $12 million for the three and nine months ended December 27, 2025, respectively. During the three and nine months ended December 27, 2025 the Company recorded an incremental allowance due to a wholesale customer filing for a voluntary petition for reorganization under Chapter 11 under U.S. Bankruptcy Code. The Company had net credit losses of $(3) million for the three months ended December 28, 2024 and credit losses of $1 million for the nine months ended December 28, 2024.
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Property and Equipment, net |
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| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property and Equipment, net | Property and Equipment, net Property and equipment, net, consists of (in millions): Depreciation of property and equipment for the three and nine months ended December 27, 2025 was $23 million and $69 million, respectively. Depreciation of property and equipment for the three and nine months ended December 28, 2024 was $25 million and $79 million, respectively. The Company did not record any property and equipment impairment charges during the three months ended December 27, 2025 and December 28, 2024, respectively. During the nine months ended December 27, 2025 and December 28, 2024, the Company recorded $5 million and $2 million in property and equipment impairment charges, respectively.
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Intangible Assets and Goodwill |
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| 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):
(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 December 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 December 27, 2025 and March 29, 2025. Amortization expense for the Company’s definite-lived intangible assets was $7 million and $21 million for the three and nine months ended December 27, 2025, respectively. Amortization expense for the Company’s definite-lived intangible assets was $7 million and $20 million for the three and nine months ended December 28, 2024, respectively.
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Other Current Assets and Other Current Liabilities |
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| 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):
Accrued expenses and other current liabilities consist of the following (in millions):
(1)The accrued rent balance relates to variable lease payments.
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Restructuring and Other Expense (Income) |
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| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Other Expense (Income) | Restructuring and Other Expense (Income) Restructuring Charges - Global Optimization Plan As previously announced during the fourth quarter of Fiscal 2024, the Board of Directors of the Company approved a Global Optimization Plan in order to streamline the Company’s operating model, maximize efficiency and support long-term profitable growth. During the nine months ended December 27, 2025, the Company closed 30 retail stores which have been incorporated into the Global Optimization Plan, which concluded as of the second quarter of Fiscal 2026. The Company closed 20 and 39 retail stores incorporated into the Global Optimization Plan during the three and nine months ended December 28, 2024, respectively. Net restructuring charges recorded in connection with the Global Optimization Plan during the three and nine months ended December 27, 2025 were $12 million and $15 million, respectively, primarily related to lease terminations and severance costs in connection with this program. Net restructuring income recorded in connection with the Global Optimization Plan during the three months ended December 28, 2024 was $2 million primarily related to gains on lease termination and store closure costs. During the nine months ended December 28, 2024, there was an immaterial amount of net restructuring expenses recorded in connection with the Global Optimization Plan. The below table presents a roll forward of the Company’s restructuring liability related to its Global Optimization Plan (in millions):
(1)Excludes $5 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 income (loss) for the nine months ended December 27, 2025.
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Debt Obligations |
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| Debt Obligations | Debt Obligations The following table presents the Company’s debt obligations (in millions):
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. In accordance with the prepayment terms under the Amended and Restated Credit Agreement, the Company used a portion of the cash proceeds received in connection with the completion of the Versace sale to prepay the outstanding balances under the 2025 Term Loans. Due to this extinguishment of the 2025 Term Loans, the Company recognized $4 million of related debt issuance costs within the Company's consolidated statements of operations and comprehensive income (loss) for the three and nine months ended December 27, 2025 as a component of interest income, net. 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 December 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 $221 million and $755 million of borrowings outstanding under the 2022 Revolving Credit Facility as of December 27, 2025 and March 29, 2025, respectively. In addition, stand-by letters of credit of $1 million were outstanding as of December 27, 2025 and March 29, 2025. As of December 27, 2025 and March 29, 2025, the amount available for future borrowings under the 2022 Revolving Credit Facility was $1.278 billion and $744 million, respectively. The Company had $2 million and $3 million of deferred financing fees related to the 2022 Revolving Credit Facility as of December 27, 2025 and March 29, 2025, respectively, and are recorded within other assets in the Company’s consolidated balance sheets. As of December 27, 2025, 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 December 27, 2025 and March 29, 2025 was $10 million and $24 million, respectively, and is presented as short-term debt on the Company’s consolidated balance sheets. See Note 12 - "Debt Obligations" to the Company’s Fiscal 2025 Annual Report on Form 10-K for additional information regarding the Company’s credit facilities and debt obligations.
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Commitments and Contingencies |
9 Months Ended |
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Dec. 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.
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Fair Value Measurements |
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| 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 December 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 derivative contract. See Note 14 - "Derivative Financial Instruments" for further detail. All derivative 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):
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 - "Debt Obligations" for detailed information related to the 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):
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 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 did not record impairment charges for the three months ended December 27, 2025. The Company recorded $21 million impairment charges during the nine months ended December 27, 2025. The Company recorded $81 million and $101 million of impairment charges during the three and nine months ended December 28, 2024, respectively. The following table details the carrying values and fair values of the Company’s assets that have been impaired during the three and nine months ended December 27, 2025 and the three and nine months ended December 28, 2024 (in millions):
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Derivative Financial Instruments |
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| 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 $50 million of EUR/USD designated forward contracts outstanding. During the first quarter of Fiscal 2026, the Company entered into multiple EUR/USD forward contracts of $29 million. During the third quarter of Fiscal 2026, the Company entered into multiple EUR/USD forward contracts of $71 million. As of December 27, 2025, the Company had $85 million of designated forward foreign currency exchange contracts outstanding, net of any contracts that have matured throughout the year. 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 income (loss). On December 2, 2025, in relation to the proceeds received from the sale of Versace, the Company entered into a forward foreign currency exchange contract with a notional amount of €324 million to mitigate the foreign currency exchange risk arising from an intercompany transaction. This was a short term derivative contract with a settlement date of January 27, 2026. The Company did not designate this derivative for hedge accounting and recognized a $4 million gain within foreign currency loss (gain) in the Company’s consolidated statements of operations and comprehensive income (loss) related to the change in fair value during the three and nine months ended December 27, 2025. 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 quarters 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 December 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. At the effective date of the respective CSA, 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 December 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. During the third quarter of Fiscal 2026, the Company modified multiple fixed-to-fixed cross-currency swap agreements with aggregate notional amounts of $175 million, of which the Company will exchange monthly fixed rate payments on United States dollar notional amounts for fixed rate payments of 0.0% in 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 income (loss). Accordingly, the Company recorded interest income of $34 million and $105 million during the three and nine months ended December 27, 2025, and $30 million and $83 million during the three and nine months ended December 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 December 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 nine months ended December 27, 2025, the Company recognized $1 million and $5 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 nine months ended December 28, 2024, the Company recognized $1 million and $2 million of interest income related to these agreements, respectively. In conjunction with the prepayment of the 2025 Term Loans, the Company released into earnings the remaining unamortized component of accumulated other comprehensive (loss) income related to the terminated interest rate swaps. Accordingly, the Company recognized approximately $7 million of expense within interest income, net, in the Company’s consolidated statements of operations and comprehensive income (loss) for the three and nine months ended December 27, 2025. 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 December 27, 2025 and March 29, 2025 (in millions):
(1)Recorded within prepaid expenses and other current assets in the Company’s consolidated balance sheets. (2)Recorded within accrued expenses and other current liabilities on the Company’s consolidated balance sheets. (3)As of December 27, 2025, the Company recorded $891 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 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 December 27, 2025 and March 29, 2025 would be as follows (in millions):
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 nine months ended December 27, 2025 and December 28, 2024 (in millions):
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 gains and losses recorded to other comprehensive income (“OCI”) related to the Company’s designated hedges (in millions):
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Shareholders' Equity |
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| 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. 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 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. The program may be suspended or discontinued at any time. As of December 27, 2025, the Company has not made any purchases as part of this program. During the nine months ended December 27, 2025 and December 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 nine months ended December 27, 2025 and December 28, 2024, the Company withheld 113,406 shares and 117,710 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 nine months ended December 27, 2025 and December 28, 2024, respectively (in millions):
(1)Foreign currency translation adjustments before reclassifications for the nine months ended December 27, 2025 primarily include a $451 million loss, net of taxes of $151 million, relating to the Company’s net investment hedges, as well as a net $28 million translation loss. Reclassifications from AOCI into earnings for nine months ended December 27, 2025 were related to the sale of Versace. Refer to Note 4 - "Discontinued Operations" for further information. Foreign currency translation adjustments for the nine months ended December 28, 2024 primarily include a $19 million loss, net of taxes of $7 million, relating to the Company’s net investment hedges partially offset by a net $9 million translation loss. (2)Other comprehensive loss before reclassifications for both the nine months ended December 27, 2025 and December 28, 2024 were primarily related to the Company’s forward foreign currency exchange contracts, net of taxes. Reclassifications from AOCI into earnings for nine months ended December 27, 2025 were $8 million, net of taxes of $4 million, related to the Company’s previously terminated interest rate swaps and $3 million, net of immaterial taxes, related to the Company’s forward foreign currency exchange contracts for inventory purchases.
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Share-Based Compensation |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 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 December 27, 2025, there were 4,110,483 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 nine months ended December 27, 2025:
The weighted average grant date fair value of service-based RSUs granted during the nine months ended December 27, 2025 was $18.00. There were no performance-based RSUs granted during the nine months ended December 27, 2025. The weighted average grant date fair value of service-based RSUs granted during the nine months ended December 28, 2024 was $32.21. There were no performance-based RSUs granted during the nine months ended December 28, 2024. Share-Based Compensation Expense The following table summarizes compensation expense attributable to share-based compensation for the three and nine months ended December 27, 2025 and December 28, 2024 (in millions):
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 December 27, 2025 is $5 million. There were no forfeitures for performance-based RSUs. See Note 17 - "Share-Based Compensation" in the Company’s Fiscal 2025 Annual Report on Form 10-K for additional information relating to the Company’s share-based compensation awards.
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Income Taxes |
9 Months Ended |
|---|---|
Dec. 27, 2025 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes The Company’s effective tax rate for the three and nine months ended December 27, 2025 was (3.6)% and 18.6%, respectively. The effective rate for the three months ended December 27, 2025 differed from the United Kingdom statutory rate of 25% (the “UK Rate”) primarily due to the effects of global financing activities and a favorable return-to-provision adjustment. In addition, the effective tax rate for the nine months ended December 27, 2025 differed from the UK Rate due to a beneficial geographic mix of earnings partially offset by the impact of incremental valuation allowances recorded during the period. The Company’s effective tax rate for the three and nine months ended December 28, 2024 was 68.4% and (17.8)%, respectively. The effective tax rate for the three months ended December 28, 2024 differed from the UK Rate due to the impacts of favorable global financing activities and non-deductible goodwill impairment charges. In addition, the effective tax rate for the nine months ended December 28, 2024, was also impacted by the release of an uncertain tax position during the period. 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.
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Segment Information |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information | Segment Information On April 10, 2025, the Company and Prada entered into the Purchase Agreement whereby Prada agreed to acquire certain subsidiaries of the Company which operate the Company’s Versace business. Accordingly, 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 income (loss) and consolidated statements of cash flows for all periods presented. On December 2, 2025, the Company completed the sale of its Versace business to Prada. The related assets and liabilities associated with the discontinued operations are classified as held for sale in the consolidated balance sheet as of 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 two operating segments — Michael Kors and Jimmy Choo, 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 two 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, and 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 products, including fragrances and eyewear. In addition to these reportable segments, the Company has certain corporate costs that are not directly attributable to its brands and, therefore, are not allocated to its segments. Such costs primarily include certain administrative, corporate occupancy, shared service and information technology 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 Tapestry related transaction income (costs), impairment charges and restructuring and other (expense) income. The segment structure is consistent with how the Company’s CODM plans and allocates resources, manages the business and assesses performance. All intercompany revenues are eliminated in consolidation and are not reviewed when evaluating segment performance. The following table presents the key performance information of the Company’s reportable segments (in millions):
(1)Impairment of assets during the nine months ended December 27, 2025 primarily related to operating lease right-of-use assets at certain Michael Kors store locations. Impairment of assets during the nine months ended December 28, 2024 includes $83 million and $18 million of impairment charges related to the Jimmy Choo and Michael Kors reportable segments, respectively. Total revenue (based on country of origin) by geographic location are as follows (in millions):
(1)Total revenue earned in the U.S. was $586 million and $1.446 billion, respectively, for the three and nine months ended December 27, 2025. Total revenue earned in the U.S. was $638 million and $1.567 billion, respectively, for the three and nine months ended December 28, 2024. Total long-lived assets of the Company’s reportable segments are as follows (in millions):
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Insider Trading Arrangements |
3 Months Ended |
|---|---|
Dec. 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 |
Summary of Significant Accounting Policies (Policies) |
9 Months Ended |
|---|---|
Dec. 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 December 27, 2025 and for the three and nine months ended December 27, 2025 and December 28, 2024 are unaudited. The Company historically consolidated the results of the Versace business on a one-month lag. 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 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 interim periods should not be considered indicative of results to be expected for the full fiscal year.
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| Fiscal Period | The Company utilizes a 52- to 53-week fiscal year and the term “Fiscal Year” or “Fiscal” refers to that 52- or 53-week period. The results for the three and nine months ended December 27, 2025 and December 28, 2024 are based on 13- and 39-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.
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| 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.
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| 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 income (loss). 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 income (loss). 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.
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| 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.
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| Net Income (Loss) per Share | The Company’s basic net income (loss) per ordinary share is calculated by dividing net income (loss) by the weighted average number of ordinary shares outstanding during the period. Diluted net income (loss) 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.
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| 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. The Company is currently assessing the impact of the requirements on its consolidated financial statements and disclosures. 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. The Company is currently assessing the impact of the requirements on its consolidated financial statements and disclosures. Tax Legislation 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. Hedge Accounting In November 2025, the FASB issued ASU 2025-09, “Derivatives and Hedging (Topic 815): Hedge Accounting Improvements”, which includes amendments to more closely align hedge accounting with the economics of an entity’s risk management activities. The amendments are effective for the Company’s annual periods beginning Fiscal 2028 and interim periods within those fiscal years, with early adoption permitted, and should be applied prospectively. The Company is currently evaluating the ASU to determine its impact on the Company’s financial statements and related disclosures.
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| 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 December 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.
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| 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 $19 million and $13 million as of December 27, 2025 and March 29, 2025, respectively. The Company had credit losses of $11 million and $12 million for the three and nine months ended December 27, 2025, respectively. During the three and nine months ended December 27, 2025 the Company recorded an incremental allowance due to a wholesale customer filing for a voluntary petition for reorganization under Chapter 11 under U.S. Bankruptcy Code. The Company had net credit losses of $(3) million for the three months ended December 28, 2024 and credit losses of $1 million for the nine months ended December 28, 2024.
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| Fair Value Measurements | At December 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 derivative contract. The Company’s cash and cash equivalents, accounts receivable and accounts payable are recorded at carrying value, which approximates fair value.
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Summary of Significant Accounting Policies (Tables) |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Cash and Cash Equivalents | A reconciliation of cash, cash equivalents and restricted cash as of December 27, 2025 and March 29, 2025 from the consolidated balance sheets to the consolidated statements of cash flows is as follows (in millions):
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| Schedule of Restrictions on Cash and Cash Equivalents | A reconciliation of cash, cash equivalents and restricted cash as of December 27, 2025 and March 29, 2025 from the consolidated balance sheets to the consolidated statements of cash flows is as follows (in millions):
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| 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):
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| Schedule of Components of Calculation of Basic Net Income (Loss) Per Ordinary Share and Diluted Net Income (Loss) Per Ordinary Share | The components of the calculation of basic net income (loss) per ordinary share and diluted net income (loss) per ordinary share are as follows (in millions, except share and per share data):
(1)Basic and diluted per share amounts are calculated using unrounded numbers.
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Discontinued Operations (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 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 sheet as of March 29, 2025 (in millions):
The following table presents the details of the gain on the sale of the Versace business as of the Closing Date (in millions):
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Revenue Recognition (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 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):
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Receivables, net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 27, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Receivables, Net | Receivables, net, consist of (in millions):
(1)As of December 27, 2025 and March 29, 2025, $65 million and $55 million, respectively, of trade receivables were insured.
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Property and Equipment, net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 27, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Property and Equipment, Net | Property and equipment, net, consists of (in millions):
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Intangible Assets and Goodwill (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 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):
(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 December 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 December 27, 2025 and March 29, 2025.
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| Schedule of Finite-Lived Intangible Assets | The following table details the carrying values of the Company’s intangible assets and goodwill (in millions):
(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 December 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 December 27, 2025 and March 29, 2025.
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Other Current Assets and Other Current Liabilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 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):
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| Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following (in millions):
(1)The accrued rent balance relates to variable lease payments.
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Restructuring and Other Expense (Income) (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 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):
(1)Excludes $5 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 income (loss) for the nine months ended December 27, 2025.
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Debt Obligations (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 27, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Debt Obligations | The following table presents the Company’s debt obligations (in millions):
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Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 27, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Value Measured and Recorded on a Recurring Basis | All derivative 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):
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| 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):
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| 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 nine months ended December 27, 2025 and the three and nine months ended December 28, 2024 (in millions):
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Derivative Financial Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 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 December 27, 2025 and March 29, 2025 (in millions):
(1)Recorded within prepaid expenses and other current assets in the Company’s consolidated balance sheets. (2)Recorded within accrued expenses and other current liabilities on the Company’s consolidated balance sheets. (3)As of December 27, 2025, the Company recorded $891 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.
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| 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 December 27, 2025 and March 29, 2025 would be as follows (in millions):
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| Schedule of Pre-tax Impact of Gains and 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 nine months ended December 27, 2025 and December 28, 2024 (in millions):
The following table summarizes the pre-tax impact of the gains and losses recorded to other comprehensive income (“OCI”) related to the Company’s designated hedges (in millions):
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Shareholders' Equity (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 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 nine months ended December 27, 2025 and December 28, 2024, respectively (in millions):
(1)Foreign currency translation adjustments before reclassifications for the nine months ended December 27, 2025 primarily include a $451 million loss, net of taxes of $151 million, relating to the Company’s net investment hedges, as well as a net $28 million translation loss. Reclassifications from AOCI into earnings for nine months ended December 27, 2025 were related to the sale of Versace. Refer to Note 4 - "Discontinued Operations" for further information. Foreign currency translation adjustments for the nine months ended December 28, 2024 primarily include a $19 million loss, net of taxes of $7 million, relating to the Company’s net investment hedges partially offset by a net $9 million translation loss. (2)Other comprehensive loss before reclassifications for both the nine months ended December 27, 2025 and December 28, 2024 were primarily related to the Company’s forward foreign currency exchange contracts, net of taxes. Reclassifications from AOCI into earnings for nine months ended December 27, 2025 were $8 million, net of taxes of $4 million, related to the Company’s previously terminated interest rate swaps and $3 million, net of immaterial taxes, related to the Company’s forward foreign currency exchange contracts for inventory purchases.
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Share-Based Compensation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 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 nine months ended December 27, 2025:
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| Schedule of Compensation Expense Attributable to Share-Based Compensation | The following table summarizes compensation expense attributable to share-based compensation for the three and nine months ended December 27, 2025 and December 28, 2024 (in millions):
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Segment Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 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):
(1)Impairment of assets during the nine months ended December 27, 2025 primarily related to operating lease right-of-use assets at certain Michael Kors store locations. Impairment of assets during the nine months ended December 28, 2024 includes $83 million and $18 million of impairment charges related to the Jimmy Choo and Michael Kors reportable segments, respectively.
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| Schedule of Total Revenue by Geographic Location | Total revenue (based on country of origin) by geographic location are as follows (in millions):
(1)Total revenue earned in the U.S. was $586 million and $1.446 billion, respectively, for the three and nine months ended December 27, 2025. Total revenue earned in the U.S. was $638 million and $1.567 billion, respectively, for the three and nine months ended December 28, 2024.
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| Schedule of Total Long-Lived Assets by Reportable Segments | Total long-lived assets of the Company’s reportable segments are as follows (in millions):
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Business and Basis of Presentation (Details) |
9 Months Ended |
|---|---|
|
Dec. 27, 2025
segment
| |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Number of reportable segments | 2 |
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 |
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|
Dec. 27, 2025 |
Dec. 28, 2024 |
Dec. 27, 2025 |
Dec. 28, 2024 |
Mar. 29, 2025 |
|
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
| Credit card receivables | $ 35 | $ 35 | $ 20 | ||
| Combined total of raw materials and work in process | 18 | 18 | $ 17 | ||
| Sublease income | $ 1 | $ 2 | $ 4 | $ 7 | |
| Anti-dilutive securities excluded from calculation of basic and diluted net income per ordinary share (in shares) | 1,136,239 | 1,780,281 | |||
| Maximum | |||||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
| Lessee, operating lease, term of contract (in years) | 10 years | 10 years | |||
Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions |
Dec. 27, 2025 |
Mar. 29, 2025 |
Dec. 28, 2024 |
|---|---|---|---|
| Accounting Policies [Abstract] | |||
| Cash and cash equivalents | $ 154 | $ 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 | $ 164 | $ 116 | $ 305 |
Summary of Significant Accounting Policies - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions |
9 Months Ended | |
|---|---|---|
Dec. 27, 2025 |
Dec. 28, 2024 |
|
| Cash paid for amounts included in the measurement of lease liabilities: | ||
| Operating cash flows used in operating leases | $ 268 | $ 264 |
Summary of Significant Accounting Policies - Schedule of Components of Calculation of Basic Net Income (Loss) Per Ordinary Share and Diluted Net Income (Loss) Per Ordinary Share (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Dec. 27, 2025 |
Dec. 28, 2024 |
Dec. 27, 2025 |
Dec. 28, 2024 |
|
| Numerator: | ||||
| Net income from continuing operations | $ 57 | $ 6 | $ 79 | $ 53 |
| Less: Net income attributable to noncontrolling interest from continuing operations | 0 | 1 | 0 | 2 |
| Net income attributable to Capri from continuing operations | 57 | 5 | 79 | 51 |
| Net income (loss) from discontinued operations, net of tax | 59 | (552) | 62 | (588) |
| Less: Net income attributable to noncontrolling interest from discontinued operations | 0 | 0 | 0 | 0 |
| Net income (loss) attributable to Capri from discontinued operations | 59 | (552) | 62 | (588) |
| Net income (loss) attributable to Capri | $ 116 | $ (547) | $ 141 | $ (537) |
| Denominator: | ||||
| Basic weighted average shares (in shares) | 119,852,277 | 118,543,746 | 119,479,642 | 118,150,485 |
| Weighted average dilutive share equivalents: | ||||
| Share options, restricted stock units, and performance restricted stock units (in shares) | 748,393 | 56,629 | 489,259 | 394,371 |
| Diluted weighted average shares (in shares) | 120,600,670 | 118,600,375 | 119,968,901 | 118,544,856 |
| Net income (loss) per ordinary share attributable to Capri: | ||||
| Basic from continuing operations (in dollars per share) | $ 0.47 | $ 0.05 | $ 0.66 | $ 0.44 |
| Basic from discontinued operations (in dollars per share) | 0.49 | (4.66) | 0.52 | (4.98) |
| Basic per ordinary share (in dollars per share) | 0.96 | (4.61) | 1.18 | (4.54) |
| Diluted from continuing operations (in dollars per share) | 0.47 | 0.05 | 0.66 | 0.44 |
| Diluted from discontinued operations (in dollars per share) | 0.49 | (4.66) | 0.52 | (4.98) |
| Diluted per ordinary share (in dollars per share) | $ 0.96 | $ (4.61) | $ 1.18 | $ (4.54) |
Discontinued Operations - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
|---|---|---|---|---|---|---|
Dec. 02, 2025 |
Dec. 27, 2025 |
Dec. 28, 2024 |
Dec. 27, 2025 |
Dec. 28, 2024 |
Apr. 10, 2025 |
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
| Income related to TSA | $ 0 | $ 0 | $ 1 | $ 0 | ||
| 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 | |||||
| Discontinued Operations, Disposed of by Sale | Versace Business | ||||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
| Gross cash proceeds | $ 1,395 | |||||
| Net consideration | $ 1,365 | |||||
| Post closing adjustment period (in days) | 90 days | |||||
| Gain on sale of business | $ 45 | 45 | 45 | |||
| Valuation allowance | $ 127 | |||||
| Income related to TSA | $ 1 | $ 1 | ||||
Discontinued Operations - Schedule of Carrying Amounts of Major Classes of Assets and Liabilities Classified as Held for Sale (Details) - USD ($) $ in Millions |
Dec. 27, 2025 |
Mar. 29, 2025 |
|---|---|---|
| Carrying amounts of the major classes of assets included in discontinued operations | ||
| Current assets held for sale | $ 0 | $ 342 |
| Noncurrent assets held for sale | 0 | 1,594 |
| Carrying amounts of the major classes of liabilities included in discontinued operations | ||
| Current liabilities held for sale | 0 | 304 |
| Noncurrent liabilities held for sale | $ 0 | 575 |
| Discontinued Operations, Held-for-Sale | Versace Business | ||
| Carrying amounts of the major classes of assets included in discontinued operations | ||
| Cash and cash equivalents | 59 | |
| Receivables, net | 62 | |
| Inventories, net | 168 | |
| Prepaid expenses and other current assets | 53 | |
| Current assets held for sale | 342 | |
| Property and equipment, net | 120 | |
| Operating lease right-of-use assets | 388 | |
| Intangible assets, net | 534 | |
| Goodwill | 489 | |
| Other assets | 63 | |
| Noncurrent assets held for sale | 1,594 | |
| Total assets held for sale | 1,936 | |
| Carrying amounts of the major classes of liabilities included in discontinued operations | ||
| Accounts payable | 106 | |
| Accrued payroll and payroll related expenses | 28 | |
| Accrued income taxes | 2 | |
| Short-term operating lease liabilities | 101 | |
| Accrued expenses and other current liabilities | 67 | |
| Current liabilities held for sale | 304 | |
| Long-term operating lease liabilities | 439 | |
| Deferred tax liabilities | 106 | |
| Long-term debt | 10 | |
| Other long-term liabilities | 20 | |
| Noncurrent liabilities held for sale | 575 | |
| Total liabilities held for sale | $ 879 |
Discontinued Operations - Schedule of Major Components of Discontinued Operations, Net of Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Dec. 27, 2025 |
Dec. 28, 2024 |
Dec. 27, 2025 |
Dec. 28, 2024 |
|
| Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||
| Net income (loss) from discontinued operations, net of tax | $ 59 | $ (552) | $ 62 | $ (588) |
| Discontinued Operations, Held-for-Sale | Versace Business | ||||
| Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||
| Total revenue | 206 | 193 | 592 | 613 |
| Cost of goods sold | 58 | 55 | 173 | 174 |
| Selling, general and administrative expenses | 136 | 143 | 398 | 443 |
| Depreciation and amortization | 0 | 17 | 5 | 46 |
| Impairment of assets | 0 | 594 | 0 | 617 |
| Restructuring and other expense (income) | 1 | 0 | 5 | 0 |
| Other income, net | (45) | 0 | (44) | 0 |
| Foreign currency loss (gain) | 1 | 8 | (5) | 3 |
| Income (loss) from discontinued operations before income taxes | 55 | (624) | 60 | (670) |
| Benefit for income taxes | (4) | (72) | (2) | (82) |
| Net income (loss) from discontinued operations, net of tax | $ 59 | $ (552) | $ 62 | $ (588) |
Discontinued Operation - Schedule of Gain on Sale of Versace Business (Details) - Discontinued Operations, Disposed of by Sale - Versace Business - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |
|---|---|---|---|
Dec. 02, 2025 |
Dec. 27, 2025 |
Dec. 27, 2025 |
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
| Cash consideration, net | $ 1,365 | ||
| Transaction expenses | (15) | ||
| Carrying value of net assets sold | (1,266) | ||
| Gain on sale before reclassification of foreign currency translation | 84 | ||
| Reclassification of foreign currency translation | (39) | ||
| Gain on sale | $ 45 | $ 45 | $ 45 |
Revenue Recognition - Narrative (Details) $ in Millions |
3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|
|
Dec. 27, 2025
USD ($)
distributionChannel
|
Dec. 28, 2024
USD ($)
|
Dec. 27, 2025
USD ($)
distributionChannel
|
Dec. 28, 2024
USD ($)
|
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 | 39 | 39 | 25 | ||
| Right to recover returned product | 10 | 10 | 6 | ||
| Total contract liabilities | 9 | 9 | 14 | ||
| Revenue recognized related to contract liabilities | 1 | $ 3 | 13 | $ 15 | |
| Gift and Retail Store Credits | |||||
| Contract With Customer, Asset And Liability [Line Items] | |||||
| Contract liability | $ 9 | $ 9 | $ 10 | ||
Revenue Recognition - Schedule of Segment Revenue Disaggregated by Geographic Location (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Dec. 27, 2025 |
Dec. 28, 2024 |
Dec. 27, 2025 |
Dec. 28, 2024 |
|
| Disaggregation of Revenue [Line Items] | ||||
| Total revenue | $ 1,025 | $ 1,068 | $ 2,678 | $ 2,794 |
| Michael Kors | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total revenue | 858 | 909 | 2,218 | 2,322 |
| Jimmy Choo | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total revenue | 167 | 159 | 460 | 472 |
| The Americas | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total revenue | 646 | 696 | 1,596 | 1,726 |
| The Americas | Michael Kors | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total revenue | 593 | 653 | 1,463 | 1,596 |
| The Americas | Jimmy Choo | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total revenue | 53 | 43 | 133 | 130 |
| EMEA | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total revenue | 268 | 256 | 757 | 729 |
| EMEA | Michael Kors | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total revenue | 190 | 180 | 534 | 505 |
| EMEA | Jimmy Choo | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total revenue | 78 | 76 | 223 | 224 |
| Asia | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total revenue | 111 | 116 | 325 | 339 |
| Asia | Michael Kors | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total revenue | 75 | 76 | 221 | 221 |
| Asia | Jimmy Choo | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Total revenue | $ 36 | $ 40 | $ 104 | $ 118 |
Receivables, net - Schedule of Receivables, Net (Details) - USD ($) $ in Millions |
Dec. 27, 2025 |
Mar. 29, 2025 |
|---|---|---|
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Trade receivables | $ 212 | $ 237 |
| Receivables due from licensees | 25 | 20 |
| Receivables, gross | 237 | 257 |
| Less: allowances | (53) | (42) |
| Total receivables, net | 184 | 215 |
| Credit Risk Assumed by Insured | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Trade receivables | $ 65 | $ 55 |
Receivables, net - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|
Dec. 27, 2025 |
Dec. 28, 2024 |
Dec. 27, 2025 |
Dec. 28, 2024 |
Mar. 29, 2025 |
|
| Receivables [Abstract] | |||||
| Allowance for credit losses | $ 19 | $ 19 | $ 13 | ||
| Credit losses | $ 11 | $ (3) | $ 12 | $ 1 | |
Property and Equipment, net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Millions |
Dec. 27, 2025 |
Mar. 29, 2025 |
|---|---|---|
| Property, Plant and Equipment [Abstract] | ||
| Leasehold improvements | $ 352 | $ 408 |
| Computer equipment and software | 264 | 284 |
| Furniture and fixtures | 162 | 153 |
| Equipment | 107 | 104 |
| Building | 63 | 57 |
| In-store shops | 25 | 26 |
| Land | 19 | 18 |
| Total property and equipment, gross | 992 | 1,050 |
| Less: accumulated depreciation | (629) | (675) |
| Subtotal | 363 | 375 |
| Construction-in-progress | 10 | 18 |
| Total property and equipment, net | $ 373 | $ 393 |
Property and Equipment, net - Narrative (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Dec. 27, 2025 |
Dec. 28, 2024 |
Dec. 27, 2025 |
Dec. 28, 2024 |
|
| Property, Plant and Equipment [Line Items] | ||||
| Depreciation of property and equipment | $ 23,000,000 | $ 25,000,000 | $ 69,000,000 | $ 79,000,000 |
| Property, Plant and Equipment | ||||
| Property, Plant and Equipment [Line Items] | ||||
| Impairment charges for property and equipment | $ 0 | $ 0 | $ 5,000,000 | $ 2,000,000 |
Intangible Assets and Goodwill - Schedule of Carrying Values of Intangible Assets and Goodwill (Details) - USD ($) $ in Millions |
Dec. 27, 2025 |
Mar. 29, 2025 |
|---|---|---|
| Definite-lived intangible assets: | ||
| Gross definite-lived intangible assets | $ 647 | $ 637 |
| Less: accumulated amortization | (285) | (259) |
| Net definite-lived intangible assets | 362 | 378 |
| Indefinite-lived intangible assets: | ||
| Net indefinite-lived intangible assets | 213 | 204 |
| Intangible assets, net | 575 | 582 |
| Goodwill | 203 | 199 |
| Jimmy Choo brand | ||
| Indefinite-lived intangible assets: | ||
| Net indefinite-lived intangible assets | 213 | 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 | $ 224 | $ 214 |
Intangible Assets and Goodwill - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Dec. 27, 2025 |
Dec. 28, 2024 |
Dec. 27, 2025 |
Dec. 28, 2024 |
|
| Goodwill and Intangible Assets Disclosure [Abstract] | ||||
| Amortization expense for definite-lived intangible assets | $ 7 | $ 7 | $ 21 | $ 20 |
Other Current Assets and Other Current Liabilities - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Millions |
Dec. 27, 2025 |
Mar. 29, 2025 |
|---|---|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
| Prepaid taxes | $ 146 | $ 65 |
| Prepaid contracts | 16 | 20 |
| Interest receivable related to hedges | 13 | 36 |
| Restricted cash | 10 | 9 |
| Other accounts receivables | 6 | 8 |
| Other prepaid expenses and current assets | 27 | 18 |
| Total prepaid expenses and other current assets | $ 218 | $ 156 |
Other Current Assets and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions |
Dec. 27, 2025 |
Mar. 29, 2025 |
|---|---|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
| Accrued e-commerce | $ 47 | $ 15 |
| Other taxes payable | 40 | 32 |
| Return liabilities | 39 | 25 |
| Accrued advertising and marketing | 33 | 28 |
| Professional services | 20 | 16 |
| Accrued purchases and samples | 20 | 21 |
| Accrued rent | 14 | 16 |
| Retail store expense accrual | 13 | 15 |
| Accrued capital expenditures | 9 | 9 |
| Gift and retail store credits | 9 | 10 |
| Deferred income | 6 | 1 |
| Other accrued expenses and current liabilities | 36 | 45 |
| Total accrued expenses and other current liabilities | $ 286 | $ 233 |
Restructuring and Other Expense (Income) - Narrative (Details) - Global Optimization Plan $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
|
Dec. 27, 2025
USD ($)
|
Dec. 28, 2024
USD ($)
retailStore
|
Dec. 27, 2025
USD ($)
retailStore
|
Dec. 28, 2024
USD ($)
retailStore
|
|
| Restructuring Cost and Reserve [Line Items] | ||||
| Number of retail stores closed | retailStore | 20 | 30 | 39 | |
| Net restructuring charges (income) | $ | $ 12 | $ (2) | $ 15 | $ 0 |
Restructuring and Other Expense (Income) - Schedule of Roll Forward of Restructuring Liability Related to Global Optimization Plan (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Dec. 27, 2025 |
Dec. 28, 2024 |
Dec. 27, 2025 |
Dec. 28, 2024 |
|
| Restructuring Reserve [Roll Forward] | ||||
| Gain on lease termination and store closure costs | $ (12) | $ 2 | $ (15) | $ 0 |
| Global Optimization Plan | ||||
| Restructuring Reserve [Roll Forward] | ||||
| Beginning balance | 4 | |||
| Additions charged to expense | 20 | |||
| Payments | (23) | |||
| Ending balance | 1 | 1 | ||
| Severance and benefit costs | Global Optimization Plan | ||||
| Restructuring Reserve [Roll Forward] | ||||
| Beginning balance | 4 | |||
| Additions charged to expense | 5 | |||
| Payments | (8) | |||
| Ending balance | 1 | 1 | ||
| Lease-related and other costs | Global Optimization Plan | ||||
| Restructuring Reserve [Roll Forward] | ||||
| Beginning balance | 0 | |||
| Additions charged to expense | 15 | |||
| Payments | (15) | |||
| Ending balance | $ 0 | 0 | ||
| Gain on lease termination and store closure costs | $ 5 | |||
Debt Obligations - Schedule of Debt Obligations (Details) - USD ($) $ in Millions |
Dec. 27, 2025 |
Mar. 29, 2025 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Total debt | $ 234 | $ 1,496 |
| Less: Unamortized debt issuance costs | 0 | 6 |
| Total carrying value of debt | 234 | 1,490 |
| Less: Short-term debt | 10 | 24 |
| Total long-term debt | 224 | 1,466 |
| Other | ||
| Debt Instrument [Line Items] | ||
| Total debt | 13 | 29 |
| Revolving Credit Facilities | Credit Agreement | Line of Credit | ||
| Debt Instrument [Line Items] | ||
| Total debt | 221 | 755 |
| 2025 Term Loans | Credit Agreement | Line of Credit | ||
| Debt Instrument [Line Items] | ||
| Total debt | $ 0 | $ 712 |
Debt Obligations - Narrative (Details) |
3 Months Ended | 9 Months Ended | ||||
|---|---|---|---|---|---|---|
|
Dec. 27, 2025
USD ($)
|
Feb. 04, 2025
USD ($)
|
Dec. 27, 2025
USD ($)
|
Dec. 27, 2025
USD ($)
|
Mar. 29, 2025
USD ($)
|
Feb. 04, 2025
EUR (€)
|
|
| Debt Instrument [Line Items] | ||||||
| Total debt | $ 234,000,000 | $ 234,000,000 | $ 234,000,000 | $ 1,496,000,000 | ||
| Debt issuance costs | 0 | 0 | 0 | 6,000,000 | ||
| Short-term debt | 10,000,000 | 10,000,000 | 10,000,000 | 24,000,000 | ||
| Line of Credit | Revolving Credit Facilities | ||||||
| Debt Instrument [Line Items] | ||||||
| Letter of credit outstanding | 1,000,000 | 1,000,000 | 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] | ||||||
| Related debt issuance costs recognized | 4,000,000 | 4,000,000 | ||||
| Debt instrument, face amount | 700,000,000 | |||||
| Total debt | 0 | 0 | 0 | 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 | $ 221,000,000 | 221,000,000 | 221,000,000 | 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 | 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 | $ 221,000,000 | 221,000,000 | 221,000,000 | 755,000,000 | ||
| Amount available for future borrowings | 1,278,000,000 | 1,278,000,000 | 1,278,000,000 | 744,000,000 | ||
| Debt issuance costs | $ 2,000,000 | $ 2,000,000 | $ 2,000,000 | $ 3,000,000 |
Fair Value Measurements - Schedule of Fair Value Measured and Recorded on a Recurring Basis (Details) - USD ($) $ in Millions |
Dec. 27, 2025 |
Mar. 29, 2025 |
|---|---|---|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Total derivative assets | $ 4 | $ 0 |
| Total derivative liabilities | 892 | 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 assets | 0 | 0 |
| Total derivative liabilities | 0 | 0 |
| Significant other observable inputs (Level 2) | Fair value, measurements, recurring | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Total derivative assets | 4 | 0 |
| Total derivative liabilities | 892 | 291 |
| Significant unobservable inputs (Level 3) | Fair value, measurements, recurring | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Total derivative assets | 0 | 0 |
| Total derivative liabilities | 0 | 0 |
| Undesignated and designated forward foreign currency exchange contracts | Quoted prices in active markets for identical assets (Level 1) | Fair value, measurements, recurring | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Total derivative assets | 0 | 0 |
| Total derivative liabilities | 0 | 0 |
| Undesignated and designated forward foreign currency exchange contracts | Significant other observable inputs (Level 2) | Fair value, measurements, recurring | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Total derivative assets | 4 | 0 |
| Total derivative liabilities | 1 | 2 |
| Undesignated and designated forward foreign currency exchange contracts | Significant unobservable inputs (Level 3) | Fair value, measurements, recurring | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Total derivative assets | 0 | 0 |
| Total derivative liabilities | 0 | 0 |
| Net investment hedges | 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 |
| Net investment hedges | Significant other observable inputs (Level 2) | Fair value, measurements, recurring | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Total derivative liabilities | 891 | 289 |
| Net investment hedges | Significant unobservable inputs (Level 3) | Fair value, measurements, recurring | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Total derivative liabilities | $ 0 | $ 0 |
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 |
Dec. 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 | $ 221 | $ 755 |
| Revolving Credit Facilities | Credit Agreement | Estimated Fair Value | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Long-term debt | 221 | 755 |
| 2025 Term Loans | Carrying Value | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Long-term debt | 0 | 706 |
| 2025 Term Loans | Estimated Fair Value | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Long-term debt | $ 0 | $ 699 |
Fair Value Measurements - Narrative (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Dec. 27, 2025 |
Dec. 28, 2024 |
Dec. 27, 2025 |
Dec. 28, 2024 |
|
| Fair Value Disclosures [Abstract] | ||||
| Impairment of assets | $ 0 | $ 81,000,000 | $ 21,000,000 | $ 101,000,000 |
Fair Value Measurements - Schedule of Carrying Values and Fair Values of Assets Impaired (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Dec. 27, 2025 |
Dec. 28, 2024 |
Dec. 27, 2025 |
Dec. 28, 2024 |
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
| Impairment Charge | $ 0 | $ 81,000,000 | $ 21,000,000 | $ 101,000,000 |
| Significant unobservable inputs (Level 3) | Nonrecurring | ||||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
| Carrying Value Prior to Impairment | 0 | 372,000,000 | 51,000,000 | 417,000,000 |
| Fair Value | 0 | 291,000,000 | 30,000,000 | 316,000,000 |
| Impairment Charge | 0 | 81,000,000 | 21,000,000 | 101,000,000 |
| 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 | 0 | 0 | 43,000,000 | 42,000,000 |
| Fair Value | 0 | 0 | 27,000,000 | 24,000,000 |
| Impairment Charge | 0 | 0 | 16,000,000 | 18,000,000 |
| Goodwill | Significant unobservable inputs (Level 3) | Nonrecurring | ||||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
| Carrying Value Prior to Impairment | 0 | 159,000,000 | 0 | 159,000,000 |
| Fair Value | 0 | 93,000,000 | 0 | 93,000,000 |
| Impairment Charge | 0 | 66,000,000 | 0 | 66,000,000 |
| Brands | Significant unobservable inputs (Level 3) | Nonrecurring | ||||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
| Carrying Value Prior to Impairment | 0 | 213,000,000 | 0 | 213,000,000 |
| Fair Value | 0 | 198,000,000 | 0 | 198,000,000 |
| Impairment Charge | 0 | 15,000,000 | 0 | 15,000,000 |
| 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 | 0 | 0 | 8,000,000 | 3,000,000 |
| Fair Value | 0 | 0 | 3,000,000 | 1,000,000 |
| Impairment Charge | $ 0 | $ 0 | $ 5,000,000 | $ 2,000,000 |
Derivative Financial Instruments - Narrative (Details) € in Millions |
3 Months Ended | 9 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|
|
Dec. 27, 2025
USD ($)
|
Mar. 29, 2025
USD ($)
|
Dec. 28, 2024
USD ($)
|
Dec. 27, 2025
USD ($)
|
Dec. 28, 2024
USD ($)
|
Dec. 02, 2025
EUR (€)
|
Sep. 27, 2025
USD ($)
|
Jun. 28, 2025
USD ($)
|
Sep. 28, 2024
EUR (€)
|
|
| Derivative [Line Items] | |||||||||
| Notional amounts | $ 6,327,000,000 | $ 5,914,000,000 | $ 6,327,000,000 | ||||||
| Changes in fair value recorded to foreign currency gain | 0 | $ (15,000,000) | 2,000,000 | $ (8,000,000) | |||||
| Interest income (expense) | 9,000,000 | 8,000,000 | 44,000,000 | 22,000,000 | |||||
| Designated as Hedging Instrument | |||||||||
| Derivative [Line Items] | |||||||||
| Notional amounts | 5,949,000,000 | 5,914,000,000 | 5,949,000,000 | ||||||
| Forward foreign currency exchange contracts | Designated as Hedging Instrument | |||||||||
| Derivative [Line Items] | |||||||||
| Notional amounts | 85,000,000 | 85,000,000 | |||||||
| Forward foreign currency exchange contracts | Designated as Hedging Instrument | Designated interest rate swaps | |||||||||
| Derivative [Line Items] | |||||||||
| Notional amounts | 85,000,000 | 50,000,000 | 85,000,000 | ||||||
| Forward foreign currency exchange contracts | Not Designated as Hedging Instrument | |||||||||
| Derivative [Line Items] | |||||||||
| Notional amounts | 378,000,000 | 0 | 378,000,000 | € 324 | |||||
| Changes in fair value recorded to foreign currency gain | 4,000,000 | 4,000,000 | |||||||
| Net investment hedges | Designated as Hedging Instrument | Net Investment Hedges | |||||||||
| Derivative [Line Items] | |||||||||
| Notional amounts | 5,864,000,000 | 5,864,000,000 | 5,864,000,000 | ||||||
| Interest income (expense) | 34,000,000 | 30,000,000 | 105,000,000 | 83,000,000 | |||||
| Interest rate swaps | Designated as Hedging Instrument | Designated interest rate swaps | |||||||||
| Derivative [Line Items] | |||||||||
| Notional amounts | 0 | 0 | 0 | € 800 | |||||
| Interest income (expense) | (1,000,000) | $ 1,000,000 | (5,000,000) | $ 2,000,000 | |||||
| Settlement of interest rate swaps | 13,000,000 | ||||||||
| Interest rate swaps | Designated as Hedging Instrument | Credit Agreement | Designated interest rate swaps | |||||||||
| Derivative [Line Items] | |||||||||
| Notional amounts | € | 500 | ||||||||
| Interest rate swaps | Designated as Hedging Instrument | Versace Term Loan | Designated interest rate swaps | |||||||||
| Derivative [Line Items] | |||||||||
| Notional amounts | € | € 300 | ||||||||
| Interest rate swaps | Designated as Hedging Instrument | Credit Facility 2025 | Designated interest rate swaps | |||||||||
| Derivative [Line Items] | |||||||||
| Interest income (expense) | (7,000,000) | (7,000,000) | |||||||
| Euro Member Countries, Euro | Forward foreign currency exchange contracts | Designated as Hedging Instrument | |||||||||
| Derivative [Line Items] | |||||||||
| Notional amounts | 71,000,000 | 50,000,000 | 71,000,000 | $ 29,000,000 | |||||
| Euro Member Countries, Euro | Net investment hedges | Designated as Hedging Instrument | Net Investment Hedges | |||||||||
| 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% | ||||||
| Euro Member Countries, Euro | Cross currency interest rate contract, modified, fixed-to-fixed | Designated as Hedging Instrument | Net Investment Hedges | |||||||||
| Derivative [Line Items] | |||||||||
| Notional amounts | $ 175,000,000 | $ 175,000,000 | |||||||
| Switzerland, Francs | Net investment hedges | Designated as Hedging Instrument | Net Investment Hedges | |||||||||
| 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% | ||||||
| Switzerland, Francs | Cross currency interest rate contract, modified, fixed-to-fixed | Designated as Hedging Instrument | Net Investment Hedges | |||||||||
| Derivative [Line Items] | |||||||||
| Notional amounts | $ 275,000,000 | $ 950,000,000 | |||||||
Derivative Financial Instruments - Schedule of Fair Value of Derivative Contracts Recorded on Gross Basis in Consolidated Balance Sheets (Details) € in Millions, $ in Millions |
Dec. 27, 2025
USD ($)
|
Dec. 02, 2025
EUR (€)
|
Mar. 29, 2025
USD ($)
|
|---|---|---|---|
| Derivatives, Fair Value [Line Items] | |||
| Notional Amounts | $ 6,327 | $ 5,914 | |
| Assets | 4 | 0 | |
| Liabilities | 892 | 291 | |
| Designated as Hedging Instrument | |||
| Derivatives, Fair Value [Line Items] | |||
| Notional Amounts | 5,949 | 5,914 | |
| Assets | 0 | 0 | |
| Liabilities | 892 | 291 | |
| Forward foreign currency exchange contracts | Designated as Hedging Instrument | |||
| Derivatives, Fair Value [Line Items] | |||
| Notional Amounts | 85 | ||
| Forward foreign currency exchange contracts | Not Designated as Hedging Instrument | |||
| Derivatives, Fair Value [Line Items] | |||
| Notional Amounts | 378 | € 324 | 0 |
| Assets | 4 | 0 | |
| Liabilities | 0 | 0 | |
| Forward foreign currency exchange contracts | Designated forward foreign currency exchange contracts | Designated as Hedging Instrument | |||
| Derivatives, Fair Value [Line Items] | |||
| Notional Amounts | 85 | 50 | |
| Assets | 0 | 0 | |
| Liabilities | 1 | 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 | 891 | 289 | |
| Designated net investment hedges | Designated net investment hedges | Designated as Hedging Instrument | Other Noncurrent Liabilities | |||
| Derivatives, Fair Value [Line Items] | |||
| Liabilities | $ 891 | 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 |
Derivative Financial Instruments - Schedule of Derivative Instruments on The Balance Sheets, Net Basis (Details) - USD ($) $ in Millions |
Dec. 27, 2025 |
Mar. 29, 2025 |
|---|---|---|
| Forward foreign currency exchange contracts | Forward Currency Exchange Contracts | ||
| Derivative [Line Items] | ||
| Assets subject to master netting arrangements | $ 4 | $ 0 |
| Liabilities subject to master netting arrangements | 1 | 2 |
| Derivative assets, net | 4 | 0 |
| Derivative liabilities, net | 1 | 2 |
| Net Investment Hedges | Net Investment Hedges | ||
| Derivative [Line Items] | ||
| Assets subject to master netting arrangements | 0 | 0 |
| Liabilities subject to master netting arrangements | 891 | 289 |
| Derivative assets, net | 0 | 0 |
| Derivative liabilities, net | $ 891 | $ 289 |
Derivative Financial Instruments - Schedule of Losses Recognized Related to Hedge Contracts (Details) - Designated as Hedging Instrument - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Dec. 27, 2025 |
Dec. 28, 2024 |
Dec. 27, 2025 |
Dec. 28, 2024 |
|
| Designated forward foreign currency exchange contracts | Cost of goods sold | ||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||
| Losses recognized related to hedge contracts | $ 2 | $ 0 | $ 3 | $ 0 |
| Designated interest rate swaps | Interest income, net | ||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||
| Losses recognized related to hedge contracts | $ 8 | $ 0 | $ 12 | $ 0 |
Derivative Financial Instruments - Schedule of Pre-tax Impact of Gains and Losses on Derivative (Details) - Designated as Hedging Instrument - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Dec. 27, 2025 |
Dec. 28, 2024 |
Dec. 27, 2025 |
Dec. 28, 2024 |
|
| Designated forward foreign currency exchange contracts | ||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||
| Pre-Tax Gains/(Losses) Recognized in OCI | $ 1 | $ 0 | $ (3) | $ 0 |
| Designated net investment hedges | ||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||
| Pre-Tax Gains/(Losses) Recognized in OCI | 18 | 240 | (602) | (26) |
| Designated interest rate swaps | ||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||
| Pre-Tax Gains/(Losses) Recognized in OCI | $ 0 | $ 1 | $ 0 | $ (14) |
Shareholders' Equity - Narrative (Details) - USD ($) |
2 Months Ended | 9 Months Ended | 15 Months Ended | |||
|---|---|---|---|---|---|---|
Nov. 04, 2025 |
Nov. 09, 2022 |
Dec. 27, 2025 |
Dec. 27, 2025 |
Dec. 28, 2024 |
Nov. 09, 2024 |
|
| Subsidiary or Equity Method Investee [Line Items] | ||||||
| Ordinary shares, repurchased (in shares) | 0 | 0 | ||||
| Ordinary shares, shares repurchased amount | $ 2,000,000 | $ 4,000,000 | ||||
| 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 | $ 1,000,000,000 | |||||
| Ordinary shares, repurchased (in shares) | 0 | |||||
| New Share Repurchase Plan | ||||||
| Subsidiary or Equity Method Investee [Line Items] | ||||||
| Share repurchase program, period in force (in years) | 3 years | |||||
| Share-repurchase program, purchase amount | $ 1,000,000,000 | |||||
| Ordinary shares, repurchased (in shares) | 0 | |||||
| Withholding Taxes | ||||||
| Subsidiary or Equity Method Investee [Line Items] | ||||||
| Ordinary shares, repurchased (in shares) | 113,406 | 117,710 | ||||
| Ordinary shares, shares repurchased amount | $ 2,000,000 | $ 4,000,000 | ||||
Shareholders' Equity - Schedule of Changes in Components of Accumulated Other Comprehensive (Loss) Income, Net of Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 27, 2025 |
Dec. 28, 2024 |
Dec. 27, 2025 |
Dec. 28, 2024 |
|||||||||
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||||||
| Beginning balance | $ (70) | $ 1,486 | $ 372 | $ 1,600 | ||||||||
| Other comprehensive loss, net of tax | 58 | 119 | (432) | (39) | ||||||||
| Ending balance | 108 | 1,071 | 108 | 1,071 | ||||||||
| Foreign currency translation adjustments loss | (51) | (119) | 440 | 28 | ||||||||
| Interest rate swaps | ||||||||||||
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||||||
| Loss reclassified from AOCI to earnings | 8 | |||||||||||
| Reclassification from AOCI, current period, tax | 4 | |||||||||||
| Forward foreign currency exchange contracts | ||||||||||||
| 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 | 0 | |||||||||||
| Other Comprehensive (Loss) Income Attributable to Capri | ||||||||||||
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||||||
| Beginning balance | (433) | [1] | 3 | [2] | 57 | [1] | 161 | [2] | ||||
| Other comprehensive loss before reclassifications | (482) | (39) | ||||||||||
| Loss reclassified from AOCI to earnings | 50 | |||||||||||
| Other comprehensive loss, net of tax | 58 | [1] | 119 | [2] | (432) | [1] | (39) | [2] | ||||
| Ending balance | (375) | [1] | 122 | [2] | (375) | [1] | 122 | [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 | (479) | (28) | ||||||||||
| Loss reclassified from AOCI to earnings | 39 | |||||||||||
| Other comprehensive loss, net of tax | (440) | |||||||||||
| Ending balance | (373) | 133 | (373) | 133 | ||||||||
| Foreign currency translation adjustments loss | 451 | 19 | ||||||||||
| Taxes related net investment hedges | 151 | 7 | ||||||||||
| Translation loss | 28 | 9 | ||||||||||
| 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 | 11 | |||||||||||
| Other comprehensive loss, net of tax | 8 | |||||||||||
| Ending balance | $ (2) | $ (11) | $ (2) | $ (11) | ||||||||
| ||||||||||||
Share-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions |
9 Months Ended | |||
|---|---|---|---|---|
Aug. 07, 2025 |
Dec. 27, 2025 |
Dec. 28, 2024 |
Aug. 06, 2025 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Estimated value of future forfeitures for equity awards | $ 5 | |||
| 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) | $ 18.00 | $ 32.21 | ||
| Performance-based RSUs granted (in shares) | 2,283,135 | |||
| Forfeitures for performance-based RSUs (in shares) | 996,396 | |||
| 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) | 4,110,483 | |||
| Option expiration period (in years) | 7 years | |||
Share-Based Compensation - Schedule of Share-Based Compensation Activity (Details) - shares |
9 Months Ended | |
|---|---|---|
Dec. 27, 2025 |
Dec. 28, 2024 |
|
| Options | ||
| Options | ||
| Outstanding/Unvested at beginning of period (in shares) | 180,481 | |
| Granted (in shares) | 0 | |
| Exercised/Vested (in shares) | 0 | |
| Canceled/Forfeited (in shares) | (180,481) | |
| Outstanding/Unvested at end of period (in shares) | 0 | |
| Service-Based RSUs | ||
| RSUs | ||
| Outstanding/Unvested at beginning of period (in shares) | 2,992,161 | |
| Granted (in shares) | 2,283,135 | |
| Exercised/Vested (in shares) | (1,396,194) | |
| Canceled/Forfeited (in shares) | (996,396) | |
| Outstanding/Unvested at end of period (in shares) | 2,882,706 | |
| Performance-Based RSUs | ||
| RSUs | ||
| Outstanding/Unvested at beginning of period (in shares) | 162,954 | |
| Granted (in shares) | 0 | 0 |
| Exercised/Vested (in shares) | 0 | |
| Canceled/Forfeited (in shares) | 0 | |
| Outstanding/Unvested at end of period (in shares) | 162,954 | |
Share-Based Compensation - Schedule of Compensation Expense Attributable to Share-Based Compensation (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Dec. 27, 2025 |
Dec. 28, 2024 |
Dec. 27, 2025 |
Dec. 28, 2024 |
|
| Share-Based Payment Arrangement [Abstract] | ||||
| Share-based compensation expense | $ 7 | $ 9 | $ 28 | $ 42 |
| Tax benefit related to share-based compensation expense | $ 0 | $ 1 | $ 0 | $ 6 |
Income Taxes (Details) |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Dec. 27, 2025 |
Dec. 28, 2024 |
Dec. 27, 2025 |
Dec. 28, 2024 |
|
| Income Tax Disclosure [Abstract] | ||||
| Effective tax rate (as percent) | (3.60%) | 68.40% | 18.60% | (17.80%) |
Segment Information - Narrative (Details) |
9 Months Ended |
|---|---|
|
Dec. 27, 2025
segment
retailStore
| |
| Segment Reporting Information [Line Items] | |
| Number of operating segments | 2 |
| Number of reportable segments | 2 |
| Michael Kors | |
| Segment Reporting Information [Line Items] | |
| Number of retail store formats | retailStore | 4 |
Segment Information - Schedule of Key Performance Information of Reportable Segments (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Dec. 27, 2025 |
Dec. 28, 2024 |
Dec. 27, 2025 |
Dec. 28, 2024 |
|
| Segment Reporting Information [Line Items] | ||||
| Total revenue | $ 1,025,000,000 | $ 1,068,000,000 | $ 2,678,000,000 | $ 2,794,000,000 |
| Cost of goods sold | 402,000,000 | 394,000,000 | 1,031,000,000 | 1,038,000,000 |
| Selling, general and administrative expenses | 535,000,000 | 537,000,000 | 1,471,000,000 | 1,525,000,000 |
| Depreciation and amortization | 30,000,000 | 32,000,000 | 90,000,000 | 99,000,000 |
| Income from continuing operations | 46,000,000 | 26,000,000 | 50,000,000 | 31,000,000 |
| Corporate expenses | (64,000,000) | (50,000,000) | (167,000,000) | (169,000,000) |
| Impairment of assets | 0 | (81,000,000) | (21,000,000) | (101,000,000) |
| Tapestry related transaction income (costs) | 0 | 14,000,000 | 0 | (1,000,000) |
| Restructuring and other (expense) income | (12,000,000) | 2,000,000 | (15,000,000) | 0 |
| Operating Segments | ||||
| Segment Reporting Information [Line Items] | ||||
| Income from continuing operations | 122,000,000 | 141,000,000 | 253,000,000 | 302,000,000 |
| Corporate | ||||
| Segment Reporting Information [Line Items] | ||||
| Selling, general and administrative expenses | 58,000,000 | 30,000,000 | 151,000,000 | 152,000,000 |
| Depreciation and amortization | 6,000,000 | 6,000,000 | 16,000,000 | 18,000,000 |
| Michael Kors | ||||
| Segment Reporting Information [Line Items] | ||||
| Total revenue | 858,000,000 | 909,000,000 | 2,218,000,000 | 2,322,000,000 |
| Cost of goods sold | 346,000,000 | 340,000,000 | 888,000,000 | 883,000,000 |
| Impairment of assets | (18,000,000) | |||
| Michael Kors | Operating Segments | ||||
| Segment Reporting Information [Line Items] | ||||
| Selling, general and administrative expenses | 376,000,000 | 403,000,000 | 1,022,000,000 | 1,071,000,000 |
| Depreciation and amortization | 17,000,000 | 19,000,000 | 53,000,000 | 59,000,000 |
| Income from continuing operations | 119,000,000 | 147,000,000 | 255,000,000 | 309,000,000 |
| Jimmy Choo | ||||
| Segment Reporting Information [Line Items] | ||||
| Total revenue | 167,000,000 | 159,000,000 | 460,000,000 | 472,000,000 |
| Cost of goods sold | 56,000,000 | 54,000,000 | 143,000,000 | 155,000,000 |
| Impairment of assets | (83,000,000) | |||
| Jimmy Choo | Operating Segments | ||||
| Segment Reporting Information [Line Items] | ||||
| Selling, general and administrative expenses | 101,000,000 | 104,000,000 | 298,000,000 | 302,000,000 |
| Depreciation and amortization | 7,000,000 | 7,000,000 | 21,000,000 | 22,000,000 |
| Income from continuing operations | $ 3,000,000 | $ (6,000,000) | $ (2,000,000) | $ (7,000,000) |
Segment Information - Schedule of Total Revenue by Geographic Location (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Dec. 27, 2025 |
Dec. 28, 2024 |
Dec. 27, 2025 |
Dec. 28, 2024 |
|
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
| Total revenue | $ 1,025 | $ 1,068 | $ 2,678 | $ 2,794 |
| The Americas | ||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
| Total revenue | 646 | 696 | 1,596 | 1,726 |
| EMEA | ||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
| Total revenue | 268 | 256 | 757 | 729 |
| Asia | ||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
| Total revenue | 111 | 116 | 325 | 339 |
| U.S. | ||||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
| Total revenue | $ 586 | $ 638 | $ 1,446 | $ 1,567 |
Segment Information - Schedule of Total Long-Lived Assets by Reportable Segments (Details) - USD ($) $ in Millions |
Dec. 27, 2025 |
Mar. 29, 2025 |
|---|---|---|
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Total long-lived assets | $ 1,816 | $ 1,800 |
| Michael Kors | ||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Total long-lived assets | 1,219 | 1,197 |
| Jimmy Choo | ||
| Revenues from External Customers and Long-Lived Assets [Line Items] | ||
| Total long-lived assets | $ 597 | $ 603 |