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Segment Information (Tables)

12 Months Ended

Apr. 02, 2022

Segment Reporting [Abstract]

Key Performance Information of Reportable Segments

The following table presents the key performance information of the Company’s reportable segments (in millions):

						Fiscal Years Ended
						April 2, 2022						March 27, 2021						March 28, 2020
Total revenue:
			Versace			$	1,088					$	718					$	843
			Jimmy Choo			613						418						555
			Michael Kors			3,953						2,924						4,153
Total revenue						$	5,654					$	4,060					$	5,551
Income (loss) from operations:
			Versace			$	185					$	21					$	(8)
			Jimmy Choo			13						(55)						(13)
			Michael Kors			1,005						595						850
Total segment income from operations						1,203						561						829
Less:			Corporate expenses			(190)						(152)						(152)
			Impairment of assets (1)			(73)						(316)						(708)
			COVID-19 related charges (2)			14						(42)						(119)
			Impact of war in Ukraine (3)			(9)						—						—
			Restructuring and other charges			(42)						(32)						(42)
Total income (loss) from operations						$	903					$	19					$	(192)

(1)Impairment of assets during Fiscal 2022 include $50 million, $19 million and $4 million of impairment charges related to the Michael Kors, Versace and Jimmy Choo reportable segments, respectively. Impairment of assets during Fiscal 2021 includes $191 million, $91 million and $34 million of impairment charges related to the Jimmy Choo, Michael Kors and Versace reportable segments, respectively. Impairment of assets during Fiscal 2020 includes $434 million, $187 million and $87 million of impairment charges related to the Jimmy Choo, Michael Kors and Versace reportable segments, respectively.

(2)COVID-19 related charges during Fiscal 2022 primarily include net inventory credits of $16 million as a result of better than expected sell-through and severance expense of $2 million, respectively. Net inventory credits during Fiscal 2022 reflected a change in estimate resulting from better than expected sell-through. COVID-19 related charges during Fiscal 2021, primarily include net inventory reserves and severance expense of $10 million and $24 million, respectively. COVID-19 related charges during Fiscal 2020, primarily include additional inventory reserves and credit losses of $92 million and $25 million, respectively. Inventory related costs are recorded within costs of goods sold and severance expense and credit losses are recorded within selling, general and administrative expenses in the consolidated statements of operations and comprehensive income (loss).

(3)These charges primarily relate to incremental credit losses and inventory reserves which are a direct impact of the war in Ukraine. Credit losses are recorded within selling, general and administrative expenses and inventory related costs are recorded within costs of goods sold in the consolidated statements of operations and comprehensive income (loss).

Depreciation and Amortization Expense for Each Segment

Depreciation and amortization expense for each segment are as follows (in millions):

			Fiscal Years Ended
			April 2, 2022						March 27, 2021						March 28, 2020
Depreciation and amortization:
Versace			$	52					$	54					$	61
Jimmy Choo			31						31						33
Michael Kors			110						127						155
Total depreciation and amortization			$	193					$	212					$	249

Total Revenue (as Recognized Based on Country of Origin)

Total revenue (based on country of origin) and long-lived assets by geographic location are as follows (in millions):

			Fiscal Years Ended
			April 2, 2022						March 27, 2021						March 28, 2020
Revenue:
The Americas (1)			$	3,210					$	2,172					$	3,115
EMEA			1,489						1,029						1,523
Asia			955						859						913
Total revenue			$	5,654					$	4,060					$	5,551

			As of
			April 2, 2022						March 27, 2021						March 28, 2020
Long-lived assets:
The Americas (1)			$	450					$	1,001					$	1,132
EMEA			2,156						2,384						2,432
Asia			1,075						596						608
Total long-lived assets			$	3,681					$	3,981					$	4,172

(1)Net revenues earned in the United States during Fiscal 2022, Fiscal 2021 and Fiscal 2020 were $2.989 billion, $2.016 billion and $2.898 billion, respectively. Long-lived assets located in the United States as of April 2, 2022, March 27, 2021 and March 28, 2020 were $858 million, $942 million and $1.060 billion, respectively.

Long-Lived Assets by Geographic Location

Total revenue (based on country of origin) and long-lived assets by geographic location are as follows (in millions):

			Fiscal Years Ended
			April 2, 2022						March 27, 2021						March 28, 2020
Revenue:
The Americas (1)			$	3,210					$	2,172					$	3,115
EMEA			1,489						1,029						1,523
Asia			955						859						913
Total revenue			$	5,654					$	4,060					$	5,551

			As of
			April 2, 2022						March 27, 2021						March 28, 2020
Long-lived assets:
The Americas (1)			$	450					$	1,001					$	1,132
EMEA			2,156						2,384						2,432
Asia			1,075						596						608
Total long-lived assets			$	3,681					$	3,981					$	4,172

(1)Net revenues earned in the United States during Fiscal 2022, Fiscal 2021 and Fiscal 2020 were $2.989 billion, $2.016 billion and $2.898 billion, respectively. Long-lived assets located in the United States as of April 2, 2022, March 27, 2021 and March 28, 2020 were $858 million, $942 million and $1.060 billion, respectively.

Net Revenues by Major Product Category

Total revenue by major product category are as follows (in millions):

			Fiscal Years Ended
			April 2, 2022						% of Total						March 27, 2021						% of Total						March 28, 2020						% of Total
Accessories			$	2,901					51.3		%				$	2,158					53.2		%				$	2,933					52.8		%
Footwear			1,208						21.4		%				796						19.6		%				1,100						19.8		%
Apparel			1,027						18.2		%				720						17.7		%				1,069						19.3		%
Licensed product			241						4.3		%				185						4.6		%				222						4.0		%
Licensing revenue			212						3.7		%				155						3.8		%				201						3.6		%
Other			65						1.1		%				46						1.1		%				26						0.5		%
Total revenue			$	5,654											$	4,060											$	5,551

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