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v3.23.1

Intangible Assets and Goodwill (Tables) | 12 Months Ended
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Apr. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Carrying Values of Finite-Lived Intangible Assets | The following table details the carrying values of the Company’s intangible assets other than goodwill (in millions):
| April 1, 2023 |  | April 2, 2022
| Gross Carrying Amount |  | Accumulated Amortization/Impairment |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization/Impairment |  | Net Carry Amount
Definite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |
Reacquired rights | $ | 400 |  |  | $ | 109 |  |  | $ | 291 |  |  | $ | 400 |  |  | $ | 94 |  |  | $ | 306 |
Trademarks | 23 |  |  | 23 |  |  | — |  |  | 23 |  |  | 22 |  |  | 1 |
Customer relationships | 397 |  |  | 136 |  |  | 261 |  |  | 414 |  |  | 112 |  |  | 302 |
Total definite-lived intangible assets | 820 |  |  | 268 |  |  | 552 |  |  | 837 |  |  | 228 |  |  | 609 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |
Jimmy Choo brand (1) | 550 |  |  | 273 |  |  | 277 |  |  | 570 |  |  | 249 |  |  | 321 |
Versace brand (2) | 899 |  |  | — |  |  | 899 |  |  | 917 |  |  | — |  |  | 917 |
Total indefinite-lived intangible assets | 1,449 |  |  | 273 |  |  | 1,176 |  |  | 1,487 |  |  | 249 |  |  | 1,238 |
Total intangible assets, excluding goodwill | $ | 2,269 |  |  | $ | 541 |  |  | $ | 1,728 |  |  | $ | 2,324 |  |  | $ | 477 |  |  | $ | 1,847 |
(1)The year-over-year change in net carrying amount reflects an impairment charge of $24 million and foreign currency translation of $20 million for the fiscal year ended April 1, 2023. There was no impairment charge for the fiscal year ended April 2, 2022. (2)The year-over-year change in net carrying amount reflects foreign currency translation for the fiscal year ended April 1, 2023.
Carrying Values of Indefinite-Lived Intangible Assets | The following table details the carrying values of the Company’s intangible assets other than goodwill (in millions):
| April 1, 2023 |  | April 2, 2022
| Gross Carrying Amount |  | Accumulated Amortization/Impairment |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization/Impairment |  | Net Carry Amount
Definite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |
Reacquired rights | $ | 400 |  |  | $ | 109 |  |  | $ | 291 |  |  | $ | 400 |  |  | $ | 94 |  |  | $ | 306 |
Trademarks | 23 |  |  | 23 |  |  | — |  |  | 23 |  |  | 22 |  |  | 1 |
Customer relationships | 397 |  |  | 136 |  |  | 261 |  |  | 414 |  |  | 112 |  |  | 302 |
Total definite-lived intangible assets | 820 |  |  | 268 |  |  | 552 |  |  | 837 |  |  | 228 |  |  | 609 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |
Jimmy Choo brand (1) | 550 |  |  | 273 |  |  | 277 |  |  | 570 |  |  | 249 |  |  | 321 |
Versace brand (2) | 899 |  |  | — |  |  | 899 |  |  | 917 |  |  | — |  |  | 917 |
Total indefinite-lived intangible assets | 1,449 |  |  | 273 |  |  | 1,176 |  |  | 1,487 |  |  | 249 |  |  | 1,238 |
Total intangible assets, excluding goodwill | $ | 2,269 |  |  | $ | 541 |  |  | $ | 1,728 |  |  | $ | 2,324 |  |  | $ | 477 |  |  | $ | 1,847 |
(1)The year-over-year change in net carrying amount reflects an impairment charge of $24 million and foreign currency translation of $20 million for the fiscal year ended April 1, 2023. There was no impairment charge for the fiscal year ended April 2, 2022. (2)The year-over-year change in net carrying amount reflects foreign currency translation for the fiscal year ended April 1, 2023.
Estimated Amortization Expense | Estimated amortization expense for each of the next five years is as follows (in millions):
Fiscal 2024 | $ | 44 |
Fiscal 2025 | 44 |
Fiscal 2026 | 44 |
Fiscal 2027 | 44 |
Fiscal 2028 | 43 |
Fiscal 2029 and thereafter | 333 |
Total | $ | 552 |
Changes in Goodwill for Reportable Segments | The following table details the changes in goodwill for each of the Company’s reportable segments (in millions):
| Versace |  | Jimmy Choo |  | Michael Kors |  | Total
Balance at March 27, 2021 | $ | 933 |  |  | $ | 445 |  |  | $ | 120 |  |  | $ | 1,498 |
Foreign currency translation | (59) |  |  | (21) |  |  | — |  |  | (80) |
Balance at April 2, 2022 | 874 |  |  | 424 |  |  | 120 |  |  | 1,418 |
Impairment charges(1) | — |  |  | (82) |  |  | — |  |  | (82) |
Foreign currency translation | (17) |  |  | (26) |  |  | — |  |  | (43) |
Balance at April 1, 2023 | $ | 857 |  |  | $ | 316 |  |  | $ | 120 |  |  | $ | 1,293 |
(1)The Company recorded impairment charges of $82 million during Fiscal 2023 related to the Jimmy Choo retail and wholesale reporting units. As of April 1, 2023, the Company had accumulated impairment charges of $347 million related to Jimmy Choo reporting units.

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