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v3.23.1

Segment Information (Tables) | 12 Months Ended
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Apr. 01, 2023
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 1, 2023 |  | April 2, 2022 |  | March 27, 2021
Total revenue: |  |  |  |  |
| Versace | $ | 1,106 |  |  | $ | 1,088 |  |  | $ | 718 |
| Jimmy Choo | 633 |  |  | 613 |  |  | 418 |
| Michael Kors | 3,880 |  |  | 3,953 |  |  | 2,924 |
Total revenue | $ | 5,619 |  |  | $ | 5,654 |  |  | $ | 4,060 |
Income (loss) from operations: |  |  |  |  |
| Versace | $ | 152 |  |  | $ | 185 |  |  | $ | 21 |
| Jimmy Choo | 38 |  |  | 13 |  |  | (55) |
| Michael Kors | 868 |  |  | 1,005 |  |  | 595 |
Total segment income from operations | 1,058 |  |  | 1,203 |  |  | 561 |
Less: | Corporate expenses | (233) |  |  | (190) |  |  | (152) |
| Impairment of assets (1) | (142) |  |  | (73) |  |  | (316) |
| COVID-19 related charges (2) | 9 |  |  | 14 |  |  | (42) |
| Impact of war in Ukraine (3) | 3 |  |  | (9) |  |  | — |
| Restructuring and other charges | (16) |  |  | (42) |  |  | (32) |
Total income from operations | $ | 679 |  |  | $ | 903 |  |  | $ | 19 |
(1)Impairment of assets during Fiscal 2023 include $110 million, $30 million and $2 million of impairment charges related to the Jimmy Choo, Michael Kors and Versace reportable segments, respectively. Impairment of assets during Fiscal 2022 includes $50 million, $19 million and $4 million of impairment charges related to the Michael Kors, Versace and Jimmy Choo reportable segments, respectively. 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. (2)COVID-19 related charges during Fiscal 2023, primarily include net inventory credits of $9 million. COVID-19 related charges during Fiscal 2022, primarily include net inventory credits and severance expense of $16 million and $2 million, respectively. COVID-19 related charges during Fiscal 2021, primarily include net inventory reserves and severance expense of $10 million and $24 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 1, 2023 |  | April 2, 2022 |  | March 27, 2021
Depreciation and amortization: |  |  |  |  |
Versace | $ | 51 |  |  | $ | 52 |  |  | $ | 54 |
Jimmy Choo | 29 |  |  | 31 |  |  | 31 |
Michael Kors | 95 |  |  | 110 |  |  | 127 |
Corporate | 4 |  |  | — |  |  | — |
Total depreciation and amortization | $ | 179 |  |  | $ | 193 |  |  | $ | 212 |
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 1, 2023 |  | April 2, 2022 |  | March 27, 2021
Revenue: |  |  |  |  |
The Americas (1) | $ | 3,220 |  |  | $ | 3,210 |  |  | $ | 2,172 |
EMEA | 1,542 |  |  | 1,489 |  |  | 1,029 |
Asia | 857 |  |  | 955 |  |  | 859 |
Total revenue | $ | 5,619 |  |  | $ | 5,654 |  |  | $ | 4,060 |
| As of
| April 1, 2023 |  | April 2, 2022 |  | March 27, 2021
Long-lived assets: |  |  |  |  |
The Americas (1) | $ | 882 |  |  | $ | 908 |  |  | $ | 1,001 |
EMEA | 2,129 |  |  | 2,156 |  |  | 2,384 |
Asia | 599 |  |  | 617 |  |  | 596 |
Total long-lived assets | $ | 3,610 |  |  | $ | 3,681 |  |  | $ | 3,981 |
(1)Net revenues earned in the United States during Fiscal 2023, Fiscal 2022 and Fiscal 2021 were $2.951 billion, $2.989 billion and $2.016 billion, respectively. Long-lived assets located in the United States as of April 1, 2023, April 2, 2022 and March 27, 2021 were $826 million, $858 million and $942 million, respectively.
Long-Lived Assets by Geographic Location | Total revenue (based on country of origin) and long-lived assets by geographic location are as follows (in millions):
| Fiscal Years Ended
| April 1, 2023 |  | April 2, 2022 |  | March 27, 2021
Revenue: |  |  |  |  |
The Americas (1) | $ | 3,220 |  |  | $ | 3,210 |  |  | $ | 2,172 |
EMEA | 1,542 |  |  | 1,489 |  |  | 1,029 |
Asia | 857 |  |  | 955 |  |  | 859 |
Total revenue | $ | 5,619 |  |  | $ | 5,654 |  |  | $ | 4,060 |
| As of
| April 1, 2023 |  | April 2, 2022 |  | March 27, 2021
Long-lived assets: |  |  |  |  |
The Americas (1) | $ | 882 |  |  | $ | 908 |  |  | $ | 1,001 |
EMEA | 2,129 |  |  | 2,156 |  |  | 2,384 |
Asia | 599 |  |  | 617 |  |  | 596 |
Total long-lived assets | $ | 3,610 |  |  | $ | 3,681 |  |  | $ | 3,981 |
(1)Net revenues earned in the United States during Fiscal 2023, Fiscal 2022 and Fiscal 2021 were $2.951 billion, $2.989 billion and $2.016 billion, respectively. Long-lived assets located in the United States as of April 1, 2023, April 2, 2022 and March 27, 2021 were $826 million, $858 million and $942 million, respectively.
Net Revenues by Major Product Category | Total revenue by major product category are as follows (in millions):
| Fiscal Years Ended
| April 1, 2023 |  | % of Total |  | April 2, 2022 |  | % of Total |  | March 27, 2021 |  | % of Total
Accessories | $ | 2,826 |  |  | 50.3 | % |  | $ | 2,901 |  |  | 51.3 | % |  | $ | 2,158 |  |  | 53.2 | %
Footwear | 1,217 |  |  | 21.7 | % |  | 1,208 |  |  | 21.4 | % |  | 796 |  |  | 19.6 | %
Apparel | 1,107 |  |  | 19.7 | % |  | 1,027 |  |  | 18.2 | % |  | 720 |  |  | 17.7 | %
Licensed product | 222 |  |  | 4.0 | % |  | 241 |  |  | 4.3 | % |  | 185 |  |  | 4.6 | %
Licensing revenue | 211 |  |  | 3.8 | % |  | 212 |  |  | 3.7 | % |  | 155 |  |  | 3.8 | %
Other | 36 |  |  | 0.5 | % |  | 65 |  |  | 1.1 | % |  | 46 |  |  | 1.1 | %
Total revenue | $ | 5,619 |  |  |  |  | $ | 5,654 |  |  |  |  | $ | 4,060 |  |  |

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