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Segment Information | 3 Months Ended
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Jun. 29, 2024
Segment Reporting [Abstract] |
Segment Information | Segment Information The Company operates its business through three operating segments — Versace, Jimmy Choo and Michael Kors, 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”) in deciding how to allocate resources, as well as in assessing performance. The primary key performance indicators are revenue and operating income for each segment. The Company’s reportable segments represent components of the business that offer similar merchandise, customer experience and sales/marketing strategies. The Company’s three reportable segments are as follows: •Versace — segment includes revenue generated through the sale of Versace luxury ready-to-wear, accessories and footwear through directly operated Versace boutiques throughout the Americas, certain parts of EMEA and certain parts of Asia, as well as through Versace outlet stores and e-commerce sites. In addition, revenue is generated through wholesale sales to distribution partners (including geographic licensing arrangements that allow third parties to use the Versace trademarks in connection with retail and/or wholesale sales of Versace branded products in specific geographic regions), multi-brand department stores and specialty stores worldwide, as well as through product license agreements in connection with the manufacturing and sale of jeans, fragrances, watches, jewelry, eyewear and home furnishings. •Jimmy Choo — segment includes revenue generated through the sale of Jimmy Choo luxury footwear, handbags and small leather goods through directly operated Jimmy Choo retail and outlet stores throughout the Americas, certain parts of EMEA and certain parts of Asia, through its e-commerce sites, as well as 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. In addition, revenue is generated through product licensing agreements, which allow third parties to use the Jimmy Choo brand name and trademarks in connection with the manufacturing and sale of fragrances and eyewear. •Michael Kors — segment includes revenue generated through the sale of Michael Kors products through four primary Michael Kors retail store 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. 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 system expenses, including enterprise resource planning system implementation costs and Capri transformation program costs. In addition, certain other costs are not allocated to segments, including Merger related costs 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):
|  |  | Three Months Ended
|  |  |  |  | June 29, 2024 |  | July 1, 2023
Total revenue: |  |  |  |  |  |  |
Versace |  |  |  |  | $ | 219 |  |  | $ | 259 |
Jimmy Choo |  |  |  |  | 173 |  |  | 183 |
Michael Kors |  |  |  |  | 675 |  |  | 787 |
Total revenue |  |  |  |  | $ | 1,067 |  |  | $ | 1,229 |
Income (loss) from operations: |  |  |  |  |  |  |
Versace |  |  |  |  | $ | (17) |  |  | $ | 3 |
Jimmy Choo |  |  |  |  | 4 |  |  | 16 |
Michael Kors |  |  |  |  | 75 |  |  | 130 |
Total segment income from operations |  |  |  |  | 62 |  |  | 149 |
Less: Corporate expenses |  |  |  |  | (64) |  |  | (71) |
Merger related costs |  |  |  |  | (5) |  |  | — |
Restructuring and other (expense) income |  |  |  |  | (1) |  |  | 2 |
Total (loss) income from operations |  |  |  |  | $ | (8) |  |  | $ | 80 |
Depreciation and amortization expense for each segment are as follows (in millions):
|  |  | Three Months Ended
|  |  |  |  | June 29, 2024 |  | July 1, 2023
Depreciation and amortization: |  |  |  |  |  |  |
Versace |  |  |  |  | $ | 14 |  |  | $ | 13 |
Jimmy Choo |  |  |  |  | 7 |  |  | 7 |
Michael Kors |  |  |  |  | 20 |  |  | 21 |
Corporate |  |  |  |  | 6 |  |  | 4 |
Total depreciation and amortization |  |  |  |  | $ | 47 |  |  | $ | 45 |
Total revenue (based on country of origin) by geographic location are as follows (in millions):
|  |  | Three Months Ended
|  |  |  |  | June 29, 2024 |  | July 1, 2023
Revenue: |  |  |  |  |  |  |
The Americas (United States, Canada and Latin America) (1) |  |  |  |  | $ | 573 |  |  | $ | 632 |
EMEA |  |  |  |  | 305 |  |  | 372 |
Asia |  |  |  |  | 189 |  |  | 225 |
Total revenue |  |  |  |  | $ | 1,067 |  |  | $ | 1,229 |
(1)Total revenue earned in the U.S. was $523 million and $578 million for the three months ended June 29, 2024 and July 1, 2023, respectively

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- Definition The entire disclosure for reporting segments including data and tables. 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