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Taxes (Tables) | 12 Months Ended
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Mar. 29, 2025
Income Tax Disclosure [Abstract] |
Schedule of (Loss) Income Before Provision (Benefit) for Income Taxes | (Loss) income before provision (benefit) for income taxes consisted of the following (in millions):
| Fiscal Years Ended
| March 29, 2025 |  | March 30, 2024 |  | April 1, 2023
United States | $ | (149) |  |  | $ | (15) |  |  | $ | 85 |
Non-United States | (578) |  |  | (268) |  |  | 563 |
Total (loss) income before provision (benefit) for income taxes | $ | (727) |  |  | $ | (283) |  |  | $ | 648 |
Schedule of Provision for Income Taxes | The provision (benefit) for income taxes consisted of the following (in millions):
| Fiscal Years Ended |
| March 29, 2025 |  | March 30, 2024 |  | April 1, 2023 |
Current |  |  |  |  |  |  |  |  |
United States - Federal | $ | — |  |  |  | $ | 14 |  |  |  | $ | 62 |  |  |
United States - State | 1 |  |  |  | 5 |  |  |  | 22 |  |  |
Non-United States | 63 |  | (1) |  | 114 |  | (3) |  | 46 |  | (5) |
Total current provision for income taxes | 64 |  |  |  | 133 |  |  |  | 130 |  |  |
Deferred |  |  |  |  |  |  |  |  |
United States - Federal | 197 |  | (2) |  | (12) |  |  |  | (40) |  |  |
United States - State | 30 |  |  |  | (5) |  |  |  | (6) |  |  |
Non-United States | 161 |  | (2) |  | (170) |  | (4) |  | (55) |  |  |
Total deferred provision (benefit) for income taxes | 388 |  |  |  | (187) |  |  |  | (101) |  |  |
Total provision (benefit) for income taxes | $ | 452 |  |  |  | $ | (54) |  |  |  | $ | 29 |  |  |
(1)Primarily relates to the release of uncertain tax positions in Fiscal 2025. (2)Primarily relates to the valuation allowance on deferred tax assets recorded in Fiscal 2025. (3)Primarily relates to the UK tax restructuring activities in Fiscal 2024. (4)Primarily relates to the impairment of Jimmy Choo and Versace indefinite-lived intangible assets in Fiscal 2024. (5)Primarily relates to the remeasurement of an Asian income tax reserve.
Schedule of Significant Differences Between the Statutory Tax Rates and Company's Effective Tax Rate | The Company’s provision (benefit) for income taxes for the fiscal years ended March 29, 2025, March 30, 2024 and April 1, 2023 were different from the amount computed by applying the statutory U.K. income tax rates to the underlying (loss) income before provision (benefit) for income taxes as a result of the following (in millions):
| Fiscal Years Ended |
| March 29, 2025 |  | March 30, 2024 |  | April 1, 2023 |
| Amount |  | % (1) |  | Amount |  | % (1) |  | Amount |  | % (1) |
Provision (benefit) for income taxes at the U.K. statutory tax rate (2) | $ | (182) |  |  | 25.0 | % |  | $ | (71) |  |  | 25.0 | % |  | $ | 123 |  |  | 19.0 | % |
Effects of global financing arrangements (3) | (27) |  |  | 3.7 | % |  | (28) |  |  | 9.9 | % |  | (78) |  |  | (12.1) | % |
Differences in tax effects on foreign income | (17) |  |  | 2.3 | % |  | (25) |  |  | 8.8 | % |  | (1) |  |  | (0.2) | % |
Liability for uncertain tax positions | (48) |  |  | 6.6 | % |  | (11) |  |  | 3.9 | % |  | (3) |  |  | (0.4) | % |
Effect of changes in valuation allowances on deferred tax assets(4) | 573 |  |  | (78.8) | % |  | (9) |  |  | 3.1 | % |  | (37) |  |  | (5.8) | % |
Non-deductible goodwill impairment (5) | 107 |  |  | (14.7) | % |  | 48 |  |  | (17.0) | % |  | 15 |  |  | 2.4 | % |
State and local income taxes, net of federal benefit | 16 |  |  | (2.2) | % |  | 11 |  |  | (3.9) | % |  | 10 |  |  | 1.5 | % |
Share based compensation | 7 |  |  | (1.0) | % |  | 15 |  |  | (5.4) | % |  | 6 |  |  | 0.9 | % |
Withholding tax | 4 |  |  | (0.6) | % |  | 5 |  |  | (1.6) | % |  | 3 |  |  | 0.5 | % |
Merger related costs | — |  |  | — | % |  | 4 |  |  | (1.5) | % |  | — |  |  | — | % |
Other | 19 |  |  | (2.6) | % |  | 7 |  |  | (2.3) | % |  | (9) |  |  | (1.3) | % |
Effective tax rate | $ | 452 |  |  | (62.2) | % |  | $ | (54) |  |  | 19.0 | % |  | $ | 29 |  |  | 4.5 | % |
(1)Tax rates are calculated using unrounded numbers. (2)The UK statutory tax rate increased from 19% to 25% on April 1, 2023. (3)Includes the tax related impacts of hedge terminations in conjunction with global financing arrangements. (4)Includes a full valuation allowance recorded on the Company’s deferred tax assets in Fiscal 2025. (5)Attributable to goodwill impairment charges related to Jimmy Choo and Versace in Fiscal 2025 and Jimmy Choo in Fiscal 2024 and Fiscal 2023.
Schedule of Significant Components of Deferred Tax Assets (Liabilities) | Significant components of the Company’s deferred tax assets (liabilities) consist of the following (in millions):
| Fiscal Years Ended
| March 29, 2025 |  | March 30, 2024
Deferred tax assets |  |  |  |  |
Operating lease liabilities | $ | 402 |  |  |  | $ | 458 |  |
Net operating loss carryforwards | 303 |  | (1) |  | 334 |  |
Accrued interest | 214 |  | (2) |  | 108 |  |
Depreciation | 46 |  |  |  | 47 |  |
Sales allowances | 25 |  |  |  | 29 |  |
Inventories | 27 |  |  |  | 23 |  |
Capitalized research and development | 14 |  |  |  | 18 |  |
Stock compensation | 6 |  |  |  | 4 |  |
Payroll related accruals | 2 |  |  |  | 2 |  |
Other | 28 |  |  |  | 18 |  |
Total deferred tax assets | 1,067 |  |  |  | 1,041 |  |
Valuation allowance (4) | (691) |  |  |  | (176) |  |
Net deferred tax assets | 376 |  |  |  | 865 |  |
Deferred tax liabilities |  |  |  |  |
Goodwill and intangibles | (259) |  | (3) |  | (333) |  | (5)
Operating lease right-of-use-assets | (305) |  |  |  | (359) |  |
Derivative financial instruments | (140) |  |  |  | (183) |  |
Other | (11) |  |  |  | — |  |
Total deferred tax liabilities | (715) |  |  |  | (875) |  |
Net deferred tax liabilities | $ | (339) |  |  |  | $ | (10) |  |
(1)Includes foreign losses true-up from tax return filed in Fiscal 2025. (2)Includes incremental U.S. accrued interest recorded during Fiscal 2025. (3)Includes the impact of the Jimmy Choo and Versace indefinite-lived intangible asset impairment recorded during Fiscal 2025. (4)Includes the impact of the full valuation allowance recorded during Fiscal 2025 and an incremental Swiss valuation allowance recorded during Fiscal 2024. (5)Includes the impact of the Jimmy Choo and Versace indefinite-lived intangible asset impairment recorded during Fiscal 2024.
Schedule of Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits Excluding Accrued Interest | A reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding accrued interest, for Fiscal 2025, Fiscal 2024 and Fiscal 2023, are presented below (in millions):
| Fiscal Years Ended |
| March 29, 2025 |  | March 30, 2024 |  | April 1, 2023 |
Unrecognized tax benefits beginning balance | $ | 157 |  |  | $ | 200 |  |  | $ | 221 |  |
Additions related to prior period tax positions | 1 |  |  | 16 |  |  | 12 |  |
Additions related to current period tax positions | — |  |  | 6 |  |  | 14 |  |
Decreases related to audit settlements | (12) |  |  | (46) |  | (2) | (2) |  |
Decreases related to prior period tax positions | (31) |  | (1) | (16) |  |  | (42) |  |
Decreases in prior period positions due to lapses in statute of limitations | (16) |  |  | (3) |  |  | (3) |  |
Unrecognized tax benefits ending balance | $ | 99 |  |  | $ | 157 |  |  | $ | 200 |  |
(1)This amount is primarily related to a favorable Italian tax ruling related to stock compensation during Fiscal 2025. (2)This amount is primarily related to settlements of Italian transfer pricing and Hong Kong corporate income tax audits during Fiscal 2024.

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