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Taxes (Tables)

12 Months Ended

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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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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