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Discontinued Operations | 3 Months Ended
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Jun. 28, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | Discontinued Operations On April 10, 2025, the Company and Prada entered into a Purchase Agreement whereby Prada has agreed to acquire certain subsidiaries of the Company which operate the Company’s Versace business for an aggregate purchase price of $1.375 billion in cash, subject to certain adjustments, including for net indebtedness, working capital and transaction expenses. The sale is anticipated to close in the second half of calendar 2025, subject to customary closing conditions. The Company determined that the sale of the Versace business represented a strategic shift and the Company concluded that it met the held-for-sale and discontinued operations accounting criteria during the first quarter of Fiscal 2026. Accordingly, the Company is separately reporting the results of the Versace business as discontinued operations in its consolidated statements of operations and presenting the related assets and liabilities as held for sale in its consolidated balance sheets. These changes have been applied to all periods presented. Cash flows from the Company’s discontinued operations are presented as such in the consolidated statements of cash flows for all periods presented. Additionally, beginning April 10, 2025, in accordance with ASC 360, Property, Plant and Equipment, the Company is no longer depreciating or amortizing Versace’s long-lived tangible and intangible assets or operating lease right-of-use assets. The following table represents the carrying amounts of the major classes of assets and liabilities classified as held for sale in the consolidated balance sheets as of June 28, 2025 and March 29, 2025 (in millions):
| June 28, 2025 |  | March 29, 2025
Cash and cash equivalents | $ | 71 |  |  | $ | 59 |
Receivables, net | 64 |  |  | 62 |
Inventories, net | 194 |  |  | 168 |
Prepaid expenses and other current assets | 55 |  |  | 53 |
Current assets held for sale | 384 |  |  | 342 |
Property and equipment, net | 120 |  |  | 120 |
Operating lease right-of-use assets | 418 |  |  | 388 |
Intangible assets, net | 579 |  |  | 534 |
Goodwill | 529 |  |  | 489 |
Other assets | 61 |  |  | 63 |
Noncurrent assets held for sale | 1,707 |  |  | 1,594 |
Total assets held for sale | $ | 2,091 |  |  | $ | 1,936 |
Accounts payable | $ | 117 |  |  | $ | 106 |
Accrued payroll and payroll related expenses | 35 |  |  | 28 |
Accrued income taxes | 3 |  |  | 2 |
Short-term operating lease liabilities | 106 |  |  | 101 |
Accrued expenses and other current liabilities | 78 |  |  | 67 |
Current liabilities held for sale | 339 |  |  | 304 |
Long-term operating lease liabilities | 445 |  |  | 439 |
Deferred tax liabilities | 114 |  |  | 106 |
Long-term debt | 11 |  |  | 10 |
Other long-term liabilities | 18 |  |  | 20 |
Noncurrent liabilities held for sale | 588 |  |  | 575 |
Total liabilities held for sale | $ | 927 |  |  | $ | 879 |
The operating results of the discontinued operations of the Versace business only reflect revenues and expenses that are directly attributable to the Versace business that will be eliminated from continuing operations. Discontinued operations do not include any allocation of corporate overhead expense. The following table presents the major components of discontinued operations, net of income taxes, in the Company’s consolidated statements of operations and comprehensive income (loss):
| Three Months Ended
| June 28, 2025 |  | June 29, 2024
Total revenue | $ | 183 |  |  | $ | 219 |
Cost of goods sold | 50 |  |  | 65 |
Selling, general and administrative expenses | 137 |  |  | 158 |
Depreciation and amortization | 4 |  |  | 15 |
Restructuring and other expense | 3 |  |  | — |
Other income, net | 1 |  |  | — |
Foreign currency (gain) loss | (9) |  |  | 1 |
Loss from discontinued operations before income taxes | (3) |  |  | (20) |
Benefit for income taxes | — |  |  | (3) |
Net loss from discontinued operations, net of tax | $ | (3) |  |  | $ | (17) |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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