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SEGMENT INFORMATION
 3 Months Ended
Apr. 03, 2021
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company reports segment information based on the “management approach”. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of the Company’s reportable segments.
The Company manages its business primarily on a geographic basis. The Company’s reportable operating segments are comprised of (i) Americas, (ii) Europe and (iii) Asia. Each reportable operating segment includes sales to wholesale and distributor customers, and sales through Company-owned retail stores and e-commerce activities based on the location of the selling entity. The Americas segment primarily includes sales to customers based in Canada, Latin America and the United States. The Europe segment primarily includes sales to customers based in European countries, the Middle East and Africa. The Asia segment primarily includes sales to customers based in Australia, Greater China, India, Indonesia, Japan, Malaysia, New Zealand, Singapore, South Korea and Thailand. Each reportable operating segment provides similar products and services.
The Company evaluates the performance of its reportable segments based on net sales and operating income (loss). Net sales for geographic segments are based on the location of the selling entity. Operating income (loss) for each segment includes net sales to third parties, related cost of sales and operating expenses directly attributable to the segment. Corporate includes peripheral revenue generating activities from factories and intellectual property and general corporate expenses, including certain administrative, legal, accounting, technology support costs, equity compensation costs, payroll costs attributable to
executive management, brand management, product development, art, creative/product design, marketing, strategy, compliance and back office supply chain expenses that are not allocated to the various segments because they are managed at the corporate level internally. The Company does not include intercompany transfers between segments for management reporting purposes.
Due to changes in the Company’s reportable segments as discussed in Note 1 to the Condensed Consolidated Financial Statements, segment results for the Prior Year Quarter have been recast to present results on a comparable basis. These changes had no impact on the consolidated net sales or operating income (loss). Summary information by operating segment was as follows (in thousands):
For the 13 Weeks Ended April 3, 2021For the 14 Weeks Ended April 4, 2020
 Net SalesOperating Income (Loss)Net Sales
Operating Income (Loss)(1)
Americas$152,506 $26,030 $152,916 $(37,116)
Europe109,234 5,026 128,250 (1,205)
Asia98,640 11,724 106,187 11,941 
Corporate2,662 (59,535)3,365 (107,961)
Consolidated$363,042 $(16,755)$390,718 $(134,341)
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(1 ) In addition to the recast disclosed above, subsequent to the issuance of the Company's condensed consolidated financial statements for the 14 weeks ended April 4, 2020, the Company's management determined that operating loss for the Americas and Corporate segments for the 14 weeks ended April 4, 2020 was incorrectly presented because $24.5 million of charges were incorrectly attributed to the Americas segment rather than the Corporate segment. As a result, operating loss for the Americas and Corporate segments for the 14 week period ended April 4, 2020 has been corrected. The Company’s management evaluated the materiality of the disclosure misstatement from a quantitative and qualitative perspective and concluded that the misstatement was not material to the 14 week period ended April 4, 2020.
The following tables reflect net sales for each class of similar products in the periods presented (in thousands, except percentage data):
For the 13 Weeks Ended April 3, 2021For the 14 Weeks Ended April 4, 2020
 Net SalesPercentage of TotalNet SalesPercentage of Total
Watches$291,616 80.3 %$309,925 79.3 %
Leathers34,104 9.4 47,307 12.1 
Jewelry29,869 8.2 23,217 6.0 
Other7,453 2.1 10,269 2.6 
Total$363,042 100.0 %$390,718 100.0 %