v3.24.1.1.u2
Segment Information
 12 Months Ended
Mar. 30, 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 systems 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, impairment charges, the impact of the war in Ukraine, restructuring and other expenses and COVID-19 related expenses. 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):
 Fiscal Years Ended
 March 30,
2024		April 1,
2023		April 2,
2022
Total revenue:
Versace$1,030 $1,106 $1,088 
Jimmy Choo618 633 613 
Michael Kors3,522 3,880 3,953 
Total revenue$5,170 $5,619 $5,654 
Income from operations:
Versace$25 $152 $185 
Jimmy Choo3 38 13 
Michael Kors634 868 1,005 
Total segment income from operations662 1,058 1,203 
Less:Corporate expenses(275)(233)(190)
Impairment of assets (1)
(575)(142)(73)
Merger related costs(20)— — 
COVID-19 related charges (2)
— 9 14 
Impact of war in Ukraine (3)
— 3 (9)
Restructuring and other expense(4)
(33)(16)(42)
Total (loss) income from operations$(241)$679 $903 
(1)Impairment of assets during Fiscal 2024 includes $283 million, $267 million and $25 million of impairment charges related to the Versace, Jimmy Choo and Michael Kors reportable segments, respectively. Impairment of assets during Fiscal 2023 includes $110 million, $30 million and $2 million of impairment charges related to the Jimmy Choo, Michael Kors and Versace reportable segments, respectively. Impairment of assets during Fiscal 2022 includes $50 million, $19 million and $4 million of impairment charges related to the Michael Kors, Versace and Jimmy Choo reportable segments, respectively.
(2)COVID-19 related charges during Fiscal 2023 primarily include net inventory credits of $9 million. COVID-19 related charges during Fiscal 2022 primarily include net inventory credits and severance expense of $16 million and $2 million, respectively. Inventory related costs are recorded within costs of goods sold and severance expense and credit losses are recorded within selling, general and administrative expenses in the consolidated statements of operations and comprehensive (loss) income.
(3)These charges primarily relate to incremental credit losses and inventory reserves which are a direct impact of the war in Ukraine. Credit losses are recorded within selling, general and administrative expenses and inventory related costs are recorded within costs of goods sold in the consolidated statements of operations and comprehensive (loss) income.
(4)See Note 11 for details on the Company's restructuring program.
Depreciation and amortization expense for each segment are as follows (in millions):
 Fiscal Years Ended
 March 30,
2024		April 1,
2023		April 2,
2022
Depreciation and amortization:
Versace$55 $51 $52 
Jimmy Choo29 29 31 
Michael Kors82 95 110 
Corporate22 4 — 
Total depreciation and amortization$188 $179 $193 
Total revenue (based on country of origin) and long-lived assets by geographic location are as follows (in millions):
 Fiscal Years Ended
 March 30,
2024		April 1,
2023		April 2,
2022
Revenue:
The Americas (1)
$2,812 $3,220 $3,210 
EMEA1,501 1,542 1,489 
Asia 857 857 955 
Total revenue$5,170 $5,619 $5,654 
 As of
March 30,
2024		April 1,
2023		April 2,
2022
Long-lived assets:
The Americas (1)
$1,031 $882 $908 
EMEA1,818 2,129 2,156 
Asia 562 599 617 
Total long-lived assets$3,411 $3,610 $3,681 
(1)Net revenues earned in the United States during Fiscal 2024, Fiscal 2023 and Fiscal 2022 were $2.546 billion, $2.951 billion and $2.989 billion, respectively. Long-lived assets located in the United States as of March 30, 2024, April 1, 2023 and April 2, 2022 were $993 million, $826 million and $858 million, respectively.

As of March 30, 2024, the Company’s total long-lived assets on its consolidated balance sheet were $3.411 billion, of which, $1.650 billion related to Michael Kors, $1.220 billion related to Versace and $541 million related to Jimmy Choo.
See Note 9 for the Company’s goodwill by reportable segment.
Total revenue by major product category are as follows (in millions):
 Fiscal Years Ended
 March 30,
2024		% of
Total		April 1,
2023		% of
Total		April 2,
2022		% of
Total
Accessories$2,570 49.7 %$2,826 50.3 %$2,901 51.3 %
Footwear1,151 22.3 %1,217 21.7 %1,208 21.4 %
Apparel965 18.7 %1,107 19.7 %1,027 18.2 %
Licensed product230 4.4 %222 4.0 %241 4.3 %
Licensing revenue219 4.2 %211 3.8 %212 3.7 %
Other35 0.7 %36 0.5 %65 1.1 %
Total revenue$5,170 $5,619 $5,654