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REVENUES
 6 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUES
NOTE 10. REVENUES
The following tables summarize the Company's net revenues, disaggregated by product category and distribution channels:
 Three Months Ended September 30,Six Months Ended September 30,
2025202420252024
Net revenues by product category:
Apparel$936,483 $947,188 $1,683,075 $1,704,980 
Footwear263,626 312,760 529,481 623,149 
Accessories113,077 116,381 213,155 208,926 
Net Sales1,313,186 1,376,329 2,425,711 2,537,055 
License revenues28,984 24,796 53,346 46,467 
Corporate Other(8,790)(2,102)(11,609)(834)
    Total net revenues$1,333,380 $1,399,023 $2,467,448 $2,582,688 

Net revenues by distribution channel:
Wholesale$775,050 $825,993 $1,424,100 $1,506,506 
Direct-to-consumer538,136 550,336 1,001,611 1,030,549 
Net Sales1,313,186 1,376,329 2,425,711 2,537,055 
License revenues28,984 24,796 53,346 46,467 
Corporate Other(8,790)(2,102)(11,609)(834)
    Total net revenues$1,333,380 $1,399,023 $2,467,448 $2,582,688 
The Company records reductions to revenue for estimated customer returns, allowances, markdowns and discounts. These reserves are included within customer refund liability and the value of the inventory associated with reserves for sales returns are included within prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets. The following table presents the customer refund liability, as well as the associated value of inventory for the periods indicated:
September 30, 2025March 31, 2025
Customer refund liability$134,957 $146,021 
Inventory associated with reserves for sales returns$30,329 $33,609 
Contract Liabilities
Contract liabilities are recorded when a customer pays consideration, or the Company has a right to an amount of consideration that is unconditional, before the transfer of a good or service to the customer, and thus represent the Company's obligation to transfer the good or service to the customer at a future date. The Company's contract liabilities primarily consist of (i) gift cards, which are included in accrued expenses on the Company's Condensed Consolidated Balance Sheets, and (ii) points associated with the loyalty programs and payments received in advance of revenue recognition for royalty arrangements, which are included in other current liabilities on the Company's Condensed Consolidated Balance Sheets.
The following table summarizes the change in the contract liabilities balance during the six months ended September 30, 2025, which primarily results from the timing differences between the Company's satisfaction of performance obligations and the customer's payment.
Total Contract Liabilities
Balance as of March 31, 2025$34,342 
Revenues deferred36,366 
Revenues recognized (1)
(41,172)
Foreign exchange and other(49)
Balance as of September 30, 2025$29,487 
(1) Includes approximately $10.3 million of revenue from gift cards, including breakage, and subscription revenues that were previously included in contract liabilities as of March 31, 2025. Loyalty points are not separately identifiable and therefore revenues recognized from the redemption of loyalty points consists of both points that were included in the liability balance at the beginning of the period and those that were issued during the period.