Capri Holdings Limited (CPRI) 10-Q 9 Nov 22 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Oct. 01, 2022	Nov. 02, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 01, 2022
Document Transition Report	false
Entity File Number	001-35368
Entity Registrant Name	CAPRI HOLDINGS LTD
Entity Incorporation, State or Country Code	D8
Entity Address, Address Line One	33 Kingsway
Entity Address, City or Town	London
Entity Address, Country	GB
Entity Address, Postal Zip Code	WC2B 6UF
Country Region	44
City Area Code	207
Local Phone Number	632 8600
Title of 12(b) Security	Ordinary Shares, no par value
Trading Symbol	CPRI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		128,793,146
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001530721
Current Fiscal Year End Date	--04-01

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Oct. 01, 2022	Apr. 02, 2022
Current assets
Cash and cash equivalents	$ 215	$ 169
Receivables, net	441	434
Inventories, net	1,180	1,096
Prepaid expenses and other current assets	249	192
Total current assets	2,085	1,891
Property and equipment, net	470	476
Operating lease right-of-use assets	1,333	1,358
Intangible assets, net	1,634	1,847
Goodwill	1,256	1,418
Deferred tax assets	228	240
Other assets	196	250
Total assets	7,202	7,480
Current liabilities
Accounts payable	370	555
Accrued payroll and payroll related expenses	117	165
Accrued income taxes	68	52
Short-term operating lease liabilities	396	414
Short-term debt	15	29
Accrued expenses and other current liabilities	312	351
Total current liabilities	1,278	1,566
Long-term operating lease liabilities	1,387	1,467
Deferred tax liabilities	513	432
Long-term debt	1,585	1,131
Other long-term liabilities	296	326
Total liabilities	5,059	4,922
Commitments and contingencies
Shareholders’ equity
Ordinary shares, no par value; 650,000,000 shares authorized; 223,706,873 shares issued and 131,088,991 outstanding at October 1, 2022; 221,967,599 shares issued and 142,806,269 outstanding at April 2, 2022	0	0
Treasury shares, at cost (92,617,882 shares at October 1, 2022 and 79,161,330 shares at April 2, 2022)	(4,650)	(3,987)
Additional paid-in capital	1,311	1,260
Accumulated other comprehensive (loss) income	(35)	194
Retained earnings	5,517	5,092
Total shareholders’ equity of Capri	2,143	2,559
Noncontrolling interest	0	(1)
Total shareholders’ equity	2,143	2,558
Total liabilities and shareholders’ equity	$ 7,202	$ 7,480

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Oct. 01, 2022	Apr. 02, 2022
Shareholders’ equity
Ordinary shares, shares authorized (in shares)	650,000,000	650,000,000
Ordinary shares, shares issued (in shares)	223,706,873	221,967,599
Ordinary shares, shares outstanding (in shares)	131,088,991	142,806,269
Treasury shares (in shares)	92,617,882	79,161,330

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 01, 2022	Sep. 25, 2021	Oct. 01, 2022	Sep. 25, 2021
Income Statement [Abstract]
Total revenue	$ 1,412	$ 1,300	$ 2,772	$ 2,553
Cost of goods sold	461	416	920	813
Gross profit	951	884	1,852	1,740
Selling, general and administrative expenses	642	599	1,264	1,144
Depreciation and amortization	43	49	88	99
Impairment of assets	11	33	11	33
Restructuring and other charges	3	8	6	11
Total operating expenses	699	689	1,369	1,287
Income from operations	252	195	483	453
Other income, net	(1)	(2)	(1)	(2)
Interest expense (income), net	5	(5)	1	(4)
Foreign currency (gain) loss	(11)	4	(7)	5
Income before income taxes	259	198	490	454
Provision (benefit) for income taxes	35	(2)	63	35
Net income	224	200	427	419
Less: Net income attributable to noncontrolling interest	0	0	2	0
Net income attributable to Capri	$ 224	$ 200	$ 425	$ 419
Weighted average ordinary shares outstanding:
Basic (in shares)	136,037,449	151,859,760	138,975,518	151,604,916
Diluted (in shares)	137,051,575	154,219,249	140,392,780	154,563,532
Net income per ordinary share attributable to Capri:
Basic (in dollars per share)	$ 1.64	$ 1.31	$ 3.06	$ 2.76
Diluted (in dollars per share)	$ 1.63	$ 1.30	$ 3.03	$ 2.71
Statements of Comprehensive Income:
Net income	$ 224	$ 200	$ 427	$ 419
Foreign currency translation adjustments	(125)	23	(232)	113
Net gain on derivatives	1	4	3	4
Total comprehensive income (loss)	100	227	198	536
Less: Net income attributable to noncontrolling interest	0	0	2	0
Less: Foreign currency translation adjustments attributable to noncontrolling interest	0	0	0	(1)
Comprehensive income attributable to Capri	$ 100	$ 227	$ 196	$ 537

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Millions	Total	Total Equity of Capri	Ordinary Shares	Additional Paid-in Capital	Treasury Shares	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Non-controlling Interest
Beginning balance (in shares) at Mar. 27, 2021			219,223,000
Beginning balance at Mar. 27, 2021	$ 2,157	$ 2,158	$ 0	$ 1,158	$ (3,326)	$ 56	$ 4,270	$ (1)
Beginning balance, treasury (in shares) at Mar. 27, 2021					(67,943,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	419	419					419	0
Other comprehensive income (loss)	117	118				118		(1)
Total comprehensive income (loss)	536	537						(1)
Vesting of restricted awards, net of forfeitures (in shares)			1,790,000
Exercise of employee share options (in shares)			283,000
Exercise of employee share options	11	11		11
Share-based compensation expense	56	56		56
Repurchase of ordinary shares (in shares)					(2,906,000)
Repurchase of ordinary shares	(160)	(160)			$ (160)
Ending balance (in shares) at Sep. 25, 2021			221,296,000
Ending balance at Sep. 25, 2021	2,600	2,602	$ 0	1,225	$ (3,486)	174	4,689	(2)
Ending balance, treasury (in shares) at Sep. 25, 2021					(70,849,000)
Beginning balance (in shares) at Jun. 26, 2021			220,974,000
Beginning balance at Jun. 26, 2021	2,450	2,452	$ 0	1,201	$ (3,385)	147	4,489	(2)
Beginning balance, treasury (in shares) at Jun. 26, 2021					(69,031,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	200	200					200	0
Other comprehensive income (loss)	27	27				27		0
Total comprehensive income (loss)	227	227						0
Vesting of restricted awards, net of forfeitures (in shares)			199,000
Exercise of employee share options (in shares)			123,000
Exercise of employee share options	4	4		4
Share-based compensation expense	20	20		20
Repurchase of ordinary shares (in shares)					(1,818,000)
Repurchase of ordinary shares	(101)	(101)			$ (101)
Ending balance (in shares) at Sep. 25, 2021			221,296,000
Ending balance at Sep. 25, 2021	$ 2,600	2,602	$ 0	1,225	$ (3,486)	174	4,689	(2)
Ending balance, treasury (in shares) at Sep. 25, 2021					(70,849,000)
Beginning balance (in shares) at Apr. 02, 2022	142,806,269		221,967,000
Beginning balance at Apr. 02, 2022	$ 2,558	2,559	$ 0	1,260	$ (3,987)	194	5,092	(1)
Beginning balance, treasury (in shares) at Apr. 02, 2022	(79,161,330)				(79,161,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 427	425					425	2
Other comprehensive income (loss)	(229)	(229)				(229)		0
Total comprehensive income (loss)	198	196						2
Vesting of restricted awards, net of forfeitures (in shares)			1,619,000
Exercise of employee share options (in shares)			121,000
Exercise of employee share options	6	6		6
Share-based compensation expense	44	44		44
Repurchase of ordinary shares (in shares)					(13,457,000)
Repurchase of ordinary shares	(663)	(663)			$ (663)
Other	$ 0	1		1				(1)
Ending balance (in shares) at Oct. 01, 2022	131,088,991		223,707,000
Ending balance at Oct. 01, 2022	$ 2,143	2,143	$ 0	1,311	$ (4,650)	(35)	5,517	0
Ending balance, treasury (in shares) at Oct. 01, 2022	(92,617,882)				(92,618,000)
Beginning balance (in shares) at Jul. 02, 2022			223,504,000
Beginning balance at Jul. 02, 2022	$ 2,378	2,377	$ 0	1,294	$ (4,299)	89	5,293	1
Beginning balance, treasury (in shares) at Jul. 02, 2022					(85,547,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	224	224					224	0
Other comprehensive income (loss)	(124)	(124)				(124)		0
Total comprehensive income (loss)	100	100						0
Vesting of restricted awards, net of forfeitures (in shares)			199,000
Exercise of employee share options (in shares)			4,000
Share-based compensation expense	16	16		16
Repurchase of ordinary shares (in shares)					(7,071,000)
Repurchase of ordinary shares	(351)	(351)			$ (351)
Other	$ 0	1		1				(1)
Ending balance (in shares) at Oct. 01, 2022	131,088,991		223,707,000
Ending balance at Oct. 01, 2022	$ 2,143	$ 2,143	$ 0	$ 1,311	$ (4,650)	$ (35)	$ 5,517	$ 0
Ending balance, treasury (in shares) at Oct. 01, 2022	(92,617,882)				(92,618,000)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Oct. 01, 2022	Sep. 25, 2021
Cash flows from operating activities
Net income	$ 427	$ 419
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	88	99
Share-based compensation expense	44	56
Deferred income taxes	(1)	(27)
Impairment of assets	11	33
Changes to lease related balances, net	(54)	(67)
Foreign currency loss (gain)	11	(7)
Other non-cash adjustments	3	(1)
Change in assets and liabilities:
Receivables, net	(38)	15
Inventories, net	(170)	(133)
Prepaid expenses and other current assets	(66)	(12)
Accounts payable	(151)	(8)
Accrued expenses and other current liabilities	(33)	20
Other long-term assets and liabilities	(32)	9
Net cash provided by operating activities	39	396
Cash flows from investing activities
Capital expenditures	(86)	(48)
Settlement of net investment hedges	409	0
Net cash provided by (used in) investing activities	323	(48)
Cash flows from financing activities
Debt borrowings	2,797	159
Debt repayments	(2,345)	(360)
Debt issuance costs	(4)	0
Repurchase of ordinary shares	(663)	(160)
Exercise of employee share options	6	11
Other financing activities	0	8
Net cash used in financing activities	(209)	(342)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(106)	(3)
Net increase in cash, cash equivalents and restricted cash	47	3
Beginning of period	172	234
End of period	219	237
Supplemental disclosures of cash flow information
Cash paid for interest	28	22
Net cash paid for income taxes	80	28
Supplemental disclosure of non-cash investing and financing activities
Accrued capital expenditures	$ 43	$ 16

Business and Basis of Presentat

Business and Basis of Presentation	6 Months Ended
	Oct. 01, 2022
Accounting Policies [Abstract]
Business and Basis of Presentation	Business and Basis of Presentation Capri Holdings Limited (“Capri”, and together with its subsidiaries, the “Company”) was incorporated in the British Virgin Islands on December 13, 2002. The Company is a holding company that owns brands that are leading designers, marketers, distributors and retailers of branded women’s and men’s accessories, footwear and ready-to-wear bearing the Versace, Jimmy Choo and Michael Kors tradenames and related trademarks and logos. The Company operates in three reportable segments: Versace, Jimmy Choo and Michael Kors. See Note 16 for additional information. The interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and include the accounts of the Company and its wholly-owned or controlled subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The interim consolidated financial statements as of October 1, 2022 and for the three and six months ended October 1, 2022 and September 25, 2021 are unaudited. The Company consolidates the results of its Versace business on a one-month lag, as consistent with prior periods. In addition, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The interim consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, necessary for a fair presentation in conformity with U.S. GAAP. The interim consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended April 2, 2022, as filed with the Securities and Exchange Commission on June 1, 2022, in the Company’s Annual Report on Form 10-K. The results of operations for the interim periods should not be considered indicative of results to be expected for the full fiscal year. The Company utilizes a 52- to 53-week fiscal year and the term “Fiscal Year” or “Fiscal” refers to that 52- or 53-week period. The results for the three and six months ended October 1, 2022 and September 25, 2021 are based on 13-week and 26-week periods, respectively. The Company’s Fiscal Year 2023 is a 52-week period ending April 1, 2023.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Oct. 01, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires management to use judgment and make estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The level of uncertainty in estimates and assumptions increases with the length of time until the underlying transactions are completed. The most significant assumptions and estimates involved in preparing the financial statements include allowances for customer deductions, sales returns, sales discounts, credit losses, estimates of inventory net realizable value, the valuation of share-based compensation, the valuation of deferred taxes, goodwill, intangible assets, operating lease right-of-use assets and property and equipment, along with the estimated useful lives assigned to these assets. Actual results could differ from those estimates. Seasonality The Company experiences certain effects of seasonality with respect to its business. The Company generally experiences greater sales during its third fiscal quarter, primarily driven by holiday season sales, and the lowest sales during its first fiscal quarter. Cash, Cash Equivalents and Restricted Cash All highly liquid investments with original maturities of three months or less are considered to be cash equivalents. Included in the Company’s cash and cash equivalents as of October 1, 2022 and April 2, 2022 are credit card receivables of $25 million and $18 million, respectively, which generally settle within two to three business days. A reconciliation of cash, cash equivalents and restricted cash as of October 1, 2022 and April 2, 2022 from the consolidated balance sheets to the consolidated statements of cash flows is as follows (in millions): October 1, April 2, Reconciliation of cash, cash equivalents and restricted cash Cash and cash equivalents $ 215 $ 169 Restricted cash included within prepaid expenses and other current assets 4 3 Total cash, cash equivalents and restricted cash shown on the consolidated statements of cash flows $ 219 $ 172 Inventories, net Inventories primarily consist of finished goods with the exception of raw materials and work in process inventory. The combined total of raw materials and work in process inventory, net, recorded on the Company’s consolidated balance sheets was $39 million and $31 million as of October 1, 2022 and April 2, 2022, respectively. Derivative Financial Instruments Forward Foreign Currency Exchange Contracts The Company uses forward foreign currency exchange contracts to manage its exposure to fluctuations in foreign currency for certain transactions. The Company, in its normal course of business, enters into transactions with foreign suppliers and seeks to minimize risks related to these transactions. The Company employs these contracts to hedge the Company’s cash flows as they relate to foreign currency transactions. Certain of these contracts are designated as hedges for accounting purposes, while others remain undesignated. All of the Company’s derivative instruments are recorded in the Company’s consolidated balance sheets at fair value on a gross basis, regardless of their hedge designation. The Company designates certain contracts related to the purchase of inventory that qualify for hedge accounting as cash flow hedges. Formal hedge documentation is prepared for all derivative instruments designated as hedges, including a description of the hedged item and the hedging instrument and the risk being hedged. The changes in the fair value for contracts designated as cash flow hedges is recorded in equity as a component of accumulated other comprehensive (loss) income until the hedged item affects earnings. When the inventory related to forecasted inventory purchases that are being hedged is sold to a third party, the gains or losses deferred in accumulated other comprehensive (loss) income are recognized within cost of goods sold. The Company uses regression analysis to assess effectiveness of derivative instruments that are designated as hedges, which compares the change in the fair value of the derivative instrument to the change in the related hedged item. If the hedge is no longer expected to be highly effective in the future, future changes in the fair value are recognized in earnings. For those contracts that are not designated as hedges, changes in the fair value are recorded to foreign currency (gain) loss in the Company’s consolidated statements of operations and comprehensive income. The Company classifies cash flows relating to its forward foreign currency exchange contracts related to purchase of inventory consistently with the classification of the hedged item, within cash flows from operating activities. The Company is exposed to the risk that counterparties to derivative contracts will fail to meet their contractual obligations. In order to mitigate counterparty credit risk, the Company only enters into contracts with carefully selected financial institutions based upon their credit ratings and certain other financial factors, adhering to established limits for credit exposure. The aforementioned forward contracts generally have a term of no more than 12 months. The period of these contracts is directly related to the foreign transaction they are intended to hedge. Net Investment Hedges The Company also uses fixed-to-fixed cross currency swap agreements to hedge its net investments in foreign operations against future volatility in the exchange rates between the U.S. Dollars and the associated foreign currencies. The Company has elected the spot method of designating these contracts under Accounting Standards Update (“ASU”) 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities”, and has designated these contracts as net investment hedges. The net gain or loss on the net investment hedge is reported within foreign currency translation gains and losses (“CTA”), as a component of accumulated other comprehensive (loss) income on the Company’s consolidated balance sheets. Interest accruals and coupon payments are recognized directly in interest expense (income), net, in the Company’s consolidated statements of operations and comprehensive income. Upon discontinuation of a hedge, all previously recognized amounts remain in CTA until the net investment is sold, diluted or liquidated. Leases The Company leases retail stores, office space and warehouse space under operating lease agreements that expire at various dates through September 2043. The Company’s leases generally have terms of up to 10 years, generally require a fixed annual rent and may require the payment of additional rent if store sales exceed a negotiated amount. Although most of the Company’s equipment is owned, the Company has limited equipment leases that expire on various dates through September 2026. The Company acts as sublessor in certain leasing arrangements, primarily related to closed stores from previous restructuring activities. Fixed sublease payments received are recognized on a straight-line basis over the sublease term. The Company determines the sublease term based on the date it provides possession to the subtenant through the expiration date of the sublease. The Company recognizes operating lease right-of-use assets and lease liabilities at lease commencement date, based on the present value of fixed lease payments over the expected lease term. The Company uses its incremental borrowing rates to determine the present value of fixed lease payments based on the information available at the lease commencement date, as the rate implicit in the lease is not readily determinable for the Company’s leases. The Company’s incremental borrowing rates are based on the term of the leases, the economic environment of the leases and reflect the expected interest rate it would incur to borrow on a secured basis. Certain leases include one or more renewal options. The exercise of lease renewal options is generally at the Company’s sole discretion and as such, the Company typically determines that exercise of these renewal options is not reasonably certain. As a result, the Company generally does not include the renewal option period in the expected lease term and the associated lease payments are not included in the measurement of the operating lease right-of-use asset and lease liability. Certain leases also contain termination options with an associated penalty. Generally, the Company is reasonably certain not to exercise these options and as such, they are not included in the determination of the expected lease term. The Company recognizes operating lease expense on a straight-line basis over the lease term. Leases with an initial lease term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for its short-term leases on a straight-line basis over the lease term. The Company’s leases generally provide for payments of non-lease components, such as common area maintenance, real estate taxes and other costs associated with the leased property. The Company accounts for lease and non-lease components of its real estate leases together as a single lease component and, as such, includes fixed payments of non-lease components in the measurement of the operating lease right-of-use assets and lease liabilities for its real estate leases. Variable lease payments, such as percentage rentals based on sales, periodic adjustments for inflation, reimbursement of real estate taxes, any variable common area maintenance and any other variable costs associated with the leased property are expensed as incurred as variable lease costs and are not recorded on the balance sheet. The Company’s lease agreements do not contain any material residual value guarantees, material restrictions or covenants. The following table presents the Company’s supplemental cash flow information related to leases (in millions): Six Months Ended October 1, September 25, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating leases (1) $ 248 $ 257 (1) Operating cash flows used in operating leases for the six months ended September 25, 2021 excluded $5 million of deferred rent payments due to the COVID-19 pandemic. During the three and six months ended October 1, 2022, the Company recorded sublease income of $3 million and $5 million, respectively, within selling, general and administrative expenses. During the three and six months ended September 25, 2021, the Company recorded $2 million and $4 million, respectively, within restructuring and other charges for stores relating to our restructuring plan and selling, general and administrative expenses for all other locations. During the three and six months ended October 1, 2022, the Company recorded $3 million and $5 million, respectively, of rent concessions negotiated in connection with the impact of COVID-19 as if it were contemplated as part of the existing contract. During the three and six months ended September 25, 2021, the Company recorded $3 million and $10 million, respectively, of rent concessions negotiated in connection with the impact of COVID-19 as if it were contemplated as part of the existing contract. The aforementioned rent concessions were recorded as a reduction to variable lease expense within selling, general and administrative expenses. Net Income per Share The Company’s basic net income per ordinary share is calculated by dividing net income by the weighted average number of ordinary shares outstanding during the period. Diluted net income per ordinary share reflects the potential dilution that would occur if share option grants or any other potentially dilutive instruments, including restricted shares and restricted share units (“RSUs”), were exercised or converted into ordinary shares. These potentially dilutive securities are included in diluted shares to the extent they are dilutive under the treasury stock method for the applicable periods. Performance-based RSUs are included as diluted shares if the related performance conditions are considered satisfied as of the end of the reporting period and to the extent they are dilutive under the treasury stock method. The components of the calculation of basic net income per ordinary share and diluted net income per ordinary share are as follows (in millions, except share and per share data): Three Months Ended Six Months Ended October 1, September 25, October 1, September 25, Numerator: Net income attributable to Capri $ 224 $ 200 $ 425 $ 419 Denominator: Basic weighted average shares 136,037,449 151,859,760 138,975,518 151,604,916 Weighted average dilutive share equivalents: Share options and restricted shares/units, and performance restricted share units 1,014,126 2,359,489 1,417,262 2,958,616 Diluted weighted average shares 137,051,575 154,219,249 140,392,780 154,563,532 Basic net income per share (1) $ 1.64 $ 1.31 $ 3.06 $ 2.76 Diluted net income per share (1) $ 1.63 $ 1.30 $ 3.03 $ 2.71 (1) Basic and diluted net income per share are calculated using unrounded numbers. During the three and six months ended October 1, 2022, share equivalents of 794,933 shares and 726,136 shares, respectively, have been excluded from the above calculations due to their anti-dilutive effect. Share equivalents of 415,331 shares and 513,088 shares have been excluded from the above calculations for the three and six months ended September 25, 2021, respectively, due to their anti-dilutive effect. See Note 2 in the Company’s Annual Report on Form 10-K for the fiscal year ended April 2, 2022 for a complete disclosure of the Company’s significant accounting policies. Recently Issued Accounting Pronouncements Reference Rate Reform In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting” and in January 2021, issued ASU 2021-01, “Reference Rate Reform: Scope”. Both of these updates aim to ease the potential burden in accounting for reference rate reform. These updates provide optional expedients and exceptions, if certain criteria are met, for applying accounting principles generally accepted in the United States to contract modifications, hedging relationships and other transactions affected by the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). The amendments were effective upon issuance and allowed companies to adopt the amendments on a prospective basis through December 31, 2022. The Company does not expect the adoption of this standard to have a material impact on the Company’s results of operations, financial condition or cash flows based on current information. Supplier Finance Programs In September 2022, the FASB issued ASU 2022-04, “Disclosure of Supplier Finance Program Obligations” which makes a number of changes. The amendments require a buyer in a supplier finance program to disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period and potential magnitude. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on roll forward information, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on the Company's disclosures. The Company has considered all new accounting pronouncements and has concluded that there are no new pronouncements that may have a material impact on the Company’s results of operations, financial condition or cash flows based on current information.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Oct. 01, 2022
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The Company accounts for contracts with its customers when there is approval and commitment from both parties, the rights of the parties and payment terms have been identified, the contract has commercial substance and collectibility of consideration is probable. Revenue is recognized when control of the promised goods or services is transferred to the Company’s customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for goods or services. The Company sells its products through three primary channels of distribution: retail, wholesale and licensing. Within the retail and wholesale channels, substantially all of the Company’s revenues consist of sales of products that represent a single performance obligation, where control transfers at a point in time to the customer. For licensing arrangements, royalty and advertising revenue is recognized over time based on access provided to the Company’s trademarks. Retail The Company generates sales through directly operated stores and e-commerce sites throughout the Americas (United States, Canada and Latin America), certain parts of EMEA (Europe, Middle East and Africa) and certain parts of Asia (Asia and Oceania). Gift Cards. The Company sells gift cards that can be redeemed for merchandise, resulting in a contract liability upon issuance. Revenue is recognized when the gift card is redeemed or upon “breakage” for the estimated portion of gift cards that are not expected to be redeemed. “Breakage” revenue is calculated under the proportional redemption methodology, which considers the historical patterns of redemption in jurisdictions where the Company is not required to remit the value of the unredeemed gift cards as unclaimed property. The contract liability related to gift cards, net of estimated “breakage”, of $14 million and $13 million as of October 1, 2022 and April 2, 2022, respectively, is included within accrued expenses and other current liabilities in the Company’s consolidated balance sheet. Loyalty Program . The Company offers a loyalty program, which allows its Michael Kors United States customers to earn points on qualifying purchases toward monetary and non-monetary rewards, which may be redeemed for purchases at Michael Kors retail stores and e-commerce sites. The Company defers a portion of the initial sales transaction based on the estimated relative fair value of the benefits based on projected timing of future redemptions and historical activity. These amounts include estimated “breakage” for points that are not expected to be redeemed. Wholesale The Company’s products are sold primarily to major department stores, specialty stores and travel retail shops throughout the Americas, EMEA and Asia. The Company also has arrangements where its products are sold to geographic licensees in certain parts of EMEA, Asia and South America. Licensing The Company provides its third-party licensees with the right to access its Versace, Jimmy Choo and Michael Kors trademarks under product and geographic licensing arrangements. Under geographic licensing arrangements, third party licensees receive the right to distribute and sell products bearing the Company’s trademarks in retail and/or wholesale channels within certain geographical areas, including Brazil, the Middle East, Eastern Europe, South Africa and certain parts of Asia. The Company recognizes royalty revenue and advertising contributions based on the percentage of sales made by the licensees. Generally, the Company’s guaranteed minimum royalty amounts due from licensees relate to contractual periods that do not exceed 12 months, however, certain guaranteed minimums for Versace are multi-year based. As of October 1, 2022, contractually guaranteed minimum fees from the Company’s license agreements expected to be recognized as revenue during future periods were as follows (in millions): Contractually Guaranteed Minimum Fees Remainder of Fiscal 2023 $ 15 Fiscal 2024 30 Fiscal 2025 30 Fiscal 2026 27 Fiscal 2027 23 Fiscal 2028 and thereafter 42 Total $ 167 Sales Returns The refund liability recorded as of October 1, 2022 was $45 million, and the related asset for the right to recover returned product as of October 1, 2022 was $11 million. The refund liability recorded as of April 2, 2022 was $52 million, and the related asset for the right to recover returned product as of April 2, 2022 was $15 million. Contract Balances Total contract liabilities were $20 million and $30 million as of October 1, 2022 and April 2, 2022, respectively. For the three and six months ended October 1, 2022, the Company recognized $3 million and $8 million respectively, in revenue which related to contract liabilities that existed at April 2, 2022. For the three and six months ended September 25, 2021, the Company recognized $2 million and $8 million, respectively, in revenue which related to contract liabilities that existed at March 27, 2021. There were no material contract assets recorded as of October 1, 2022 and April 2, 2022. There were no changes in historical variable consideration estimates that were materially different from actual results. Disaggregation of Revenue The following table presents the Company’s segment revenue disaggregated by geographic location (in millions): Three Months Ended Six Months Ended October 1, September 25, October 1, September 25, Versace revenue - the Americas $ 120 $ 107 $ 235 $ 194 Versace revenue - EMEA 130 118 237 205 Versace revenue - Asia 58 57 111 123 Total Versace 308 282 583 522 Jimmy Choo revenue - the Americas 43 38 97 76 Jimmy Choo revenue - EMEA 57 56 123 106 Jimmy Choo revenue - Asia 42 43 94 97 Total Jimmy Choo 142 137 314 279 Michael Kors revenue - the Americas 643 556 1,268 1,146 Michael Kors revenue - EMEA 213 214 404 379 Michael Kors revenue - Asia 106 111 203 227 Total Michael Kors 962 881 1,875 1,752 Total revenue - the Americas 806 701 1,600 1,416 Total revenue - EMEA 400 388 764 690 Total revenue - Asia 206 211 408 447 Total revenue $ 1,412 $ 1,300 $ 2,772 $ 2,553 See Note 3 in the Company’s Annual Report on Form 10-K for the fiscal year ended April 2, 2022 for a complete disclosure of the Company’s revenue recognition policy.

Receivables, net

Receivables, net	6 Months Ended
	Oct. 01, 2022
Receivables [Abstract]
Receivables, net	Receivables, net Receivables, net, consist of (in millions): October 1, April 2, Trade receivables (1) $ 455 $ 461 Receivables due from licensees 38 17 493 478 Less: allowances (52) (44) Total receivables, net $ 441 $ 434 (1) As of October 1, 2022 and April 2, 2022, $84 million and $83 million, respectively, of trade receivables were insured. Receivables are presented net of allowances for discounts, markdowns, operational chargebacks and credit losses. Discounts are based on open invoices where trade discounts have been extended to customers. Markdowns are based on wholesale customers’ sales performance, seasonal negotiations with customers, historical deduction trends and an evaluation of current market conditions. Operational chargebacks are based on deductions taken by customers, net of expected recoveries. Such provisions, and related recoveries, are reflected in revenues.

Property and Equipment, net

Property and Equipment, net	6 Months Ended
	Oct. 01, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment, net	Property and Equipment, net Property and equipment, net, consists of (in millions): October 1, April 2, Leasehold improvements $ 549 $ 575 Computer equipment and software 227 212 Furniture and fixtures 207 218 Equipment 77 81 In-store shops 47 47 Building 43 48 Land 16 19 Total property and equipment, gross 1,166 1,200 Less: accumulated depreciation and amortization (783) (790) Subtotal 383 410 Construction-in-progress 87 66 Total property and equipment, net $ 470 $ 476 Depreciation and amortization of property and equipment for the three and six months ended October 1, 2022 was $31 million and $65 million, respectively. Depreciation and amortization of property and equipment was $37 million and $75 million for the three and six months ended September 25, 2021, respectively. During the three and six months ended October 1, 2022, the Company recorded $2 million in property and equipment impairment charges. During the three and six months ended September 25, 2021, the Company recorded $3 million of property and equipment impairment charges.

Intangible Assets and Goodwill

Intangible Assets and Goodwill	6 Months Ended
	Oct. 01, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	Intangible Assets and Goodwill The following table details the carrying values of the Company’s intangible assets and goodwill (in millions): October 1, April 2, Definite-lived intangible assets: Reacquired rights $ 400 $ 400 Trademarks 23 23 Customer relationships (1) 360 414 Gross definite-lived intangible assets 783 837 Less: accumulated amortization (235) (228) Net definite-lived intangible assets 548 609 Indefinite-lived intangible assets: Jimmy Choo brand (2) 273 321 Versace brand (1) 813 917 Net indefinite-lived intangible assets 1,086 1,238 Total intangible assets, excluding goodwill $ 1,634 $ 1,847 Goodwill (3) $ 1,256 $ 1,418 (1) The change in the carrying value since April 2, 2022 reflects the impact of foreign currency translation. (2) Includes accumulated impairment of $249 million as of October 1, 2022 and April 2, 2022. The change in the carrying value since April 2, 2022 reflects the impact of foreign currency translation. (3) Includes accumulated impairment of $265 million related to the Jimmy Choo reporting units as of October 1, 2022 and April 2, 2022. The change in the carrying value since April 2, 2022 reflects the impact of foreign currency translation.

Current Assets and Current Liab

Current Assets and Current Liabilities	6 Months Ended
	Oct. 01, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Current Assets and Current Liabilities	Current Assets and Current Liabilities Prepaid expenses and other current assets consist of the following (in millions): October 1, April 2, Prepaid taxes $ 132 $ 86 Prepaid contracts 24 15 Other accounts receivables 12 17 Prepaid insurance 10 2 Interest receivable related to net investment hedges 1 13 Other 70 59 Total prepaid expenses and other current assets $ 249 $ 192 Accrued expenses and other current liabilities consist of the following (in millions): October 1, April 2, Other taxes payable $ 52 $ 61 Return liabilities 45 52 Accrued capital expenditures 43 39 Accrued advertising and marketing 21 21 Accrued rent (1) 16 20 Gift cards and retail store credits 15 17 Professional services 15 15 Accrued litigation 12 13 Charitable donations (2) 10 10 Accrued interest 10 10 Accrued purchases and samples 9 11 Other 64 82 Total accrued expenses and other current liabilities $ 312 $ 351 (1) The accrued rent balance relates to variable lease payments. (2) The charitable donations balance relates to a $10 million unconditional pledge to The Versace Foundation as of October 1, 2022 and April 2, 2022.

Restructuring and Other Charges

Restructuring and Other Charges	6 Months Ended
	Oct. 01, 2022
Restructuring and Related Activities [Abstract]
Restructuring and Other Charges	Restructuring and Other Charges Restructuring Charges - Capri Retail Store Optimization Program During Fiscal 2022, the Company completed its plan to close certain retail stores as part of its Capri Retail Store Optimization Program. During the three and six months ended September 25, 2021, the Company closed 16 and 26 of its retail stores, respectively, which were incorporated into the Capri Retail Store Optimization Program. Net restructuring (gains) charges recorded in connection with the Capri Retail Store Optimization Program during the three and six months ended September 25, 2021 were $(1) million and $(4) million, respectively. Other Charges

Debt Obligations

Debt Obligations	6 Months Ended
	Oct. 01, 2022
Debt Disclosure [Abstract]
Debt Obligations	Debt Obligations The following table presents the Company’s debt obligations (in millions): October 1, April 2, Revolving Credit Facilities $ 1,126 $ 175 Senior Notes due 2024 450 450 Term Loan — 497 Other 26 42 Total debt 1,602 1,164 Less: Unamortized debt issuance costs 1 3 Less: Unamortized discount on senior notes 1 1 Total carrying value of debt 1,600 1,160 Less: Short-term debt 15 29 Total long-term debt $ 1,585 $ 1,131 On July 1, 2022, the Company entered into a revolving credit facility (the “2022 Credit Facility”) with, among others, JPMorgan Chase Bank, N.A. (“JPMorgan Chase”), as administrative agent (the “Administrative Agent”), which refinanced its existing senior unsecured revolving credit facility. The Company, a U.S. subsidiary of the Company, a Canadian subsidiary of the Company, a Dutch subsidiary of the Company and a Swiss subsidiary of the Company are the borrowers under the 2022 Credit Facility, and the borrowers and certain subsidiaries of the Company provide unsecured guaranties of the 2022 Credit Facility. The 2022 Credit Facility replaced the third amended and restated senior unsecured credit facility, dated as of November 15, 2018 (the “2018 Credit Facility”). The 2022 Credit Facility provides for a $1.5 billion revolving credit facility (the “2022 Revolving Credit Facility”), which may be denominated in U.S. Dollars and other currencies, including Euros, Canadian Dollars, Pounds Sterling, Japanese Yen and Swiss Francs. The 2022 Revolving Credit Facility also includes sub-facilities for the issuance of letters of credit of up to $125 million and swing line loans at the Administrative Agent’s discretion of up to $100 million. The Company has the ability to expand its borrowing availability under the 2022 Credit Facility in the form of increased revolving commitments or one or more tranches of term loans by up to an additional $500 million, subject to the agreement of the participating lenders and certain other customary conditions. Borrowings under the 2022 Credit Facility bear interest, at the Company’s option, at the following rates: • For loans denominated in U.S. Dollars, (A) an alternate base rate, which is the greatest of (a) the prime rate publicly announced from time to time by JPMorgan Chase, (b) the greater of the federal funds effective rate and the Federal Reserve Bank of New York overnight bank funding rate and zero, plus 50 basis points, and (c) the greater of term SOFR for an interest period of one month plus 10 basis points and zero, plus 100 basis points, (B) the greater of term SOFR for the applicable interest period plus 10 basis points (“Adjusted Term SOFR”) and zero or (C) the greater of daily simple SOFR plus 10 basis points and zero; • For loans denominated in Pounds Sterling, the greater of Secured Overnight Index Average (“SONIA”) and zero; • For loans denominated in Swiss Francs, the greater of Swiss Average Rate Overnight (“SARON”) and zero; • For loans denominated in Euro, the greater of Euro Interbank Offer Rate (“EURIBOR”) for the applicable interest period adjusted for statutory reserve requirements (“Adjusted EURIBOR Rate”) and zero; • For loans denominated in Canadian Dollars, the greater of the rate applicable to Canadian Dollar Canadian banker’s acceptances quoted on Reuters for the applicable interest period adjusted for statutory reserve requirements (“Adjusted CDOR Rate”) and zero; and • For loans denominated in Japanese Yen, the greater of Tokyo Interbank Offer Rate (“TIBOR”) for the applicable interest period adjusted for statutory reserve requirements (“Adjusted TIBOR Rate”) and zero; in each case, plus an applicable margin based on the Company’s public debt ratings and/or net leverage ratio. The 2022 Credit Facility provides for an annual administration fee and a commitment fee equal to 7.5 basis points to 17.5 basis points per annum, which was 15.0 basis points as of October 1, 2022. The fees are based on the Company’s public debt ratings and/or net leverage ratio, applied to the average daily unused amount of the 2022 Credit Facility. Loans under the 2022 Credit Facility may be prepaid and commitments may be terminated or reduced by the borrowers without premium or penalty other than customary “breakage” costs with respect to loans bearing interest based upon Adjusted Term SOFR, the Adjusted EURIBOR Rate, the Adjusted CDOR Rate and the Adjusted TIBOR Rate. The 2022 Credit Facility requires the Company to maintain a net leverage ratio as of the end of each fiscal quarter of no greater than 4.0 to 1.0. Such net leverage ratio is calculated as the ratio of the sum of total indebtedness as of the date of the measurement plus the capitalized amount of all operating lease obligations, minus unrestricted cash and cash equivalents not to exceed $200 million, to Consolidated EBITDAR for the last four consecutive fiscal quarters. Consolidated EBITDAR is defined as consolidated net income plus provision for taxes based on income, profits or capital, net interest expense, depreciation and amortization expense, consolidated rent expense and other non-cash losses, charge and expenses, subject to certain additions and deductions. The 2022 Credit Facility also includes covenants that limit additional indebtedness, liens, acquisitions and other investments, restricted payments and affiliate transactions. The 2022 Credit Facility also contains events of default customary for financings of this type, including, but not limited to, payment defaults, material inaccuracy of representations and warranties, covenant defaults, cross-defaults to certain indebtedness, certain events of bankruptcy or insolvency, certain events under the Employee Retirement Income Security Act, material judgments, actual or asserted failure of any guaranty supporting the 2022 Credit Facility to be in full force and effect, and changes of control. If such an event of default occurs and is continuing, the lenders under the 2022 Credit Facility would be entitled to take various actions, including, but not limited to, terminating the commitments and accelerating amounts outstanding under the 2022 Credit Facility. As of October 1, 2022, and the date these financial statements were issued, the Company was in compliance with all covenants related to the 2022 Credit Facility. As of October 1, 2022, the Company had $1.126 billion of borrowings outstanding under the 2022 Revolving Credit Facility. The Company had $175 million of borrowings outstanding under revolver in the 2018 Credit Facility as of April 2, 2022. In addition, stand-by letters of credit of $22 million and $21 million were outstanding as of both October 1, 2022 and April 2, 2022, respectively. At October 1, 2022, the amount available for future borrowings under the 2022 Revolving Credit Facility was $352 million. The amount available for future borrowings under the revolver in the 2018 Credit Facility was $804 million as of April 2, 2022. As of October 1, 2022, the Company no longer had a term loan facility outstanding. As of April 2, 2022, the carrying value of term loan outstanding under the 2018 Credit Facility was $495 million, which was recorded within long-term debt in the Company’s consolidated balance sheets. The Company had $7 million and $3 million of deferred financing fees related to Revolving Credit Facilities as of October 1, 2022 and April 2, 2022, respectively, and are recorded within other assets in the Company’s consolidated balance sheets. The Company offers a supplier financing program which enables suppliers, at their sole discretion, to sell their receivables (i.e., the Company’s payment obligations to suppliers) to a financial institution on a non-recourse basis in order to be paid earlier than current payment terms provide. The Company’s obligations, including the amount due and scheduled payment dates, are not impacted by a suppliers’ decision to participate in this program. The Company does not reimburse suppliers for any costs they incur to participate in the program and their participation is voluntary. The amount outstanding under this program as of October 1, 2022 and April 2, 2022 was $14 million and $21 million, respectively, and is presented as short-term debt in the Company’s consolidated balance sheets. During Fiscal 2022, the Company's subsidiary, Versace, entered into an agreement with Banco BPM Banking Group (“the Bank”) to sell certain tax receivables to the Bank in exchange for cash. The arrangement was determined to be a financing arrangement as the de-recognition criteria for the receivables was not met at the time of the cash receipt from the Bank. As of October 1, 2022, the outstanding balance was $10 million, with $1 million and $9 million recorded within short-term debt and long-term debt in the Company’s consolidated balance sheets, respectively. As of April 2, 2022, the outstanding balance was $18 million, with $8 million and $10 million recorded within short-term debt and long-term debt in the Company’s consolidated balance sheets, respectively. See Note 11 to the Company’s Fiscal 2022 Annual Report on Form 10-K for additional information regarding the Company’s credit facilities and debt obligations.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Oct. 01, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In the ordinary course of business, the Company is party to various legal proceedings and claims. Although the outcome of such claims cannot be determined with certainty, the Company believes that the outcome of all pending legal proceedings, in the aggregate, will not have a material adverse effect on its cash flow, results of operations or financial position. Please refer to the Contractual Obligations and Commercial Commitments disclosure within the Liquidity and Capital Resources section of the Company’s Annual Report on Form 10-K for the fiscal year ended April 2, 2022 for a detailed disclosure of other commitments and contractual obligations as of April 2, 2022.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Oct. 01, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Financial assets and liabilities are measured at fair value using the three-level valuation hierarchy for disclosure of fair value measurements. The determination of the applicable level within the hierarchy of a particular asset or liability depends on the inputs used in the valuation as of the measurement date, notably the extent to which the inputs are market-based (observable) or internally derived (unobservable). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from independent sources. Unobservable inputs are inputs based on a company’s own assumptions about market participant assumptions based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that a company has the ability to access at the measurement date. Level 2 – Valuations based on quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability and inputs derived principally from or corroborated by observable market data. Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement. At October 1, 2022 and April 2, 2022, the fair values of the Company’s derivative contracts were determined using broker quotations, which were calculations derived from observable market information: the applicable currency rates at the balance sheet date and those forward rates particular to the contract at inception. The Company makes no adjustments to these broker obtained quotes or prices, but assesses the credit risk of the counterparty and would adjust the provided valuations for counterparty credit risk when appropriate. The fair values of the forward contracts are included in prepaid expenses and other current assets, and in accrued expenses and other current liabilities in the consolidated balance sheets, depending on whether they represent assets or liabilities to the Company. The fair value of net investment hedges is included in other assets, and in other long-term liabilities in the consolidated balance sheets, depending on whether they represent assets or liabilities of the Company. See Note 12 for further detail. All contracts are measured and recorded at fair value on a recurring basis and are categorized in Level 2 of the fair value hierarchy, as shown in the following table (in millions): Fair value at October 1, 2022 using: Fair value at April 2, 2022 using: Quoted prices in Significant Significant Quoted prices in Significant Significant Derivative assets: Forward foreign currency exchange contracts $ — $ 10 $ — $ — $ 4 $ — Net investment hedges — 2 — — 44 — Undesignated derivative contracts — — — — 4 — Total derivative assets $ — $ 12 $ — $ — $ 52 $ — Derivative liabilities: Net investment hedges $ — $ 11 $ — $ — $ 37 $ — Total derivative liabilities $ — $ 11 $ — $ — $ 37 $ — The Company’s long-term debt obligations are recorded in its consolidated balance sheets at carrying values, which may differ from the related fair values. The fair value of the Company’s long-term debt is estimated using external pricing data, including any available quoted market prices and based on other debt instruments with similar characteristics. Borrowings under revolving credit agreements, if outstanding, are recorded at carrying value, which approximates fair value due to the frequent nature of such borrowings and repayments. See Note 9 for detailed information related to carrying values of the Company’s outstanding debt. The following table summarizes the carrying values and estimated fair values of the Company’s short- and long-term debt, based on Level 2 measurements (in millions): October 1, 2022 April 2, 2022 Carrying Estimated Carrying Estimated Senior Notes due 2024 $ 448 $ 429 $ 448 $ 451 Term Loan $ — $ — $ 495 $ 490 Revolving Credit Facilities $ 1,126 $ 1,126 $ 175 $ 175 The Company’s cash and cash equivalents, accounts receivable and accounts payable are recorded at carrying value, which approximates fair value. Non-Financial Assets and Liabilities The Company’s non-financial assets include goodwill, intangible assets, operating lease right-of-use assets and property and equipment. Such assets are reported at their carrying values and are not subject to recurring fair value measurements. The Company’s goodwill and its indefinite-lived intangible assets (Versace and Jimmy Choo brands) are assessed for impairment at least annually, while its other long-lived assets, including operating lease right-of-use assets, property and equipment and definite-lived intangible assets, are assessed for impairment whenever events or changes in circumstances indicate that the carrying amount of any such asset may not be recoverable. The Company determines the fair values of these assets based on Level 3 measurements using the Company’s best estimates of the amount and timing of future discounted cash flows, based on historical experience, market conditions, current trends and performance expectations. The Company recorded $11 million of impairment charges during the three and six months ended October 1, 2022. The Company recorded $33 million of impairment charges during the three and six months ended September 25, 2021. The following table details the carrying values and fair values of the Company’s assets that have been impaired during the three and six months ended October 1, 2022 and the three and six months ended September 25, 2021 (in millions): Three and Six Months Ended Three and Six Months Ended Carrying Value Prior to Impairment Fair Value Impairment Charge Carrying Value Prior to Impairment Fair Value Impairment Charge Operating Lease Right-of-Use Assets $ 25 $ 16 $ 9 $ 83 $ 53 $ 30 Property and Equipment 3 1 2 4 1 3 Total $ 28 $ 17 $ 11 $ 87 $ 54 $ 33

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Oct. 01, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments Forward Foreign Currency Exchange Contracts The Company uses forward foreign currency exchange contracts to manage its exposure to fluctuations in foreign currency for certain of its transactions. The Company, in its normal course of business, enters into transactions with foreign suppliers and seeks to minimize risks related to certain forecasted inventory purchases by using forward foreign currency exchange contracts. The Company only enters into derivative instruments with highly credit-rated counterparties. The Company does not enter into derivative contracts for trading or speculative purposes. Net Investment Hedges During the first quarter of Fiscal 2023, the Company modified multiple fixed-to-fixed cross-currency swap agreements with aggregate notional amounts of $1.094 billion to hedge its net investment, of which $900 million was in Euro denominated subsidiaries and $194 million was in Japanese Yen denominated subsidiaries. The modification of these swaps resulted in the Company receiving $66 million in cash during the first quarter of Fiscal 2023. These contracts have been designated as net investment hedges. As of July 2, 2022, the Company had multiple fixed-to-fixed cross-currency swap agreements with aggregate notional amounts of $4 billion to hedge its net investment in Euro denominated subsidiaries (the “Euro Net Investment Hedges”) and $194 million to hedge its net investment in Japanese Yen denominated subsidiaries (the “Japanese Yen Net Investment Hedges”). During the month of July 2022, the Euro Net Investment Hedges with aggregate notional amount of $4 billion outstanding as of July 2, 2022 were terminated resulting in the Company receiving $237 million in cash. During the second quarter of Fiscal 2023, the Company also entered into, and subsequently terminated, additional Euro Net Investment Hedges with aggregate notional amount of $4 billion. The termination of these contracts resulted in the Company receiving additional $100 million in cash. During the second quarter of Fiscal 2023, the Company modified certain Japanese Yen Net Investment Hedges with notional amounts of $100 million. The modification of these hedges resulted in the Company receiving $6 million in cash during the second quarter of Fiscal 2023. The Company entered into additional Japanese Net Investment Hedges with notional amount of $100 million. These contracts have been designated as net investment hedges. During the second quarter of Fiscal 2023, the Company received $343 million from termination of Euro Net Investment Hedges and modification of Japanese Yen Net Investment Hedges. As of October 1, 2022, the Company had Japanese Yen Net Investment Hedges with aggregate notional amounts of $294 million. Under the terms of these contracts, the Company will exchange the semi-annual fixed rate payments on U.S. denominated debt for fixed rate payments of 0% to 2.665% in Japanese Yen. These contracts have maturity dates between May 2027 and February 2051 and are designated as net investment hedges. As of October 1, 2022, the Company did not have any notional amounts hedged in relation to its net investment in Euro denominated subsidiaries. Certain of these contracts are supported by a credit support annex (“CSA”) which provides for collateral exchange with the earliest effective date being September 2027. If the outstanding position of a contract exceeds a certain threshold governed by the aforementioned CSA’s, either party is required to post cash collateral. When a cross-currency swap is used as a hedging instrument in a net investment hedge assessed under the spot method, the cross-currency basis spread is excluded from the assessment of hedge effectiveness and is recognized as a reduction in interest expense in the Company’s consolidated statements of operations and comprehensive income. Accordingly, the Company recorded interest income of $11 million and $28 million during the three and six months ended October 1, 2022, respectively. Additionally, the Company recorded interest expense of $15 million and $27 million during the three and six months ended September 25, 2021, respectively. The following table details the fair value of the Company’s derivative contracts, which are recorded on a gross basis in the consolidated balance sheets as of October 1, 2022 and April 2, 2022 (in millions): Fair Value Notional Amounts Assets Liabilities October 1, April 2, October 1, April 2, October 1, April 2, Designated forward foreign currency exchange contracts $ 76 $ 119 $ 10 (1) $ 4 (1) $ — $ — Designated net investment hedges 294 4,194 2 (2) 44 (2) 11 (3) 37 (3) Total designated hedges 370 4,313 12 48 11 37 Undesignated derivative contracts (4) — 38 — 4 — — Total $ 370 $ 4,351 $ 12 $ 52 $ 11 $ 37 (1) Recorded within prepaid expenses and other current assets in the Company’s consolidated balance sheets. (2) Recorded within other assets in the Company’s consolidated balance sheets. (3) Recorded within other long-term liabilities in the Company’s consolidated balance sheets. (4) Represents undesignated hedges of inventory purchases. The Company records and presents the fair values of all of its derivative assets and liabilities in its consolidated balance sheets on a gross basis, as shown in the previous table. However, if the Company were to offset and record the asset and liability balances for its derivative instruments on a net basis in accordance with the terms of its master netting arrangements, which provide for the right to set-off amounts for similar transactions denominated in the same currencies, the resulting impact as of October 1, 2022 and April 2, 2022 would be as follows (in millions): Forward Currency Net Investment October 1, April 2, October 1, April 2, Assets subject to master netting arrangements $ 10 $ 8 $ 2 $ 44 Liabilities subject to master netting arrangements $ — $ — $ 11 $ 37 Derivative assets, net $ 10 $ 8 $ — $ 42 Derivative liabilities, net $ — $ — $ 9 $ 35 Currently, the Company’s master netting arrangements do not require cash collateral to be pledged by the Company or its counterparties. Changes in the fair value of the Company’s forward foreign currency exchange contracts that are designated as accounting hedges are recorded in equity as a component of accumulated other comprehensive (loss) income and are reclassified from accumulated other comprehensive (loss) income into earnings when the items underlying the hedged transactions are recognized into earnings, as a component of cost of goods sold within the Company’s consolidated statements of operations and comprehensive income. The net gain or loss on net investment hedges are reported within CTA as a component of accumulated other comprehensive (loss) income on the Company’s consolidated balance sheets. Upon discontinuation of the hedge, such amounts remain in CTA until the related investment is sold or liquidated. The following table summarizes the pre-tax impact of the gains on the Company’s designated forward foreign currency exchange contracts and net investment hedges (in millions): Three Months Ended Six Months Ended October 1, 2022 September 25, 2021 October 1, 2022 September 25, 2021 Pre-Tax Gains Pre-Tax Gains Pre-Tax Gains Pre-Tax Gains Designated forward foreign currency exchange contracts $ 5 $ 3 $ 11 $ 2 Designated net investment hedges $ 152 $ 89 $ 365 $ 172 The following tables summarize the pre-tax impact of the gains and losses within the consolidated statements of operations and comprehensive income related to the designated forward foreign currency exchange contracts for the three and six months ended October 1, 2022 and September 25, 2021 (in millions): Three Months Ended Pre-Tax (Gain) Loss Reclassified from Location of (Gain) Loss Recognized October 1, September 25, 2021 Designated forward foreign currency exchange contracts $ (3) $ 1 Cost of goods sold Six Months Ended Pre-Tax (Gain) Loss Reclassified from Location of (Gain) Loss Recognized October 1, September 25, 2021 Designated forward foreign currency exchange contracts $ (7) $ 2 Cost of goods sold The Company expects that substantially all of the amounts currently recorded in accumulated other comprehensive (loss) income for its forward foreign currency exchange contracts will be reclassified into earnings during the next 12 months, based upon the timing of inventory purchases and turnover. Undesignated Hedges

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Oct. 01, 2022
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity Share Repurchase Program During the first quarter of Fiscal 2022, the Company reinstated its $500 million share repurchase program, which was previously suspended during the first quarter of Fiscal 2021 in response to the impact of the COVID-19 pandemic and the provisions of the Second Amendment of the 2018 Credit Facility. Subsequently, on November 3, 2021, the Company announced that its Board of Directors had terminated the Company’s existing $500 million share repurchase program (the “Prior Plan”), which had $250 million of availability remaining at the time, and authorized a new share repurchase program (the “Fiscal 2022 Plan”) pursuant to which the Company may, from time to time, repurchase up to $1.0 billion of its outstanding ordinary shares within a period of two years from the effective date of the program. On June 1, 2022, the Company announced that its Board of Directors had terminated the Fiscal 2022 Plan, with $500 million of availability remaining, and authorized a new share repurchase program (the “Existing Share Repurchase Plan”) pursuant to which the Company may, from time to time, repurchase up to $1.0 billion of its outstanding ordinary shares within a period of two years from the effective date of the program. Share repurchases may be made in open market or privately negotiated transactions and/or pursuant to Rule 10b5-1 trading plans, subject to market conditions, applicable legal requirements, trading restrictions under the Company’s insider trading policy and other relevant factors. The program may be suspended or discontinued at any time. During the six months ended October 1, 2022, the Company purchased 13,183,355 shares for a total cost of approximately $650 million, including commissions, under the Existing Share Repurchase Plan. As of October 1, 2022, the remaining availability under the Company’s existing share repurchase program was $350 million. Subsequent to October 1, 2022, the Company purchased 2,295,845 shares for a total cost of approximately $100 million, including commissions, under the Existing Share Repurchase Plan pursuant to a Rule 10b5-1 trading plan. On November 9, 2022, the Company terminated the Existing Share Repurchase Plan and implemented a new share repurchase plan. See Note 17 for additional information. During the six months ended September 25, 2021, the Company purchased 2,712,275 shares for a total cost of approximately $150 million, including commission, through open market transactions under the Prior Plan. The Company also has in place a “withhold to cover” repurchase program, which allows the Company to withhold ordinary shares from certain executive officers and directors to satisfy minimum tax withholding obligations relating to the vesting of their restricted share awards. During the six month periods ended October 1, 2022 and September 25, 2021, the Company withheld 273,197 shares and 193,322 shares, respectively, with a fair value of $13 million and $10 million, respectively, in satisfaction of minimum tax withholding obligations relating to the vesting of restricted share awards. Accumulated Other Comprehensive (Loss) Income The following table details changes in the components of accumulated other comprehensive (loss) income (“AOCI”), net of taxes, for the six months ended October 1, 2022 and September 25, 2021, respectively (in millions): Foreign Currency Adjustments (1) Net Gains (Losses) on Derivatives (2) Other Comprehensive Income (Loss) Attributable to Capri Balance at April 2, 2022 $ 184 $ 10 $ 194 Other comprehensive (loss) income before reclassifications (232) 10 (222) Less: amounts reclassified from AOCI to earnings — 7 7 Other comprehensive (loss) income, net of tax (232) 3 (229) Balance at October 1, 2022 $ (48) $ 13 $ (35) Balance at March 27, 2021 $ 57 $ (1) $ 56 Other comprehensive income before reclassifications 114 2 116 Less: amounts reclassified from AOCI to earnings — (2) (2) Other comprehensive income, net of tax 114 4 118 Balance at September 25, 2021 $ 171 $ 3 $ 174 (1) Foreign currency translation adjustments for the six months ended October 1, 2022 primarily include a net $486 million translation loss partially offset by a $247 million gain, net of taxes of $118 million, relating to the Company’s net investment hedges. Foreign currency translation adjustments for the six months ended September 25, 2021 primarily include a $132 million gain, net of taxes of $40 million, relating to the Company’s net investment hedges, partially offset by a net $23 million translation loss. (2) Reclassified amounts primarily relate to the Company’s forward foreign currency exchange contracts for inventory purchases and are recorded within cost of goods sold in the Company’s consolidated statements of operations and comprehensive income. All tax effects were not material for the periods presented.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Oct. 01, 2022
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation The Company grants equity awards to certain employees and directors of the Company at the discretion of the Company’s Compensation and Talent Committee. The Company has two equity plans, one stock option plan adopted in Fiscal 2008 (as amended and restated, the “2008 Plan”), and the Omnibus Incentive Plan adopted in the third fiscal quarter of Fiscal 2012 and amended and restated with shareholder approval in May 2015, and again in June 2020 (the “Incentive Plan”). The 2008 Plan only provided for grants of share options and was authorized to issue up to 23,980,823 ordinary shares. As of October 1, 2022, there were no shares available to grant equity awards under the 2008 Plan. The Incentive Plan allows for grants of share options, restricted shares and RSUs, and other equity awards, and authorizes a total issuance of up to 22,471,000 ordinary shares after amendments in August 2022. At October 1, 2022, there were 6,434,269 ordinary shares available for future grants of equity awards under the Incentive Plan. Option grants issued from the 2008 Plan generally expire ten years from the date of the grant, and those issued under the Incentive Plan generally expire seven years from the date of the grant. The following table summarizes the Company’s share-based compensation activity during the six months ended October 1, 2022: Options Service-Based RSUs Performance-Based RSUs Outstanding/Unvested at April 2, 2022 355,448 3,827,700 210,192 Granted — 1,460,892 152,921 Exercised/Vested (120,873) (1,452,988) (197,874) Canceled/Forfeited (4,900) (355,943) — Outstanding/Unvested at October 1, 2022 229,675 3,479,661 165,239 The weighted average grant date fair value of service-based and performance-based RSUs granted during the six months ended October 1, 2022 was $49.80 and $47.41, respectively. The weighted average grant date fair value of service-based RSUs granted during the six months ended September 25, 2021 was $51.64. Share-Based Compensation Expense The following table summarizes compensation expense attributable to share-based compensation for the three and six months ended October 1, 2022 and September 25, 2021 (in millions): Three Months Ended Six Months Ended October 1, September 25, October 1, September 25, Share-based compensation expense $ 16 $ 20 $ 44 $ 56 Tax benefit related to share-based compensation expense $ 2 $ 4 $ 7 $ 11 Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company estimates forfeitures based on historical forfeiture rates. The estimated value of future forfeitures for equity grants as of October 1, 2022 is approximately $11 million. See Note 16 in the Company’s Fiscal 2022 Annual Report on Form 10-K for additional information relating to the Company’s share-based compensation awards.

Income Taxes

Income Taxes	6 Months Ended
	Oct. 01, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rate for the three and six months ended October 1, 2022 was 13.5% and 12.9%, respectively. Such rates differ from the United Kingdom (“U.K.”) federal statutory rate of 19% primarily due to the impact of global financing activities. The Company’s effective tax rate for the three and six months ended September 25, 2021 was (1.0)% and 7.7%, respectively. Such rates differ from the United Kingdom (“U.K.”) federal statutory rate of 19% primarily due to a benefit recognized as a result of recently enacted tax legislation in Italy which allowed the Company to reduce its deferred tax liabilities. Specifically, this change allowed the Company to step up certain intangible assets which will result in lower future cash taxes. In addition, the tax rate for each period was further reduced by the favorable impact of global financing activities, partially offset by the increases in uncertain tax positions for the three months ended September 25, 2021. For the six months ended September 25, 2021, the tax rate was also negatively impacted by the tax rate change in the United Kingdom on the Company's net deferred tax liabilities.

Segment Information

Segment Information	6 Months Ended
	Oct. 01, 2022
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 and accessories 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 system expenses, including enterprise resource planning system implementation costs. In addition, certain other costs are not allocated to segments, including restructuring and other charges and COVID-19 related charges. 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): Three Months Ended Six Months Ended October 1, September 25, October 1, September 25, Total revenue: Versace $ 308 $ 282 $ 583 $ 522 Jimmy Choo 142 137 314 279 Michael Kors 962 881 1,875 1,752 Total revenue $ 1,412 $ 1,300 $ 2,772 $ 2,553 Income from operations: Versace $ 62 $ 55 $ 114 $ 103 Jimmy Choo 8 1 27 12 Michael Kors 248 220 470 460 Total segment income from operations 318 276 611 575 Less: Corporate expenses (55) (45) (115) (86) Impairment of assets (1) (11) (33) (11) (33) Restructuring and other charges (3) (8) (6) (11) COVID-19 related charges 3 5 4 8 Total income from operations $ 252 $ 195 $ 483 $ 453 (1) Impairment of assets during the three and six months ended October 1, 2022 and September 25, 2021 primarily related to operating lease right-of-use assets at certain Michael Kors store locations. Depreciation and amortization expense for each segment are as follows (in millions): Three Months Ended Six Months Ended October 1, September 25, October 1, September 25, Depreciation and amortization: Versace $ 12 $ 12 $ 24 $ 26 Jimmy Choo 7 8 14 15 Michael Kors 23 29 48 58 Corporate 1 — 2 — Total depreciation and amortization $ 43 $ 49 $ 88 $ 99 Total revenue (based on country of origin) by geographic location are as follows (in millions): Three Months Ended Six Months Ended October 1, September 25, October 1, September 25, Revenue: The Americas (United States, Canada and Latin America) (1) $ 806 $ 701 $ 1,600 $ 1,416 EMEA 400 388 764 690 Asia 206 211 408 447 Total revenue $ 1,412 $ 1,300 $ 2,772 $ 2,553 (1) Total revenue earned in the U.S. was $739 million and $1.472 billion, respectively, for the three and six months ended October 1, 2022. Total revenue earned in the U.S. was $651 million and $1.322 billion, respectively, for the three and six months ended September 25, 2021.

Subsequent Events

Subsequent Events	6 Months Ended
	Oct. 01, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Share Repurchase Plan Subsequent to October 1, 2022, the Company purchased 2,295,845 shares for a total cost of approximately $100 million, including commissions, under the Existing Share Repurchase Plan pursuant to a Rule 10b5-1 trading plan, bringing the remaining availability under the Company’s existing share repurchase program to $250 million. Share repurchases may be made in open market or privately negotiated transactions and/or pursuant to Rule 10b5-1 trading plans, subject to market conditions, applicable legal requirements, trading restrictions under the Company’s insider trading policy and other relevant factors. The program may be suspended or discontinued at any time. On November 9, 2022, the Company announced that its Board of Directors approved a new share repurchase program of up to $1 billion of its outstanding ordinary shares, providing additional capacity to return cash to shareholders over the longer term. This new two-year program will replace the Company’s existing $1 billion share repurchase program which had $250 million of availability remaining. Share repurchases may be made in open market or privately negotiated transactions, subject to market conditions, applicable legal requirements, trading restrictions under the Company’s insider trading policy and other relevant factors. The program may be suspended or discontinued at any time.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Oct. 01, 2022
Accounting Policies [Abstract]
Consolidation	The interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and include the accounts of the Company and its wholly-owned or controlled subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. The interim consolidated financial statements as of October 1, 2022 and for the three and six months ended October 1, 2022 and September 25, 2021 are unaudited. The Company consolidates the results of its Versace business on a one-month lag, as consistent with prior periods. In addition, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The interim consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, necessary for a fair presentation in conformity with U.S. GAAP. The interim consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended April 2, 2022, as filed with the Securities and Exchange Commission on June 1, 2022, in the Company’s Annual Report on Form 10-K. The results of operations for the interim periods should not be considered indicative of results to be expected for the full fiscal year.
Fiscal Period	The Company utilizes a 52- to 53-week fiscal year and the term “Fiscal Year” or “Fiscal” refers to that 52- or 53-week period. The results for the three and six months ended October 1, 2022 and September 25, 2021 are based on 13-week and 26-week periods, respectively. The Company’s Fiscal Year 2023 is a 52-week period ending April 1, 2023.
Use of Estimates	The preparation of financial statements in accordance with U.S. GAAP requires management to use judgment and make estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The level of uncertainty in estimates and assumptions increases with the length of time until the underlying transactions are completed. The most significant assumptions and estimates involved in preparing the financial statements include allowances for customer deductions, sales returns, sales discounts, credit losses, estimates of inventory net realizable value, the valuation of share-based compensation, the valuation of deferred taxes, goodwill, intangible assets, operating lease right-of-use assets and property and equipment, along with the estimated useful lives assigned to these assets. Actual results could differ from those estimates.
Seasonality	The Company experiences certain effects of seasonality with respect to its business.
Inventories, net	Inventories primarily consist of finished goods with the exception of raw materials and work in process inventory.
Derivative Financial Instruments	Forward Foreign Currency Exchange Contracts The Company uses forward foreign currency exchange contracts to manage its exposure to fluctuations in foreign currency for certain transactions. The Company, in its normal course of business, enters into transactions with foreign suppliers and seeks to minimize risks related to these transactions. The Company employs these contracts to hedge the Company’s cash flows as they relate to foreign currency transactions. Certain of these contracts are designated as hedges for accounting purposes, while others remain undesignated. All of the Company’s derivative instruments are recorded in the Company’s consolidated balance sheets at fair value on a gross basis, regardless of their hedge designation. The Company designates certain contracts related to the purchase of inventory that qualify for hedge accounting as cash flow hedges. Formal hedge documentation is prepared for all derivative instruments designated as hedges, including a description of the hedged item and the hedging instrument and the risk being hedged. The changes in the fair value for contracts designated as cash flow hedges is recorded in equity as a component of accumulated other comprehensive (loss) income until the hedged item affects earnings. When the inventory related to forecasted inventory purchases that are being hedged is sold to a third party, the gains or losses deferred in accumulated other comprehensive (loss) income are recognized within cost of goods sold. The Company uses regression analysis to assess effectiveness of derivative instruments that are designated as hedges, which compares the change in the fair value of the derivative instrument to the change in the related hedged item. If the hedge is no longer expected to be highly effective in the future, future changes in the fair value are recognized in earnings. For those contracts that are not designated as hedges, changes in the fair value are recorded to foreign currency (gain) loss in the Company’s consolidated statements of operations and comprehensive income. The Company classifies cash flows relating to its forward foreign currency exchange contracts related to purchase of inventory consistently with the classification of the hedged item, within cash flows from operating activities. The Company is exposed to the risk that counterparties to derivative contracts will fail to meet their contractual obligations. In order to mitigate counterparty credit risk, the Company only enters into contracts with carefully selected financial institutions based upon their credit ratings and certain other financial factors, adhering to established limits for credit exposure. The aforementioned forward contracts generally have a term of no more than 12 months. The period of these contracts is directly related to the foreign transaction they are intended to hedge. Net Investment Hedges The Company also uses fixed-to-fixed cross currency swap agreements to hedge its net investments in foreign operations against future volatility in the exchange rates between the U.S. Dollars and the associated foreign currencies. The Company has elected the spot method of designating these contracts under Accounting Standards Update (“ASU”) 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities”, and has designated these contracts as net investment hedges. The net gain or loss on the net investment hedge is reported within foreign currency translation gains and losses (“CTA”), as a component of accumulated other comprehensive (loss) income on the Company’s consolidated balance sheets. Interest accruals and coupon payments are recognized directly in interest expense (income), net, in the Company’s
Leases	The Company leases retail stores, office space and warehouse space under operating lease agreements that expire at various dates through September 2043. The Company’s leases generally have terms of up to 10 years, generally require a fixed annual rent and may require the payment of additional rent if store sales exceed a negotiated amount. Although most of the Company’s equipment is owned, the Company has limited equipment leases that expire on various dates through September 2026. The Company acts as sublessor in certain leasing arrangements, primarily related to closed stores from previous restructuring activities. Fixed sublease payments received are recognized on a straight-line basis over the sublease term. The Company determines the sublease term based on the date it provides possession to the subtenant through the expiration date of the sublease. The Company recognizes operating lease right-of-use assets and lease liabilities at lease commencement date, based on the present value of fixed lease payments over the expected lease term. The Company uses its incremental borrowing rates to determine the present value of fixed lease payments based on the information available at the lease commencement date, as the rate implicit in the lease is not readily determinable for the Company’s leases. The Company’s incremental borrowing rates are based on the term of the leases, the economic environment of the leases and reflect the expected interest rate it would incur to borrow on a secured basis. Certain leases include one or more renewal options. The exercise of lease renewal options is generally at the Company’s sole discretion and as such, the Company typically determines that exercise of these renewal options is not reasonably certain. As a result, the Company generally does not include the renewal option period in the expected lease term and the associated lease payments are not included in the measurement of the operating lease right-of-use asset and lease liability. Certain leases also contain termination options with an associated penalty. Generally, the Company is reasonably certain not to exercise these options and as such, they are not included in the determination of the expected lease term. The Company recognizes operating lease expense on a straight-line basis over the lease term. Leases with an initial lease term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for its short-term leases on a straight-line basis over the lease term. The Company’s leases generally provide for payments of non-lease components, such as common area maintenance, real estate taxes and other costs associated with the leased property. The Company accounts for lease and non-lease components of its real estate leases together as a single lease component and, as such, includes fixed payments of non-lease components in the measurement of the operating lease right-of-use assets and lease liabilities for its real estate leases. Variable lease payments, such as percentage rentals based on sales, periodic adjustments for inflation, reimbursement of real estate taxes, any variable common area maintenance and any other variable costs associated with the leased property are expensed as incurred as variable lease costs and are not recorded on the balance sheet. The Company’s lease agreements do not contain any material residual value guarantees, material restrictions or covenants.
Net Income (Loss) per Share	The Company’s basic net income per ordinary share is calculated by dividing net income by the weighted average number of ordinary shares outstanding during the period. Diluted net income per ordinary share reflects the potential dilution that would occur if share option grants or any other potentially dilutive instruments, including restricted shares and restricted share units (“RSUs”), were exercised or converted into ordinary shares. These potentially dilutive securities are included in diluted shares to the extent they are dilutive under the treasury stock method for the applicable periods. Performance-based RSUs are included as diluted shares if the related performance conditions are considered satisfied as of the end of the reporting period and to the extent they are dilutive under the treasury stock method.
Recently Issued Accounting Pronouncements	Reference Rate Reform In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting” and in January 2021, issued ASU 2021-01, “Reference Rate Reform: Scope”. Both of these updates aim to ease the potential burden in accounting for reference rate reform. These updates provide optional expedients and exceptions, if certain criteria are met, for applying accounting principles generally accepted in the United States to contract modifications, hedging relationships and other transactions affected by the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). The amendments were effective upon issuance and allowed companies to adopt the amendments on a prospective basis through December 31, 2022. The Company does not expect the adoption of this standard to have a material impact on the Company’s results of operations, financial condition or cash flows based on current information.
Revenue Recognition	The Company accounts for contracts with its customers when there is approval and commitment from both parties, the rights of the parties and payment terms have been identified, the contract has commercial substance and collectibility of consideration is probable. Revenue is recognized when control of the promised goods or services is transferred to the Company’s customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for goods or services. The Company sells its products through three primary channels of distribution: retail, wholesale and licensing. Within the retail and wholesale channels, substantially all of the Company’s revenues consist of sales of products that represent a single performance obligation, where control transfers at a point in time to the customer. For licensing arrangements, royalty and advertising revenue is recognized over time based on access provided to the Company’s trademarks. Retail The Company generates sales through directly operated stores and e-commerce sites throughout the Americas (United States, Canada and Latin America), certain parts of EMEA (Europe, Middle East and Africa) and certain parts of Asia (Asia and Oceania). Gift Cards. The Company sells gift cards that can be redeemed for merchandise, resulting in a contract liability upon issuance. Revenue is recognized when the gift card is redeemed or upon “breakage” for the estimated portion of gift cards that are not expected to be redeemed. “Breakage” revenue is calculated under the proportional redemption methodology, which considers the historical patterns of redemption in jurisdictions where the Company is not required to remit the value of the unredeemed gift cards as unclaimed property. The contract liability related to gift cards, net of estimated “breakage”, of $14 million and $13 million as of October 1, 2022 and April 2, 2022, respectively, is included within accrued expenses and other current liabilities in the Company’s consolidated balance sheet. Loyalty Program . The Company offers a loyalty program, which allows its Michael Kors United States customers to earn points on qualifying purchases toward monetary and non-monetary rewards, which may be redeemed for purchases at Michael Kors retail stores and e-commerce sites. The Company defers a portion of the initial sales transaction based on the estimated relative fair value of the benefits based on projected timing of future redemptions and historical activity. These amounts include estimated “breakage” for points that are not expected to be redeemed. Wholesale The Company’s products are sold primarily to major department stores, specialty stores and travel retail shops throughout the Americas, EMEA and Asia. The Company also has arrangements where its products are sold to geographic licensees in certain parts of EMEA, Asia and South America. Licensing The Company provides its third-party licensees with the right to access its Versace, Jimmy Choo and Michael Kors trademarks under product and geographic licensing arrangements. Under geographic licensing arrangements, third party
Receivables, net	Receivables are presented net of allowances for discounts, markdowns, operational chargebacks and credit losses. Discounts are based on open invoices where trade discounts have been extended to customers. Markdowns are based on wholesale customers’ sales performance, seasonal negotiations with customers, historical deduction trends and an evaluation of current market conditions. Operational chargebacks are based on deductions taken by customers, net of expected recoveries. Such provisions, and related recoveries, are reflected in revenues.The Company’s allowance for credit losses is determined through analysis of periodic aging of receivables and assessments of collectibility based on an evaluation of historic and anticipated trends, the financial condition of the Company’s customers and the impact of general economic conditions. The past due status of a receivable is based on its contractual terms. Amounts deemed uncollectible are written off against the allowance when it is probable the amounts will not be recovered.
Fair Value Measurements	At October 1, 2022 and April 2, 2022, the fair values of the Company’s derivative contracts were determined using broker quotations, which were calculations derived from observable market information: the applicable currency rates at the balance sheet date and those forward rates particular to the contract at inception. The Company makes no adjustments to these broker obtained quotes or prices, but assesses the credit risk of the counterparty and would adjust the provided valuations for counterparty credit risk when appropriate. The fair values of the forward contracts are included in prepaid expenses and other current assets, and in accrued expenses and other current liabilities in the consolidated balance sheets, depending on whether they represent assets or liabilities to the Company. The fair value of net investment hedges is included in other assets, and in other long-term liabilities in the consolidated balance sheets, depending on whether they represent assets or liabilities of the Company.The Company’s long-term debt obligations are recorded in its consolidated balance sheets at carrying values, which may differ from the related fair values. The fair value of the Company’s long-term debt is estimated using external pricing data, including any available quoted market prices and based on other debt instruments with similar characteristics. Borrowings under revolving credit agreements, if outstanding, are recorded at carrying value, which approximates fair value due to the frequent nature of such borrowings and repayments.The Company’s cash and cash equivalents, accounts receivable and accounts payable are recorded at carrying value, which approximates fair value.
Non-Financial Assets and Liabilities	The Company’s non-financial assets include goodwill, intangible assets, operating lease right-of-use assets and property and equipment. Such assets are reported at their carrying values and are not subject to recurring fair value measurements. The Company’s goodwill and its indefinite-lived intangible assets (Versace and Jimmy Choo brands) are assessed for impairment at least annually, while its other long-lived assets, including operating lease right-of-use assets, property and equipment and definite-lived intangible assets, are assessed for impairment whenever events or changes in circumstances indicate that the carrying amount of any such asset may not be recoverable. The Company determines the fair values of these assets based on Level 3 measurements using the Company’s best estimates of the amount and timing of future discounted cash flows, based on historical experience, market conditions, current trends and performance expectations.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Oct. 01, 2022
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents	A reconciliation of cash, cash equivalents and restricted cash as of October 1, 2022 and April 2, 2022 from the consolidated balance sheets to the consolidated statements of cash flows is as follows (in millions): October 1, April 2, Reconciliation of cash, cash equivalents and restricted cash Cash and cash equivalents $ 215 $ 169 Restricted cash included within prepaid expenses and other current assets 4 3 Total cash, cash equivalents and restricted cash shown on the consolidated statements of cash flows $ 219 $ 172
Restrictions on Cash and Cash Equivalents	A reconciliation of cash, cash equivalents and restricted cash as of October 1, 2022 and April 2, 2022 from the consolidated balance sheets to the consolidated statements of cash flows is as follows (in millions): October 1, April 2, Reconciliation of cash, cash equivalents and restricted cash Cash and cash equivalents $ 215 $ 169 Restricted cash included within prepaid expenses and other current assets 4 3 Total cash, cash equivalents and restricted cash shown on the consolidated statements of cash flows $ 219 $ 172
Schedule of Net Lease Costs and Supplemental Cash Flow Information	The following table presents the Company’s supplemental cash flow information related to leases (in millions): Six Months Ended October 1, September 25, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating leases (1) $ 248 $ 257 (1) Operating cash flows used in operating leases for the six months ended September 25, 2021 excluded $5 million of deferred rent payments due to the COVID-19 pandemic.
Schedule of Components of Calculation of Basic Net Income Per Ordinary Share and Diluted Net Income Per Ordinary Share	The components of the calculation of basic net income per ordinary share and diluted net income per ordinary share are as follows (in millions, except share and per share data): Three Months Ended Six Months Ended October 1, September 25, October 1, September 25, Numerator: Net income attributable to Capri $ 224 $ 200 $ 425 $ 419 Denominator: Basic weighted average shares 136,037,449 151,859,760 138,975,518 151,604,916 Weighted average dilutive share equivalents: Share options and restricted shares/units, and performance restricted share units 1,014,126 2,359,489 1,417,262 2,958,616 Diluted weighted average shares 137,051,575 154,219,249 140,392,780 154,563,532 Basic net income per share (1) $ 1.64 $ 1.31 $ 3.06 $ 2.76 Diluted net income per share (1) $ 1.63 $ 1.30 $ 3.03 $ 2.71 (1) Basic and diluted net income per share are calculated using unrounded numbers.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Oct. 01, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Contractually Guaranteed Minimum Fees	As of October 1, 2022, contractually guaranteed minimum fees from the Company’s license agreements expected to be recognized as revenue during future periods were as follows (in millions): Contractually Guaranteed Minimum Fees Remainder of Fiscal 2023 $ 15 Fiscal 2024 30 Fiscal 2025 30 Fiscal 2026 27 Fiscal 2027 23 Fiscal 2028 and thereafter 42 Total $ 167
Schedule of Segment Revenues Disaggregated by Geographic Location	The following table presents the Company’s segment revenue disaggregated by geographic location (in millions): Three Months Ended Six Months Ended October 1, September 25, October 1, September 25, Versace revenue - the Americas $ 120 $ 107 $ 235 $ 194 Versace revenue - EMEA 130 118 237 205 Versace revenue - Asia 58 57 111 123 Total Versace 308 282 583 522 Jimmy Choo revenue - the Americas 43 38 97 76 Jimmy Choo revenue - EMEA 57 56 123 106 Jimmy Choo revenue - Asia 42 43 94 97 Total Jimmy Choo 142 137 314 279 Michael Kors revenue - the Americas 643 556 1,268 1,146 Michael Kors revenue - EMEA 213 214 404 379 Michael Kors revenue - Asia 106 111 203 227 Total Michael Kors 962 881 1,875 1,752 Total revenue - the Americas 806 701 1,600 1,416 Total revenue - EMEA 400 388 764 690 Total revenue - Asia 206 211 408 447 Total revenue $ 1,412 $ 1,300 $ 2,772 $ 2,553

Receivables, net (Tables)

Receivables, net (Tables)	6 Months Ended
	Oct. 01, 2022
Receivables [Abstract]
Receivables, net	Receivables, net, consist of (in millions): October 1, April 2, Trade receivables (1) $ 455 $ 461 Receivables due from licensees 38 17 493 478 Less: allowances (52) (44) Total receivables, net $ 441 $ 434 (1) As of October 1, 2022 and April 2, 2022, $84 million and $83 million, respectively, of trade receivables were insured.

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	6 Months Ended
	Oct. 01, 2022
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net, consists of (in millions): October 1, April 2, Leasehold improvements $ 549 $ 575 Computer equipment and software 227 212 Furniture and fixtures 207 218 Equipment 77 81 In-store shops 47 47 Building 43 48 Land 16 19 Total property and equipment, gross 1,166 1,200 Less: accumulated depreciation and amortization (783) (790) Subtotal 383 410 Construction-in-progress 87 66 Total property and equipment, net $ 470 $ 476

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	6 Months Ended
	Oct. 01, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Indefinite-Lived Intangible Assets	The following table details the carrying values of the Company’s intangible assets and goodwill (in millions): October 1, April 2, Definite-lived intangible assets: Reacquired rights $ 400 $ 400 Trademarks 23 23 Customer relationships (1) 360 414 Gross definite-lived intangible assets 783 837 Less: accumulated amortization (235) (228) Net definite-lived intangible assets 548 609 Indefinite-lived intangible assets: Jimmy Choo brand (2) 273 321 Versace brand (1) 813 917 Net indefinite-lived intangible assets 1,086 1,238 Total intangible assets, excluding goodwill $ 1,634 $ 1,847 Goodwill (3) $ 1,256 $ 1,418 (1) The change in the carrying value since April 2, 2022 reflects the impact of foreign currency translation. (2) Includes accumulated impairment of $249 million as of October 1, 2022 and April 2, 2022. The change in the carrying value since April 2, 2022 reflects the impact of foreign currency translation. (3) Includes accumulated impairment of $265 million related to the Jimmy Choo reporting units as of October 1, 2022 and April 2, 2022. The change in the carrying value since April 2, 2022 reflects the impact of foreign currency translation.
Schedule of Finite-Lived Intangible Assets	The following table details the carrying values of the Company’s intangible assets and goodwill (in millions): October 1, April 2, Definite-lived intangible assets: Reacquired rights $ 400 $ 400 Trademarks 23 23 Customer relationships (1) 360 414 Gross definite-lived intangible assets 783 837 Less: accumulated amortization (235) (228) Net definite-lived intangible assets 548 609 Indefinite-lived intangible assets: Jimmy Choo brand (2) 273 321 Versace brand (1) 813 917 Net indefinite-lived intangible assets 1,086 1,238 Total intangible assets, excluding goodwill $ 1,634 $ 1,847 Goodwill (3) $ 1,256 $ 1,418 (1) The change in the carrying value since April 2, 2022 reflects the impact of foreign currency translation. (2) Includes accumulated impairment of $249 million as of October 1, 2022 and April 2, 2022. The change in the carrying value since April 2, 2022 reflects the impact of foreign currency translation. (3) Includes accumulated impairment of $265 million related to the Jimmy Choo reporting units as of October 1, 2022 and April 2, 2022. The change in the carrying value since April 2, 2022 reflects the impact of foreign currency translation.

Current Assets and Current Li_2

Current Assets and Current Liabilities (Tables)	6 Months Ended
	Oct. 01, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consist of the following (in millions): October 1, April 2, Prepaid taxes $ 132 $ 86 Prepaid contracts 24 15 Other accounts receivables 12 17 Prepaid insurance 10 2 Interest receivable related to net investment hedges 1 13 Other 70 59 Total prepaid expenses and other current assets $ 249 $ 192
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following (in millions): October 1, April 2, Other taxes payable $ 52 $ 61 Return liabilities 45 52 Accrued capital expenditures 43 39 Accrued advertising and marketing 21 21 Accrued rent (1) 16 20 Gift cards and retail store credits 15 17 Professional services 15 15 Accrued litigation 12 13 Charitable donations (2) 10 10 Accrued interest 10 10 Accrued purchases and samples 9 11 Other 64 82 Total accrued expenses and other current liabilities $ 312 $ 351 (1) The accrued rent balance relates to variable lease payments. (2) The charitable donations balance relates to a $10 million unconditional pledge to The Versace Foundation as of October 1, 2022 and April 2, 2022.

Debt Obligations (Tables)

Debt Obligations (Tables)	6 Months Ended
	Oct. 01, 2022
Debt Disclosure [Abstract]
Schedule of Debt Obligations	The following table presents the Company’s debt obligations (in millions): October 1, April 2, Revolving Credit Facilities $ 1,126 $ 175 Senior Notes due 2024 450 450 Term Loan — 497 Other 26 42 Total debt 1,602 1,164 Less: Unamortized debt issuance costs 1 3 Less: Unamortized discount on senior notes 1 1 Total carrying value of debt 1,600 1,160 Less: Short-term debt 15 29 Total long-term debt $ 1,585 $ 1,131

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Oct. 01, 2022
Fair Value Disclosures [Abstract]
Schedule of Contracts Measured and Recorded at Fair Value on Recurring and Categorized in Level 2 of Fair Value Hierarchy	All contracts are measured and recorded at fair value on a recurring basis and are categorized in Level 2 of the fair value hierarchy, as shown in the following table (in millions): Fair value at October 1, 2022 using: Fair value at April 2, 2022 using: Quoted prices in Significant Significant Quoted prices in Significant Significant Derivative assets: Forward foreign currency exchange contracts $ — $ 10 $ — $ — $ 4 $ — Net investment hedges — 2 — — 44 — Undesignated derivative contracts — — — — 4 — Total derivative assets $ — $ 12 $ — $ — $ 52 $ — Derivative liabilities: Net investment hedges $ — $ 11 $ — $ — $ 37 $ — Total derivative liabilities $ — $ 11 $ — $ — $ 37 $ —
Fair Value Measurement of Long-term Debt	The following table summarizes the carrying values and estimated fair values of the Company’s short- and long-term debt, based on Level 2 measurements (in millions): October 1, 2022 April 2, 2022 Carrying Estimated Carrying Estimated Senior Notes due 2024 $ 448 $ 429 $ 448 $ 451 Term Loan $ — $ — $ 495 $ 490 Revolving Credit Facilities $ 1,126 $ 1,126 $ 175 $ 175
Schedule of Long-lived Assets, Nonrecurring	The following table details the carrying values and fair values of the Company’s assets that have been impaired during the three and six months ended October 1, 2022 and the three and six months ended September 25, 2021 (in millions): Three and Six Months Ended Three and Six Months Ended Carrying Value Prior to Impairment Fair Value Impairment Charge Carrying Value Prior to Impairment Fair Value Impairment Charge Operating Lease Right-of-Use Assets $ 25 $ 16 $ 9 $ 83 $ 53 $ 30 Property and Equipment 3 1 2 4 1 3 Total $ 28 $ 17 $ 11 $ 87 $ 54 $ 33

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Oct. 01, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value of Derivative Contracts Recorded on Gross Basis in Consolidated Balance Sheets	The following table details the fair value of the Company’s derivative contracts, which are recorded on a gross basis in the consolidated balance sheets as of October 1, 2022 and April 2, 2022 (in millions): Fair Value Notional Amounts Assets Liabilities October 1, April 2, October 1, April 2, October 1, April 2, Designated forward foreign currency exchange contracts $ 76 $ 119 $ 10 (1) $ 4 (1) $ — $ — Designated net investment hedges 294 4,194 2 (2) 44 (2) 11 (3) 37 (3) Total designated hedges 370 4,313 12 48 11 37 Undesignated derivative contracts (4) — 38 — 4 — — Total $ 370 $ 4,351 $ 12 $ 52 $ 11 $ 37 (1) Recorded within prepaid expenses and other current assets in the Company’s consolidated balance sheets. (2) Recorded within other assets in the Company’s consolidated balance sheets. (3) Recorded within other long-term liabilities in the Company’s consolidated balance sheets. (4) Represents undesignated hedges of inventory purchases.
Schedule of Derivative Instruments on The Balance Sheets, Net Basis	However, if the Company were to offset and record the asset and liability balances for its derivative instruments on a net basis in accordance with the terms of its master netting arrangements, which provide for the right to set-off amounts for similar transactions denominated in the same currencies, the resulting impact as of October 1, 2022 and April 2, 2022 would be as follows (in millions): Forward Currency Net Investment October 1, April 2, October 1, April 2, Assets subject to master netting arrangements $ 10 $ 8 $ 2 $ 44 Liabilities subject to master netting arrangements $ — $ — $ 11 $ 37 Derivative assets, net $ 10 $ 8 $ — $ 42 Derivative liabilities, net $ — $ — $ 9 $ 35
Reclassification out of Accumulated Other Comprehensive Income	The following table summarizes the pre-tax impact of the gains on the Company’s designated forward foreign currency exchange contracts and net investment hedges (in millions): Three Months Ended Six Months Ended October 1, 2022 September 25, 2021 October 1, 2022 September 25, 2021 Pre-Tax Gains Pre-Tax Gains Pre-Tax Gains Pre-Tax Gains Designated forward foreign currency exchange contracts $ 5 $ 3 $ 11 $ 2 Designated net investment hedges $ 152 $ 89 $ 365 $ 172 The following tables summarize the pre-tax impact of the gains and losses within the consolidated statements of operations and comprehensive income related to the designated forward foreign currency exchange contracts for the three and six months ended October 1, 2022 and September 25, 2021 (in millions): Three Months Ended Pre-Tax (Gain) Loss Reclassified from Location of (Gain) Loss Recognized October 1, September 25, 2021 Designated forward foreign currency exchange contracts $ (3) $ 1 Cost of goods sold Six Months Ended Pre-Tax (Gain) Loss Reclassified from Location of (Gain) Loss Recognized October 1, September 25, 2021 Designated forward foreign currency exchange contracts $ (7) $ 2 Cost of goods sold

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Oct. 01, 2022
Equity [Abstract]
Changes in Components of Accumulated Other Comprehensive Income (Loss), Net of Taxes	The following table details changes in the components of accumulated other comprehensive (loss) income (“AOCI”), net of taxes, for the six months ended October 1, 2022 and September 25, 2021, respectively (in millions): Foreign Currency Adjustments (1) Net Gains (Losses) on Derivatives (2) Other Comprehensive Income (Loss) Attributable to Capri Balance at April 2, 2022 $ 184 $ 10 $ 194 Other comprehensive (loss) income before reclassifications (232) 10 (222) Less: amounts reclassified from AOCI to earnings — 7 7 Other comprehensive (loss) income, net of tax (232) 3 (229) Balance at October 1, 2022 $ (48) $ 13 $ (35) Balance at March 27, 2021 $ 57 $ (1) $ 56 Other comprehensive income before reclassifications 114 2 116 Less: amounts reclassified from AOCI to earnings — (2) (2) Other comprehensive income, net of tax 114 4 118 Balance at September 25, 2021 $ 171 $ 3 $ 174 (1) Foreign currency translation adjustments for the six months ended October 1, 2022 primarily include a net $486 million translation loss partially offset by a $247 million gain, net of taxes of $118 million, relating to the Company’s net investment hedges. Foreign currency translation adjustments for the six months ended September 25, 2021 primarily include a $132 million gain, net of taxes of $40 million, relating to the Company’s net investment hedges, partially offset by a net $23 million translation loss. (2) Reclassified amounts primarily relate to the Company’s forward foreign currency exchange contracts for inventory purchases and are recorded within cost of goods sold in the Company’s consolidated statements of operations and comprehensive income. All tax effects were not material for the periods presented.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Oct. 01, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Share-based Compensation Activity	The following table summarizes the Company’s share-based compensation activity during the six months ended October 1, 2022: Options Service-Based RSUs Performance-Based RSUs Outstanding/Unvested at April 2, 2022 355,448 3,827,700 210,192 Granted — 1,460,892 152,921 Exercised/Vested (120,873) (1,452,988) (197,874) Canceled/Forfeited (4,900) (355,943) — Outstanding/Unvested at October 1, 2022 229,675 3,479,661 165,239
Summary of Compensation Expense Attributable to Share-Based Compensation	The following table summarizes compensation expense attributable to share-based compensation for the three and six months ended October 1, 2022 and September 25, 2021 (in millions): Three Months Ended Six Months Ended October 1, September 25, October 1, September 25, Share-based compensation expense $ 16 $ 20 $ 44 $ 56 Tax benefit related to share-based compensation expense $ 2 $ 4 $ 7 $ 11

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Oct. 01, 2022
Segment Reporting [Abstract]
Key Performance Information of Reportable Segments	The following table presents the key performance information of the Company’s reportable segments (in millions): Three Months Ended Six Months Ended October 1, September 25, October 1, September 25, Total revenue: Versace $ 308 $ 282 $ 583 $ 522 Jimmy Choo 142 137 314 279 Michael Kors 962 881 1,875 1,752 Total revenue $ 1,412 $ 1,300 $ 2,772 $ 2,553 Income from operations: Versace $ 62 $ 55 $ 114 $ 103 Jimmy Choo 8 1 27 12 Michael Kors 248 220 470 460 Total segment income from operations 318 276 611 575 Less: Corporate expenses (55) (45) (115) (86) Impairment of assets (1) (11) (33) (11) (33) Restructuring and other charges (3) (8) (6) (11) COVID-19 related charges 3 5 4 8 Total income from operations $ 252 $ 195 $ 483 $ 453 (1) Impairment of assets during the three and six months ended October 1, 2022 and September 25, 2021 primarily related to operating lease right-of-use assets at certain Michael Kors store locations.
Depreciation and Amortization Expense for Each Segment	Depreciation and amortization expense for each segment are as follows (in millions): Three Months Ended Six Months Ended October 1, September 25, October 1, September 25, Depreciation and amortization: Versace $ 12 $ 12 $ 24 $ 26 Jimmy Choo 7 8 14 15 Michael Kors 23 29 48 58 Corporate 1 — 2 — Total depreciation and amortization $ 43 $ 49 $ 88 $ 99
Total Revenue (as Recognized Based on Country of Origin)	Total revenue (based on country of origin) by geographic location are as follows (in millions): Three Months Ended Six Months Ended October 1, September 25, October 1, September 25, Revenue: The Americas (United States, Canada and Latin America) (1) $ 806 $ 701 $ 1,600 $ 1,416 EMEA 400 388 764 690 Asia 206 211 408 447 Total revenue $ 1,412 $ 1,300 $ 2,772 $ 2,553 (1) Total revenue earned in the U.S. was $739 million and $1.472 billion, respectively, for the three and six months ended October 1, 2022. Total revenue earned in the U.S. was $651 million and $1.322 billion, respectively, for the three and six months ended September 25, 2021.

Business and Basis of Present_2

Business and Basis of Presentation (Details)	6 Months Ended
	Oct. 01, 2022 segment
Accounting Policies [Abstract]
Number of reportable segments	3

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 01, 2022	Sep. 25, 2021	Oct. 01, 2022	Sep. 25, 2021	Apr. 02, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Credit card receivables	$ 25		$ 25		$ 18
Raw materials inventory and work in process inventory	39		39		$ 31
Sublease income	$ 3	$ 2	$ 5	$ 4
Anti-dilutive securities excluded from calculation of basic and diluted net income per ordinary share (in shares)	794,933	415,331	726,136	513,088
COVID-19
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Rent relief	$ 3	$ 3	$ 5	$ 10
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Term of lease	10 years		10 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Oct. 01, 2022	Apr. 02, 2022	Sep. 25, 2021	Mar. 27, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 215	$ 169
Restricted cash included within prepaid expenses and other current assets	4	3
Total cash, cash equivalents and restricted cash shown on the consolidated statements of cash flows	$ 219	$ 172	$ 237	$ 234

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions	6 Months Ended
	Oct. 01, 2022	Sep. 25, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$ 248	$ 257
COVID-19
Cash paid for amounts included in the measurement of lease liabilities:
Deferred rent payments		$ 5

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Components of Calculation of Basic Net Income Per Ordinary Share and Diluted Net Income Per Ordinary Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Oct. 01, 2022	Sep. 25, 2021	Oct. 01, 2022	Sep. 25, 2021
Numerator:
Net income attributable to Capri	$ 224	$ 200	$ 425	$ 419
Denominator:
Basic weighted average shares (in shares)	136,037,449	151,859,760	138,975,518	151,604,916
Weighted average dilutive share equivalents:
Share options and restricted shares/units, and performance restricted share units (in shares)	1,014,126	2,359,489	1,417,262	2,958,616
Diluted weighted average shares (in shares)	137,051,575	154,219,249	140,392,780	154,563,532
Basic net income (loss) per share (in dollars per share)	$ 1.64	$ 1.31	$ 3.06	$ 2.76
Diluted net income (loss) per share (in dollars per share)	$ 1.63	$ 1.30	$ 3.03	$ 2.71

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 01, 2022 USD ($) distributionChannel	Sep. 25, 2021 USD ($)	Oct. 01, 2022 USD ($) distributionChannel	Sep. 25, 2021 USD ($)	Apr. 02, 2022 USD ($)
Contract With Customer, Asset And Liability [Line Items]
Number of product distribution channels | distributionChannel	3		3
Deferred loyalty program liabilities	$ 15		$ 15		$ 17
Return liabilities	45		45		52
Right to recover returned product	11		11		15
Contract liabilities	20		20		30
Revenue recognized during period	3	$ 2	8	$ 8
Contract assets	0		0		0
Gift Cards
Contract With Customer, Asset And Liability [Line Items]
Deferred loyalty program liabilities	$ 14		$ 14		$ 13

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Contractually Guaranteed Minimum Fees (Details) $ in Millions	Oct. 01, 2022 USD ($)
Revenue from Contract with Customer [Abstract]
Remainder of Fiscal 2023	$ 15
Fiscal 2024	30
Fiscal 2025	30
Fiscal 2026	27
Fiscal 2027	23
Fiscal 2028 and thereafter	42
Total	$ 167

Revenue Recognition - Schedul_2

Revenue Recognition - Schedule of Revenue Disaggregation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 01, 2022	Sep. 25, 2021	Oct. 01, 2022	Sep. 25, 2021
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,412	$ 1,300	$ 2,772	$ 2,553
The Americas
Disaggregation of Revenue [Line Items]
Total revenue	806	701	1,600	1,416
EMEA
Disaggregation of Revenue [Line Items]
Total revenue	400	388	764	690
Asia
Disaggregation of Revenue [Line Items]
Total revenue	206	211	408	447
Versace
Disaggregation of Revenue [Line Items]
Total revenue	308	282	583	522
Versace | The Americas
Disaggregation of Revenue [Line Items]
Total revenue	120	107	235	194
Versace | EMEA
Disaggregation of Revenue [Line Items]
Total revenue	130	118	237	205
Versace | Asia
Disaggregation of Revenue [Line Items]
Total revenue	58	57	111	123
Jimmy Choo
Disaggregation of Revenue [Line Items]
Total revenue	142	137	314	279
Jimmy Choo | The Americas
Disaggregation of Revenue [Line Items]
Total revenue	43	38	97	76
Jimmy Choo | EMEA
Disaggregation of Revenue [Line Items]
Total revenue	57	56	123	106
Jimmy Choo | Asia
Disaggregation of Revenue [Line Items]
Total revenue	42	43	94	97
Michael Kors
Disaggregation of Revenue [Line Items]
Total revenue	962	881	1,875	1,752
Michael Kors | The Americas
Disaggregation of Revenue [Line Items]
Total revenue	643	556	1,268	1,146
Michael Kors | EMEA
Disaggregation of Revenue [Line Items]
Total revenue	213	214	404	379
Michael Kors | Asia
Disaggregation of Revenue [Line Items]
Total revenue	$ 106	$ 111	$ 203	$ 227

Receivables, net - Schedule of

Receivables, net - Schedule of Receivables (Details) - USD ($) $ in Millions	Oct. 01, 2022	Apr. 02, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade receivables	$ 455	$ 461
Receivables due from licensees	38	17
Receivables, gross	493	478
Less: allowances	(52)	(44)
Total receivables, net	441	434
Credit Risk Assumed by Insured
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade receivables	$ 84	$ 83

Receivables, net - Narrative (D

Receivables, net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Oct. 01, 2022	Oct. 01, 2022	Sep. 25, 2021	Apr. 02, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts	$ 9	$ 9		$ 10
COVID-19
Accounts, Notes, Loans and Financing Receivable [Line Items]
Credit losses	$ 1	$ 2	$ (1)

Property and Equipment, net - S

Property and Equipment, net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Millions	Oct. 01, 2022	Apr. 02, 2022
Property, Plant and Equipment [Abstract]
Leasehold improvements	$ 549	$ 575
Computer equipment and software	227	212
Furniture and fixtures	207	218
Equipment	77	81
Building	43	48
In-store shops	47	47
Land	16	19
Total property and equipment, gross	1,166	1,200
Less: accumulated depreciation and amortization	(783)	(790)
Subtotal	383	410
Construction-in-progress	87	66
Total property and equipment, net	$ 470	$ 476

Property and Equipment, net - A

Property and Equipment, net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 01, 2022	Sep. 25, 2021	Oct. 01, 2022	Sep. 25, 2021
Property, Plant and Equipment [Line Items]
Depreciation and amortization of property and equipment	$ 31	$ 37	$ 65	$ 75
Impairment Charge		33	11	33
Property and Equipment
Property, Plant and Equipment [Line Items]
Impairment Charge	$ 2	$ 3	$ 2	$ 3

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill - Carrying Values of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Oct. 01, 2022	Apr. 02, 2022
Definite-lived intangible assets:
Gross definite-lived intangible assets	$ 783	$ 837
Less: accumulated amortization	(235)	(228)
Net definite-lived intangible assets	548	609
Indefinite-lived intangible assets:
Net indefinite-lived intangible assets	1,086	1,238
Total intangible assets, excluding goodwill	1,634	1,847
Goodwill	1,256	1,418
Reacquired rights
Definite-lived intangible assets:
Gross definite-lived intangible assets	400	400
Trademarks
Definite-lived intangible assets:
Gross definite-lived intangible assets	23	23
Customer relationships
Definite-lived intangible assets:
Gross definite-lived intangible assets	360	414
Jimmy Choo
Indefinite-lived intangible assets:
Net indefinite-lived intangible assets	273	321
Accumulated impairment loss	249	249
Accumulated impairment loss, goodwill	265	265
Versace
Indefinite-lived intangible assets:
Net indefinite-lived intangible assets	$ 813	$ 917

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 01, 2022	Sep. 25, 2021	Oct. 01, 2022	Sep. 25, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 12	$ 12	$ 23	$ 24

Current Assets and Current Li_3

Current Assets and Current Liabilities - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Millions	Oct. 01, 2022	Apr. 02, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid taxes	$ 132	$ 86
Prepaid contracts	24	15
Other accounts receivables	12	17
Prepaid insurance	10	2
Interest receivable related to net investment hedges	1	13
Other	70	59
Total prepaid expenses and other current assets	$ 249	$ 192

Current Assets and Current Li_4

Current Assets and Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions	Oct. 01, 2022	Apr. 02, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Other taxes payable	$ 52	$ 61
Return liabilities	45	52
Accrued capital expenditures	43	39
Accrued advertising and marketing	21	21
Accrued rent	16	20
Gift cards and retail store credits	15	17
Professional services	15	15
Accrued litigation	12	13
Charitable donations	10	10
Accrued interest	10	10
Accrued purchases and samples	9	11
Other	64	82
Total accrued expenses and other current liabilities	$ 312	$ 351

Restructuring and Other Charg_2

Restructuring and Other Charges - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 01, 2022 USD ($)	Sep. 25, 2021 USD ($) retailStore	Oct. 01, 2022 USD ($)	Sep. 25, 2021 USD ($) retailStore
Gianni Versace S.r.l.
Restructuring Cost and Reserve [Line Items]
Transition costs	$ 3	$ 9	$ 6	$ 15
Capri Retail Store Optimization Program
Restructuring Cost and Reserve [Line Items]
Number of store closed | retailStore		16		26
Restructuring charges, net		$ (1)		$ (4)

Debt Obligations - Schedule of

Debt Obligations - Schedule of Debt Obligations (Details) - USD ($) $ in Millions	Oct. 01, 2022	Apr. 02, 2022
Debt Instrument [Line Items]
Total debt	$ 1,602	$ 1,164
Less: Unamortized debt issuance costs	1	3
Less: Unamortized discount on senior notes	1	1
Total carrying value of debt	1,600	1,160
Less: Short-term debt	15	29
Total long-term debt	1,585	1,131
Senior Notes due 2024 | Revolving Credit Facilities
Debt Instrument [Line Items]
Total debt	450	450
Term Loan
Debt Instrument [Line Items]
Total debt	0	497
Other
Debt Instrument [Line Items]
Total debt	$ 26	$ 42

Debt Obligations - Narrative (D

Debt Obligations - Narrative (Details) - USD ($)	Jul. 02, 2022	Jul. 01, 2022	Oct. 01, 2022	Apr. 02, 2022
Debt Instrument [Line Items]
Total debt			$ 1,602,000,000	$ 1,164,000,000
Long-term debt			1,600,000,000	1,160,000,000
Short-term debt obligation			14,000,000	21,000,000
Short-term debt			15,000,000	29,000,000
Long-term debt			1,585,000,000	1,131,000,000
Notes Payable to Banks
Debt Instrument [Line Items]
Long-term debt			10,000,000	18,000,000
Short-term debt			1,000,000	8,000,000
Long-term debt			9,000,000	10,000,000
Revolving Credit Facilities | Revolving Credit Facilities
Debt Instrument [Line Items]
Letter of credit outstanding			22,000,000	21,000,000
Debt issuance costs, net			7,000,000	3,000,000
Revolving Credit Facilities | 2022 Credit Facility | Revolving Credit Facilities
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 1,500,000,000
Accordion feature, increase limit		$ 500,000,000
Commitment fee percentage	0.15%
Leverage ratio on credit facility		4
Cash and cash equivalents limit for leverage ratio		$ 200,000,000
Total debt			1,126,000,000
Amount available for future borrowings			$ 352,000,000
Revolving Credit Facilities | 2022 Credit Facility | Revolving Credit Facilities | Fed Funds Effective Rate Overnight Index Swap Rate | Variable Rate Component One
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0%
Revolving Credit Facilities | 2022 Credit Facility | Revolving Credit Facilities | Fed Funds Effective Rate Overnight Index Swap Rate | Variable Rate Component Two
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0.50%
Revolving Credit Facilities | 2022 Credit Facility | Revolving Credit Facilities | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0.10%
Revolving Credit Facilities | 2022 Credit Facility | Revolving Credit Facilities | Secured Overnight Financing Rate (SOFR) | Variable Rate Component One
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0.10%
Revolving Credit Facilities | 2022 Credit Facility | Revolving Credit Facilities | Secured Overnight Financing Rate (SOFR) | Variable Rate Component Two
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0%
Revolving Credit Facilities | 2022 Credit Facility | Revolving Credit Facilities | Base Rate | Variable Rate Component One
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0%
Revolving Credit Facilities | 2022 Credit Facility | Revolving Credit Facilities | Base Rate | Variable Rate Component Two
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1%
Revolving Credit Facilities | 2022 Credit Facility | Revolving Credit Facilities | Secured Overnight Index Average (SONIA)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0%
Revolving Credit Facilities | 2022 Credit Facility | Revolving Credit Facilities | Swiss Average Rate Overnight (SARON)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0%
Revolving Credit Facilities | 2022 Credit Facility | Revolving Credit Facilities | Euro Interbank Offer Rate (EURIBOR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0%
Revolving Credit Facilities | 2022 Credit Facility | Revolving Credit Facilities | Canadian Dollar Canadian Banker's Acceptances Quoted On Reuters Rate (CDOR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0%
Revolving Credit Facilities | 2022 Credit Facility | Revolving Credit Facilities | Tokyo Interbank Offer Rate (TIBOR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0%
Revolving Credit Facilities | 2022 Credit Facility | Revolving Credit Facilities | Minimum
Debt Instrument [Line Items]
Commitment fee percentage		0.075%
Revolving Credit Facilities | 2022 Credit Facility | Revolving Credit Facilities | Maximum
Debt Instrument [Line Items]
Commitment fee percentage		0.175%
Revolving Credit Facilities | 2018 Credit Facility | Revolving Credit Facilities
Debt Instrument [Line Items]
Total debt				175,000,000
Amount available for future borrowings				804,000,000
Letter of Credit | 2022 Credit Facility | Revolving Credit Facilities
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 125,000,000
Bridge Loan | 2022 Credit Facility | Revolving Credit Facilities
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 100,000,000
2018 Term Loan Facility | Term Loan Facility | Revolving Credit Facilities
Debt Instrument [Line Items]
Long-term debt				$ 495,000,000

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value and Carrying Value of Assets (Details) - USD ($) $ in Millions	Oct. 01, 2022	Apr. 02, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivative assets	$ 12	$ 52
Total derivative liabilities	11	37
Fair value, measurements, recurring | Quoted prices in active markets for identical assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivative assets	0	0
Total derivative liabilities	0	0
Fair value, measurements, recurring | Significant other observable inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivative assets	12	52
Total derivative liabilities	11	37
Fair value, measurements, recurring | Significant unobservable inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivative assets	0	0
Total derivative liabilities	0	0
Fair value, measurements, recurring | Forward foreign currency exchange contracts | Quoted prices in active markets for identical assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivative assets	0	0
Fair value, measurements, recurring | Forward foreign currency exchange contracts | Significant other observable inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivative assets	10	4
Fair value, measurements, recurring | Forward foreign currency exchange contracts | Significant unobservable inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivative assets	0	0
Fair value, measurements, recurring | Net investment hedges | Quoted prices in active markets for identical assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivative assets	0	0
Total derivative liabilities	0	0
Fair value, measurements, recurring | Net investment hedges | Significant other observable inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivative assets	2	44
Total derivative liabilities	11	37
Fair value, measurements, recurring | Net investment hedges | Significant unobservable inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivative assets	0	0
Total derivative liabilities	0	0
Fair value, measurements, recurring | Undesignated derivative contracts | Quoted prices in active markets for identical assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivative assets	0	0
Fair value, measurements, recurring | Undesignated derivative contracts | Significant other observable inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivative assets	0	4
Fair value, measurements, recurring | Undesignated derivative contracts | Significant unobservable inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total derivative assets	$ 0	$ 0

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Fair Value Measurement of Long-term Debt (Details) - USD ($) $ in Millions	Oct. 01, 2022	Apr. 02, 2022
Senior Notes due 2024 | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 448	$ 448
Senior Notes due 2024 | Level 2 | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	429	451
Term Loan | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	495
Term Loan | Level 2 | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	0	490
Revolving Credit Facilities | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	1,126	175
Revolving Credit Facilities | Level 2 | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 1,126	$ 175

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 01, 2022	Sep. 25, 2021	Oct. 01, 2022	Sep. 25, 2021
Fair Value Disclosures [Abstract]
Impairment of assets	$ 11	$ 33	$ 11	$ 33
Other long-lived asset impairment charges		$ 33	$ 11	$ 33

Fair Value Measurements - Non-F

Fair Value Measurements - Non-Financial Assets and Liabilities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 01, 2022	Sep. 25, 2021	Oct. 01, 2022	Sep. 25, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Impairment Charge		$ 33	$ 11	$ 33
Significant unobservable inputs (Level 3) | Nonrecurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value Prior to Impairment	$ 28	87	28	87
Fair Value	17	54	17	54
Impairment Charge	11	33	11	33
Significant unobservable inputs (Level 3) | Nonrecurring | Operating Lease Right-of-Use Assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value Prior to Impairment	25	83	25	83
Fair Value	16	53	16	53
Impairment Charge	9	30	9	30
Significant unobservable inputs (Level 3) | Nonrecurring | Property and Equipment
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Carrying Value Prior to Impairment	3	4	3	4
Fair Value	1	1	1	1
Impairment Charge	$ 2	$ 3	$ 2	$ 3

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended			6 Months Ended
	Jul. 31, 2022	Oct. 01, 2022	Jul. 02, 2022	Sep. 25, 2021	Oct. 01, 2022	Sep. 25, 2021	Apr. 02, 2022
Derivative [Line Items]
Settlement of net investment hedges					$ 409,000,000	$ 0
Notional amounts		$ 370,000,000			370,000,000		$ 4,351,000,000
Interest income (expense), net		(5,000,000)		$ 5,000,000	(1,000,000)	4,000,000
Designated as Hedging Instrument
Derivative [Line Items]
Notional amounts		370,000,000			370,000,000		4,313,000,000
Net investment hedges | Net investment hedging | Designated as Hedging Instrument
Derivative [Line Items]
Restructured derivative			$ 1,094,000,000
Settlement of net investment hedges	$ 237,000,000	343,000,000	66,000,000
Notional amounts		294,000,000			294,000,000		$ 4,194,000,000
Interest income (expense), net		11,000,000		$ 15,000,000	28,000,000	$ 27,000,000
Net investment hedges | Net investment hedging | Designated as Hedging Instrument | Euro Member Countries, Euro
Derivative [Line Items]
Restructured derivative			900,000,000
Settlement of net investment hedges		100,000,000
Notional amounts		4,000,000,000	4,000,000,000		4,000,000,000
Net investment hedges | Net investment hedging | Designated as Hedging Instrument | Japan, Yen
Derivative [Line Items]
Restructured derivative			194,000,000
Settlement of net investment hedges		6,000,000
Notional amounts		$ 294,000,000	$ 194,000,000		$ 294,000,000
Derivative fixed interest rate		2.665%			2.665%
Net investment hedges | Net investment hedging | Designated as Hedging Instrument | United States of America, Dollars
Derivative [Line Items]
Derivative fixed interest rate		0%			0%
Net investment hedge, group one | Net investment hedging | Designated as Hedging Instrument | Japan, Yen
Derivative [Line Items]
Notional amounts		$ 100,000,000			$ 100,000,000
Net investment hedge, group two | Net investment hedging | Designated as Hedging Instrument | Japan, Yen
Derivative [Line Items]
Notional amounts		100,000,000			100,000,000
Forward foreign currency exchange contracts
Derivative [Line Items]
Gain (loss) on derivative recognized		$ 0			$ 2,000,000

Derivative Financial Instrume_4

Derivative Financial Instruments - Schedule of Fair Value of Derivative Contracts Recorded on Gross Basis in Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Oct. 01, 2022	Apr. 02, 2022
Derivatives, Fair Value [Line Items]
Notional Amounts	$ 370	$ 4,351
Assets	12	52
Liabilities	11	37
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional Amounts	370	4,313
Assets	12	48
Liabilities	11	37
Not Designated as Hedging Instrument | Forward foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional Amounts	0	38
Assets	0	4
Liabilities	0	0
Cash flow hedging | Designated as Hedging Instrument | Forward foreign currency exchange contracts
Derivatives, Fair Value [Line Items]
Notional Amounts	76	119
Assets	10	4
Liabilities	0	0
Designated net investment hedges | Designated as Hedging Instrument | Designated net investment hedges
Derivatives, Fair Value [Line Items]
Notional Amounts	294	4,194
Assets	2	44
Liabilities	$ 11	$ 37

Derivative Financial Instrume_5

Derivative Financial Instruments - Fair Values of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Oct. 01, 2022	Apr. 02, 2022
Cash flow hedging | Forward Currency Exchange Contracts
Derivative [Line Items]
Assets subject to master netting arrangements	$ 10	$ 8
Liabilities subject to master netting arrangements	0	0
Derivative assets, net	10	8
Derivative liabilities, net	0	0
Net investment hedging | Net investment hedges
Derivative [Line Items]
Assets subject to master netting arrangements	2	44
Liabilities subject to master netting arrangements	11	37
Derivative assets, net	0	42
Derivative liabilities, net	$ 9	$ 35

Derivative Financial Instrume_6

Derivative Financial Instruments - Summary of Pre-tax Impact of Gains (Losses) on Derivative (Details) - Designated as Hedging Instrument - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 01, 2022	Sep. 25, 2021	Oct. 01, 2022	Sep. 25, 2021
Forward Currency Exchange Contracts
Derivative Instruments, Gain (Loss) [Line Items]
Pre-Tax Gains (Losses) Recognized in OCI	$ 5	$ 3	$ 11	$ 2
Net investment hedges
Derivative Instruments, Gain (Loss) [Line Items]
Pre-Tax Gains (Losses) Recognized in OCI	$ 152	$ 89	$ 365	$ 172

Derivative Financial Instrume_7

Derivative Financial Instruments - Summary of Pretax Impact of Gain (Loss) Reclassified from AOCI (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 01, 2022	Sep. 25, 2021	Oct. 01, 2022	Sep. 25, 2021
Forward Currency Exchange Contracts | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Pre-Tax (Gain) Loss Reclassified from Accumulated OCI	$ (3)	$ 1	$ (7)	$ 2

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($)			1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 01, 2022	Nov. 03, 2021	Nov. 09, 2022	Oct. 01, 2022	Sep. 25, 2021	Oct. 01, 2022	Sep. 25, 2021	Jun. 26, 2021
Subsidiary or Equity Method Investee [Line Items]
Ordinary shares, shares repurchased amount				$ 351,000,000	$ 101,000,000	$ 663,000,000	$ 160,000,000
Prior Plan
Subsidiary or Equity Method Investee [Line Items]
Share-repurchase program amount		$ 500,000,000						$ 500,000,000
Share-repurchase program remaining amount		250,000,000
Ordinary shares, shares repurchased (in shares)							2,712,275
Ordinary shares, shares repurchased amount							$ 150,000,000
Fiscal 2022 Plan
Subsidiary or Equity Method Investee [Line Items]
Share-repurchase program amount		$ 1,000,000,000
Share-repurchase program remaining amount	$ 500,000,000
Stock repurchase program, period in force		2 years
Fiscal 2023 Plan
Subsidiary or Equity Method Investee [Line Items]
Share-repurchase program amount	$ 1,000,000,000
Share-repurchase program remaining amount				$ 350,000,000		$ 350,000,000
Stock repurchase program, period in force	2 years
Ordinary shares, shares repurchased (in shares)						13,183,355
Ordinary shares, shares repurchased amount						$ 650,000,000
Fiscal 2023 Plan | Subsequent event
Subsidiary or Equity Method Investee [Line Items]
Share-repurchase program amount			$ 1,000,000,000
Share-repurchase program remaining amount			$ 250,000,000
Ordinary shares, shares repurchased (in shares)			2,295,845
Ordinary shares, shares repurchased amount			$ 100,000,000
Withholding Taxes
Subsidiary or Equity Method Investee [Line Items]
Shares withheld for tax withholding obligation (in shares)						273,197	193,322
Value of shares withheld for tax withholding obligation						$ 13,000,000	$ 10,000,000

Shareholders' Equity - Changes

Shareholders' Equity - Changes in Components of Accumulated Other Comprehensive Income (Loss), Net of Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 01, 2022	Sep. 25, 2021	Oct. 01, 2022	Sep. 25, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 2,378	$ 2,450	$ 2,558	$ 2,157
Other comprehensive income, net of tax	(124)	27	(229)	117
Ending balance	2,143	2,600	2,143	2,600
Foreign currency translation adjustments	125	(23)	232	(113)
Other Comprehensive Income (Loss) Attributable to Capri
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	89	147	194	56
Other comprehensive (loss) income before reclassifications			(222)	116
Less: amounts reclassified from AOCI to earnings			7	(2)
Other comprehensive income, net of tax	(124)	27	(229)	118
Ending balance	(35)	174	(35)	174
Foreign Currency Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance			184	57
Other comprehensive (loss) income before reclassifications			(232)	114
Less: amounts reclassified from AOCI to earnings			0	0
Other comprehensive income, net of tax			(232)	114
Ending balance	(48)	171	(48)	171
Gain related to net investment hedges	247	132	247	132
Taxes related to the gain on net investment hedges			118	40
Foreign currency translation adjustments			486	23
Net (Losses) Gains on Derivatives
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance			10	(1)
Other comprehensive (loss) income before reclassifications			10	2
Less: amounts reclassified from AOCI to earnings			7	(2)
Other comprehensive income, net of tax			3	4
Ending balance	$ 13	$ 3	$ 13	$ 3

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Millions	6 Months Ended		12 Months Ended
	Oct. 01, 2022 USD ($) equityPlan $ / shares shares	Sep. 25, 2021 $ / shares	Mar. 29, 2008 stockOptionPlan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity plans | equityPlan	2
Estimated value of future forfeitures | $	$ 11
Service-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value of RSUs (in dollars per share) | $ / shares	$ 49.80	$ 51.64
Performance-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value of RSUs (in dollars per share) | $ / shares	$ 47.41
2008 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity plans adopted | stockOptionPlan			1
Shares authorized for issuance (up to) (in shares)	23,980,823
Shares available for grant (in shares)	0
Option expiration period (years)	10 years
2012 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance (up to) (in shares)	22,471,000
Shares available for grant (in shares)	6,434,269
Option expiration period (years)	7 years

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Share-based Compensation Activity (Details)	6 Months Ended
	Oct. 01, 2022 shares
Options
Options
Outstanding at beginning of period (in shares)	355,448
Granted (in shares)	0
Exercised/Vested (in shares)	(120,873)
Canceled/Forfeited (in shares)	(4,900)
Outstanding at end of period (in shares)	229,675
Service-Based RSUs
RSUs
Unvested at beginning of period (in shares)	3,827,700
Granted (in shares)	1,460,892
Exercised/Vested (in shares)	(1,452,988)
Canceled/Forfeited (in shares)	(355,943)
Unvested at end of period (in shares)	3,479,661
Performance-Based RSUs
RSUs
Unvested at beginning of period (in shares)	210,192
Granted (in shares)	152,921
Exercised/Vested (in shares)	(197,874)
Canceled/Forfeited (in shares)	0
Unvested at end of period (in shares)	165,239

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of Compensation Expense Attributable to Share-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 01, 2022	Sep. 25, 2021	Oct. 01, 2022	Sep. 25, 2021
Share-Based Payment Arrangement [Abstract]
Share-based compensation expense	$ 16	$ 20	$ 44	$ 56
Tax benefit related to share-based compensation expense	$ 2	$ 4	$ 7	$ 11

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Oct. 01, 2022	Sep. 25, 2021	Oct. 01, 2022	Sep. 25, 2021
Income Tax Disclosure [Abstract]
Effective tax rate	13.50%	(1.00%)	12.90%	7.70%

Segment Information - Additiona

Segment Information - Additional Information (Details)	6 Months Ended
	Oct. 01, 2022 retailStore segment
Segment Reporting Information [Line Items]
Number of operating segments	3
Number of reportable segments	3
Michael Kors
Segment Reporting Information [Line Items]
Number of retail store formats | retailStore	4

Segment Information - Key Perfo

Segment Information - Key Performance Information of Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 01, 2022	Sep. 25, 2021	Oct. 01, 2022	Sep. 25, 2021
Segment Reporting Information [Line Items]
Total revenue	$ 1,412	$ 1,300	$ 2,772	$ 2,553
Less: Corporate expenses	(55)	(45)	(115)	(86)
Impairment of assets	(11)	(33)	(11)	(33)
Restructuring and other charges	(3)	(8)	(6)	(11)
Total income from operations	252	195	483	453
COVID-19
Segment Reporting Information [Line Items]
COVID-19 related charges	3	5	4	8
Operating Segments
Segment Reporting Information [Line Items]
Total income from operations	318	276	611	575
Versace
Segment Reporting Information [Line Items]
Total revenue	308	282	583	522
Versace | Operating Segments
Segment Reporting Information [Line Items]
Total income from operations	62	55	114	103
Jimmy Choo
Segment Reporting Information [Line Items]
Total revenue	142	137	314	279
Jimmy Choo | Operating Segments
Segment Reporting Information [Line Items]
Total income from operations	8	1	27	12
Michael Kors
Segment Reporting Information [Line Items]
Total revenue	962	881	1,875	1,752
Michael Kors | Operating Segments
Segment Reporting Information [Line Items]
Total income from operations	$ 248	$ 220	$ 470	$ 460

Segment Information - Depreciat

Segment Information - Depreciation and Amortization Expense for Each Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 01, 2022	Sep. 25, 2021	Oct. 01, 2022	Sep. 25, 2021
Segment Reporting Information [Line Items]
Total depreciation and amortization	$ 43	$ 49	$ 88	$ 99
Versace
Segment Reporting Information [Line Items]
Total depreciation and amortization	12	12	24	26
Jimmy Choo
Segment Reporting Information [Line Items]
Total depreciation and amortization	7	8	14	15
Michael Kors
Segment Reporting Information [Line Items]
Total depreciation and amortization	23	29	48	58
Corporate
Segment Reporting Information [Line Items]
Total depreciation and amortization	$ 1	$ 0	$ 2	$ 0

Segment Information - Total Rev

Segment Information - Total Revenue (as Recognized Based on Country of Origin) by Geographic Location (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 01, 2022	Sep. 25, 2021	Oct. 01, 2022	Sep. 25, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 1,412	$ 1,300	$ 2,772	$ 2,553
The Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	806	701	1,600	1,416
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	739	651	1,472	1,322
EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	400	388	764	690
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 206	$ 211	$ 408	$ 447

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions			1 Months Ended	3 Months Ended		6 Months Ended
	Nov. 09, 2022	Jun. 01, 2022	Nov. 09, 2022	Oct. 01, 2022	Sep. 25, 2021	Oct. 01, 2022	Sep. 25, 2021
Subsequent Event [Line Items]
Ordinary shares, shares repurchased amount				$ 351	$ 101	$ 663	$ 160
Fiscal 2023 Plan
Subsequent Event [Line Items]
Ordinary shares, shares repurchased (in shares)						13,183,355
Ordinary shares, shares repurchased amount						$ 650
Share-repurchase program remaining amount				$ 350		$ 350
Share-repurchase program amount		$ 1,000
Stock repurchase program, period in force		2 years
Subsequent event | Fiscal 2023 Plan
Subsequent Event [Line Items]
Ordinary shares, shares repurchased (in shares)			2,295,845
Ordinary shares, shares repurchased amount			$ 100
Share-repurchase program remaining amount	$ 250		250
Share-repurchase program amount	1,000		1,000
Subsequent event | New Plan
Subsequent Event [Line Items]
Share-repurchase program amount	$ 1,000		$ 1,000
Stock repurchase program, period in force	2 years