v3.26.1
Taxes (Tables)
 12 Months Ended
Mar. 28, 2026
Income Tax Disclosure [Abstract]  
Schedule of (Loss) Income Before Provision (Benefit) for Income Taxes
Income (loss) from continuing operations before income taxes consisted of the following (in millions):
 Fiscal Years Ended
 March 28,
2026		March 29,
2025		March 30,
2024
United Kingdom$55 $96 $38 
United States (66)(136)(25)
Other118 38 8 
Total income (loss) from continuing operations before income taxes$107 $(2)$21 
Schedule of Provision (Benefit) for Income Taxes
The provision for income taxes consisted of the following (in millions):
 Fiscal Years Ended
 March 28,
2026		March 29,
2025		March 30,
2024
Current
United Kingdom$18 
(1)
$61 $48 
United States(6)3 17 
Other25 9 50 
Total current provision for income taxes37 73 115 
Deferred
United Kingdom2 25 (45)
United States1 227 
(3)
(22)
Other(13)
(2)
199 
(3)
(40)
Total deferred provision (benefit) for income taxes(10)451 (107)
Total provision for income taxes$27 $524 $8 
(1)Primarily relates to lower income in the U.K. attributable to the changes in global financing activities in Fiscal 2026.
(2)Primarily relates to the release of valuation allowance on deferred tax assets in Fiscal 2026.
(3)Primarily relates to the valuation allowance on deferred tax assets recorded in Fiscal 2025.
Schedule of Significant Differences Between the Statutory Tax Rates and Company's Effective Tax Rate
The Company’s provision for income taxes for the fiscal year ended March 28, 2026 was different from the amount computed by applying the statutory U.K. income tax rate to the underlying income (loss) before provision for income taxes as a result of the following (dollars in millions):
Fiscal Year Ended
March 28,
2026
Amount
% (1)
U.K. federal statutory tax rate$27 25.0 %
Foreign tax effects (by jurisdiction):
Australia
Statutory tax rate difference between Australia and the U.K.(2)(1.5)%
Changes in valuation allowances(2)(1.8)%
Other adjustments1 1.3 %
Canada
Statutory tax rate difference between Canada and the U.K.(2)(1.5)%
China
Changes in valuation allowances(16)(15.0)%
Return to provision4 4.2 %
Germany
Return to provision2 1.5 %
Hong Kong
Statutory tax rate difference between Hong Kong and the U.K.(1)(0.9)%
Changes in valuation allowances7 6.6 %
Return to provision3 2.3 %
Other adjustments(1)(0.9)%
Italy
Nontaxable or nondeductible items(5)(5.4)%
Other adjustments1 0.8 %
Luxembourg
Return to provision3 3.0 %
Netherlands
Changes in valuation allowances3 2.8 %
Other adjustments(3)(2.6)%
Switzerland
Statutory tax rate difference between Switzerland and the U.K.(9)(8.6)%
Changes in valuation allowances4 3.3 %
Nontaxable or nondeductible items3 3.2 %
Return to provision(4)(3.6)%
Other adjustments2 1.8 %
United States
State and local income taxes, net of U.S. federal benefit1 1.3 %
Changes in valuation allowances14 12.9 %
Nontaxable or nondeductible items7 6.3 %
Tax credits(19)(18.2)%
Other adjustments2 2.3 %
Other foreign jurisdictions3 2.7 %
Changes in valuation allowances5 4.9 %
Nontaxable or nondeductible items6 6.1 %
Changes in unrecognized tax benefits(7)(6.9)%
Effective income tax rate$27 25.4 %
(1)Tax rates are calculated using unrounded numbers.
The Company’s provision for income taxes for the fiscal years ended March 29, 2025 and March 30, 2024 were different from the amount computed by applying the statutory U.K. income tax rates to the underlying income (loss) before provision for income taxes as a result of the following (dollars in millions):
 Fiscal Years Ended
 March 29,
2025		March 30,
2024
Amount
% (1)
Amount
% (1)
Provision for income taxes at the U.K. statutory tax rate$— 25.0 %$5 25.0 %
Effects of global financing arrangements(27)NM(30)NM
Differences in tax effects on foreign income(10)NM(19)(90.2)%
Liability for uncertain tax positions(48)NM(19)(87.1)%
Effect of changes in valuation allowances on deferred tax assets (2)
544 NM(8)(38.0)%
Non-deductible goodwill impairment (3)
16 NM48 NM
State and local income taxes, net of federal benefit17 NM9 42.2 %
Share based compensation5 NM10 44.5 %
Withholding tax4 NM5 21.4 %
Merger related costs— — %4 20.1 %
Other23 NM3 18.2 %
Effective tax rate$524 NM$8 (43.9)%
NM Not meaningful
(1)Tax rates are calculated using unrounded numbers.
(2)Includes a full valuation allowance recorded on the Company’s deferred tax assets in Fiscal 2025.
(3)Attributable to goodwill impairment charges related to Jimmy Choo in Fiscal 2025 and Fiscal 2024.
Schedule of Income Taxes Paid, Net of Refunds Received
Income taxes paid, net of refunds received, in Fiscal 2026 were as follows (in millions):
Fiscal Year Ended
March 28,
2026
United Kingdom$42 
Foreign (by jurisdiction):
U.S. Federal13 
U.S. State6 
Luxembourg10 
Switzerland16 
Other15 
Total$102 
Schedule of Significant Components of Deferred Tax Assets (Liabilities)
Significant components of the Company’s deferred tax assets (liabilities) consist of the following (in millions):
As of
March 28,
2026		March 29,
2025
Deferred tax assets
Operating lease liabilities$270 $268 
Net operating loss carryforwards239 222 
Capital loss carryforwards238 19 
Accrued interest241 

214 
Depreciation29 27 
Accrued expenses13 12 
Inventories4 7 
Capitalized research and development3 14 
Stock compensation3 4 
Payroll related accruals2 2 
Other21 24 
Total deferred tax assets1,063 813 
Valuation allowance(763)
(1)
(515)
Net deferred tax assets300 298 
Deferred tax liabilities
Goodwill and intangibles(146)

(150)
Operating lease right-of-use-assets(221)(211)
Derivative financial instruments(21)(159)
Other— (11)
Total deferred tax liabilities(388)(531)
Net deferred tax liabilities$(88)$(233)
(1)Includes valuation allowance recorded against capital loss during Fiscal 2026.
Schedule of Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits Excluding Accrued Interest A reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding accrued interest, for Fiscal 2026, Fiscal 2025 and Fiscal 2024, are presented below (in millions):
Fiscal Years Ended
March 28,
2026		March 29,
2025		March 30,
2024
Unrecognized tax benefits beginning balance$95 $132 $176 
Additions related to prior period tax positions1 1 16 
Additions related to current period tax positions— — 5 
Decreases related to audit settlements— (12)(46)
(2)
Decreases related to prior period tax positions(8)(24)
(1)
(16)
Decreases in prior period positions due to lapses in statute of limitations(6)(2)(3)
Unrecognized tax benefits ending balance$82 $95 $132 
(1)This amount is primarily related to a favorable Italian tax ruling related to stock compensation during Fiscal 2025.
(2)This amount is primarily related to settlements of Italian transfer pricing and Hong Kong corporate income tax audits during Fiscal 2024.