What changed in this filing

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Item 1. Business

2024-05-29 compared with 2023-05-31 · 121 added, 135 removed, 257 unchanged (50% of the section changed)

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Founded in 1978 in Milan, Versace is known for its iconic and unmistakable style and unparalleled craftsmanship.

Over the past several decades, the House of Versace has grown globally from its roots in haute couture, expanding into the design, manufacturing, distribution and retailing of accessories, ready-to-wear, footwear, eyewear, watches, jewelry, fragrance and home furnishings businesses.

Over the past several decades, the House of Versace has grown globally from its roots in haute couture, expanding into the design, manufacturing, distribution and retailing of ready-to-wear, accessories, footwear, eyewear, watches, jewelry, fragrance and home furnishings.

Versace’s design team is led by Donatella Versace, who has been the brand’s Artistic Director for over 20 years.

Versace distributes its products through a worldwide distribution network, which includes boutiques in some of the world’s most glamorous cities, its e-commerce sites, as well as through the most prestigious department and specialty stores worldwide.

Our Jimmy Choo brand offers a distinctive, glamorous and fashion-forward product range, enabling it to develop into a leading global luxury accessories brand, whose core product offering is women’s luxury shoes, complemented by accessories, including handbags, small leather goods, jewelry, scarves and belts, as well as men’s luxury shoes and accessories business.

In addition, certain categories, such as fragrance and eyewear, are produced under licensing agreements.

Versace distributes its products through a worldwide distribution network, which includes boutiques in some of the world’s most fashionable cities, its e-commerce sites, as well as through the most prestigious department and specialty stores worldwide.

In addition, certain categories, including fragrance and eyewear, are produced under licensing agreements.

Jimmy Choo’s design team is led by Sandra Choi, who has been the Creative Director for the brand since its inception in 1996.

Jimmy Choo products are unique, instinctively seductive and chic.

The brand offers classic and timeless luxury products, as well as innovative products that are intended to set and lead fashion trends.

The brand offers classic and timeless luxury products, alongside innovative collections that are intended to set and lead fashion trends.

Jimmy Choo is represented through its global store network, its e-commerce sites, as well as through the most prestigious department and specialty stores worldwide.

Our Michael Kors brand was launched over 40 years ago by Michael Kors, a world-renowned designer, whose vision has taken the Company from its beginnings as an American luxury sportswear house to a global accessories, footwear and ready-to-wear company with a global distribution network that has presence in over 100 countries through Company-operated retail stores and e-commerce sites, leading department stores, specialty stores and select licensing partners.

Our Michael Kors brand was launched over 40 years ago by Michael Kors, a world-renowned designer, whose vision has taken the Company from its beginnings as an American luxury sportswear house to a global accessories, ready-to-wear and footwear company with a global distribution network that has presence in over 100 countries through Company-operated retail stores and e-commerce sites, leading department stores, specialty stores and select licensing partners.

Michael Kors is a highly recognized luxury fashion brand in the Americas and Europe with growing brand awareness in other international markets.

Michael Kors features distinctive designs, materials and craftsmanship with a jet-set aesthetic that combines stylish elegance and a sporty attitude.

Michael Kors features distinctive designs, materials and craftsmanship that combines stylish elegance and a sporty attitude.

Michael Kors offers three primary collections:

the Michael Kors Collection luxury line, the MICHAEL Michael Kors accessible luxury line and the Michael Kors Mens line.

the Michael Kors Collection line, the MICHAEL Michael Kors line and the Michael Kors Mens line.

The Michael Kors Collection establishes the aesthetic authority of the entire brand and is carried by select retail stores, our e-commerce sites, as well as in the finest luxury department stores in the world.

MICHAEL Michael Kors has a strong focus on accessories, in addition to offering footwear and

ready-to-wear, and addresses the significant demand opportunity in accessible luxury goods.

We have also been developing our men’s business in recognition of the significant opportunity afforded by the Michael Kors brand’s established fashion authority and the expanding men’s market.

MICHAEL Michael Kors has a strong focus on accessories, in addition to offering ready-to-wear and footwear.

We have also been developing our men’s business in recognition of the significant opportunity afforded by the Michael Kors brand’s established fashion authority

and the expanding men’s market.

Taken together, our Michael Kors collections target a broad customer base while retaining our premium luxury image.

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• Michael Kors — accounted for approximately 68% of our total revenue in Fiscal 2024 and includes worldwide sales of Michael Kors products through 769 retail stores (including concessions) and e-commerce sites, through wholesale doors, as well as through product and geographic licensing arrangements.

In addition to these reportable segments, we have certain corporate costs that are not directly attributable to our brands and, therefore, are not allocated to segments.

In addition to these reportable segments, we have certain corporate costs that are not directly attributable to our brands and, therefore, are not allocated to its segments.

Such costs primarily include certain administrative, corporate occupancy, shared service and information systems expenses, including enterprise resource planning (“ERP”) system implementation costs and Capri transformation program 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 our chief operating decision maker plans and allocates resources, manages the business and assesses performance.

In addition, certain other costs are not allocated to segments, including Merger related costs, impairment charges, the impact of the war in Ukraine, restructuring and other expense and COVID-19 related expenses.

The segment structure is consistent with how the Company’s chief operating decision maker (“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.

For additional financial information regarding our segments and corporate unallocated expenses, see Note 19 to the accompanying consolidated financial statements for additional information.

For additional financial information regarding our segments and corporate unallocated expenses, see Note 20 to the accompanying consolidated financial statements.

We operate in the global personal luxury goods industry.

Through 2019, the personal luxury goods market grew at a mid-single digit rate over the past 20 years, with more recent growth driven by stronger Chinese demand from both international and local consumers and demographic and socioeconomic shifts resulting in younger consumers purchasing more luxury goods.

Then, in 2020, due to the impact of the COVID-19 crisis, the personal luxury goods market declined 22%.

According to Bain* , the personal luxury goods market returned to 2019 levels in 2021, and grew 15% in constant exchange rates in 2022.

The market is predicted to increase at a 5-7% compound annual growth rate between 2022 and 2030.

In 2023, the global personal luxury goods market grew 8% at constant exchange rates, reaching an estimated $390 billion.

The market is predicted to increase at a 6-7% compound annual growth rate between 2023 and 2030 to approximately $600 billion.

Future growth will be driven by e-commerce, Chinese consumers and younger generations.

By 2030, Bain studies estimate that over 30% of personal luxury goods sales will occur online, Chinese consumers will represent approximately 40% of total global personal luxury goods sales and Gen Z and Alpha combined will make up at least one-third of the market.

As the personal luxury goods market continues to evolve, Capri is committed to designing exceptional, innovative products that cover the full spectrum of fashion luxury categories.

In our view, increased customer engagement and tailoring merchandise to customer shopping and communication preferences are key to growing market share.

We believe that our innovative and luxurious product offerings and customer engagement initiatives across all three brands position us to capitalize on the continued growth of the global personal luxury goods industry.

By 2030, Bain* studies estimate that approximately 30% of personal luxury goods sales will occur online, Chinese consumers will represent approximately 35-40% of total global personal luxury goods sales and Gen Z and Alpha, combined, will make up approximately one-third of the market.

As the personal luxury goods market continues to evolve, Capri is committed to designing exceptional, innovative products that cover the full spectrum of fashion luxury categories, increasing customer engagement initiatives across all three brands and tailoring merchandise to customer shopping and communication preferences as part of our growth strategy.

* Bain – Altagamma Luxury Goods Worldwide Market Study, Fall 2023 (November 15, 2023).

Bain Altagamma estimates market sizes in Euros which have been converted to US dollars.

These studies were prepared by Bain & Company and Altagamma and can be obtained free of charge or at a nominal cost by contacting Bain & Company’s media contacts.

While we believe that each of these studies and publications is reliable, we have not independently verified market and industry data from third-party sources.

While we believe that each of these studies and publications are reliable, we have not independently verified market and industry data from third-party sources.

Geographic Information

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We also have wholesale arrangements pursuant to which we sell products to geographic licensees.

In addition, we have licensing

agreements through which we license to third-parties the use of our Versace, Jimmy Choo and Michael Kors brand names and trademarks, certain production rights and sales and/or distribution rights with respect to our brands.

In addition, we have licensing agreements through which we license to third-parties the use of our Versace, Jimmy Choo and Michael Kors brand names and trademarks, certain production rights and sales and/or distribution rights with respect to our brands.

The following table details our revenue by segment and geographic location (in millions):

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2024 April 1,

2022 March 27,

Versace revenue - the Americas $ 408 $ 408 $ 201

Versace revenue - EMEA 468 425 276

Versace revenue - Asia 230 255 241

2023 April 2,

Versace - the Americas $ 338 $ 408 $ 408

Versace - EMEA 444 468 425

Versace - Asia 248 230 255

Total Versace revenue 1,030 1,106 1,088

Jimmy Choo revenue - the Americas 196 175 102

Jimmy Choo revenue - EMEA 255 229 146

Jimmy Choo revenue - Asia 182 209 170

Jimmy Choo - the Americas 176 196 175

Jimmy Choo - EMEA 266 255 229

Jimmy Choo - Asia 176 182 209

Total Jimmy Choo revenue 618 633 613

Michael Kors revenue - the Americas 2,616 2,627 1,869

Michael Kors revenue - EMEA 819 835 607

Michael Kors revenue - Asia 445 491 448

Michael Kors - the Americas 2,298 2,616 2,627

Michael Kors - EMEA 791 819 835

Michael Kors - Asia 433 445 491

Total Michael Kors revenue 3,522 3,880 3,953

Total revenue - the Americas 3,220 3,210 2,172

Total revenue - EMEA 1,542 1,489 1,029

Total revenue - Asia 857 955 859

Total - the Americas 2,812 3,220 3,210

Total - EMEA 1,501 1,542 1,489

Total - Asia 857 857 955

Total revenue $ 5,170 $ 5,619 $ 5,654

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With an average of 26 years of experience in the retail industry, including at a number of public companies, and an average of 22 years of experience with our brands, our senior management team has strong creative and operational experience and a successful track record.

For over 20 years, Donatella Versace has been the Artistic Director, molding Versace’s iconic style.

For over 20 years, Donatella Versace has been Versace’s Artistic Director, molding Versace’s iconic style.

A true visionary with an intuition for how to blend fashion, design and culture, Donatella continues to honor the rich and storied Versace heritage founded in 1978, while constantly evolving and adapting the luxury house to ensure the brand’s continued relevance.

Donatella’s most recent collections for Versace are a testament to her bold and fearless design vision that celebrate Versace’s Italian heritage and unapologetic glamour.

Versace designs have been worn by the world’s most famous celebrities and most sought-after super models.

Versace designs are often worn by the world’s most famous celebrities.

Jimmy Choo’s design team is led by Sandra Choi, who has been the Creative Director for the Jimmy Choo brand since its inception in 1996.

Jimmy Choo products are glamourous and daring.

The Jimmy Choo brand offers classic and timeless luxury products, as well as innovative products that are intended to set and lead fashion trends.

The Jimmy Choo brand offers classic and timeless luxury products, alongside innovative collections that are intended to set and lead fashion trends.

Jimmy Choo’s products have a strong red carpet presence and are often worn by global celebrities.

The Michael Kors brand was launched over 40 years ago by Michael Kors, a world-renowned designer, who is responsible for conceptualizing and directing the design of our Michael Kors brand products.

We believe that the Michael Kors

brand name has become synonymous with luxurious fashion that is timeless and elegant, expressed through the brand’s sophisticated accessories and ready-to-wear collections.

Each of our Michael Kors brand collections exemplifies the jet-set lifestyle and features high quality designs, materials and craftsmanship.

Michael Kors has received a number of awards, which recognize the contribution he and his team have made to the fashion industry and our Company.

We believe that the Michael Kors brand name has become synonymous with luxurious fashion that is timeless and elegant, expressed through the brand’s sophisticated accessories and ready-to-wear collections.

Each of our Michael Kors brand collections exemplifies a glamorous lifestyle and features high quality designs, materials and craftsmanship.

Michael Kors has received a number of awards, which

recognize the contribution he and his team have made to the fashion industry and our Company.

Some of the most widely recognized global trendsetters and celebrities wear our Michael Kors brand collections.

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We have strong group expertise in accessories.

The strength of our Michael Kors luxury collection and our accessible luxury MICHAEL Michael Kors line have allowed us to expand our brand awareness and position Michael Kors as one of the leading global luxury brands in the accessories product categories.

The strength of our Michael Kors Collection and our MICHAEL Michael Kors line have allowed us to expand our brand awareness and position Michael Kors as one of the leading global luxury brands in the accessories product categories.

Capitalizing on the success of our accessories product category, we continue to further develop the accessories businesses for Jimmy Choo and Versace, bringing our accessories expertise, including our product category knowledge, our merchandising best practices and our substantial group buying power to these brands.

Our goal is to increase Versace’s women’s and men’s accessories penetration from 20% of revenues in Fiscal 2023 to 50% of Versace’s revenues over time and to increase Jimmy Choo’s women’s accessories penetration from approximately 20% of revenues in Fiscal 2023 to 30% of Jimmy Choo’s revenues over the next few years and to 50% over time.

Our goal is to increase Versace’s women’s and men’s accessories penetration from approximately 20% of revenues in Fiscal 2024 to 50% of Versace’s revenues over time and to increase Jimmy Choo’s women’s accessories penetration from approximately 20% of revenues in Fiscal 2024 to 30% of Jimmy Choo’s revenues over time.

Exceptional Retail Store Footprint.

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boutiques, outlet and e-commerce.

We operated 223 Versace retail stores as of April 1, 2023 in some of the most fashionable cities and the most sought-after shopping destinations around the world.

We operated 236 Versace retail stores as of March 30, 2024 in some of the most fashionable cities and the most sought-after shopping destinations around the world.

During Fiscal 2024, we completed renovations at approximately 75% of our Versace retail stores to incorporate our new store design and have continued with these renovations in Fiscal 2025.

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In addition, we operate Versace e-commerce sites in the United States, Europe and China (covering 90 countries worldwide).

We operated 237 Jimmy Choo retail stores as of April 1, 2023, in some of the most premier locations worldwide.

We operated 234 Jimmy Choo retail stores as of March 30, 2024, in some of the most premier locations worldwide.

Jimmy Choo retail stores, comprised of full-price stores and outlets, average approximately 1,500 gross square feet.

In addition, we operate Jimmy Choo e-commerce sites in the United States, certain parts of Europe, Japan, China, Australia and Korea.

We operated 812 Michael Kors stores as of April 1, 2023 with four primary retail store formats:

We operated 769 Michael Kors stores as of March 30, 2024 with four primary retail formats:

collection stores, lifestyle stores, outlet stores and e-commerce sites.

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We have omni-channel capabilities from best-in-class digital platforms to state-of-the-art distribution facilities globally, which we leverage across businesses.

As part of our plan to continue to implement omni-channel capabilities throughout our businesses, we have begun leveraging our distribution centers globally to serve multiple brands.

We will continue to implement omni-channel capabilities throughout our businesses, we have begun leveraging our distribution centers globally to serve multiple brands.

Strong Relationships with Premier Department Stores .

We partner with leading wholesale customers, such as Macy’s, Saks Fifth Avenue, Bloomingdale’s and Holt Renfrew in North America, as well as Harrods, Harvey Nichols, Printemps, Selfridges and Galeries Lafayette in Europe.

We partner with leading wholesale customers, such as Bloomindale’s, Macy’s, Dillard’s and Saks Fifth Avenue in North America, as well as Galeries Lafayette, Harrods, Harvey Nichols, Printemps and Selfridges in Europe.

These relationships enable us to access large numbers of our key consumers in a targeted manner.

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We have engaged with our wholesale customers on various initiatives and have continued to enter into supply chain partnerships designed to increase the speed at which our luxury fashion products reach the ultimate consumer.

We plan to increase Versace’s and Jimmy Choo’s presence in certain luxury department stores, and for Michael Kors, we continue to optimize deliveries with the intent to drive more full-price sell-through in the wholesale channel.

For Michael Kors, we continue to optimize deliveries with the intent to drive more full-price sell-through in the wholesale channel.

Business Strategy

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We see a number of opportunities to create long-term operational synergies as we combine our global competencies and footprint.

These synergies will be primarily focused on opportunities in our supply chain, information systems, back office support and manufacturing.

synergies will be primarily focused on opportunities in our supply chain, information systems, back office support and manufacturing.

Continue to increase our presence in Asia.

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We plan to grow the Versace business to at least $2 billion in revenues over time.

To achieve this goal, we plan to build on Versace’s iconic brand codes - Virtus, La Medusa and La Greca.

To achieve this goal, we plan to build on Versace’s iconic brand codes - Barocco, La Medusa and La Greca.

Additionally, we will capitalize on Versace’s high brand awareness through bold and engaging consumer communication.

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We plan to continue to implement our growth strategies for Jimmy Choo with a goal of reaching $1 billion in revenues over time.

Our overarching strategy is rooted in reinforcing the brand’s glamorous DNA through consumer experience and communications, as well as through product – from formal to casual, across accessories and footwear.

Additionally, we plan to expand Jimmy Choo’s distribution by accelerating e-commerce and omni-channel developments and increasing our global retail footprint to 300 retail stores in the most fashionable shopping destinations around the world.

Our overarching strategy is rooted in reinforcing the brand’s glamorous DNA through client experience and communications, as well as through product – from formal to casual, across accessories and footwear.

Additionally, we plan to expand Jimmy Choo’s distribution by accelerating e-commerce and omni-channel developments and investing in our global retail footprint in the most fashionable shopping destinations around the world.

We also have a significant opportunity to increase women’s accessories to approximately 30% of Jimmy Choo’s revenue over time by expanding the breadth of new collections.

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Our goal is to continue to elevate Michael Kors to become a stronger and more profitable brand.

We are capitalizing on high brand awareness and consumer engagement by embracing Michael Kors jet set heritage through a modern lens.

Reinforcing our highly recognizable brand codes including the MK Signature pattern and MK hardware across all product categories remains a core growth strategy.

We are capitalizing on high brand awareness and consumer engagement by embracing Michael Kors heritage through a modern lens.

Reinforcing our highly recognizable brand codes including the MK monogram and MK hardware across all product categories remains a core growth strategy.

In accessories, we continue to refresh and celebrate brand icons while evolving styles with newness.

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We continue to take steps to advance our CSR strategy and to support the United Nations Sustainable Development Goals.

Our key sustainability goals, our plans for getting there, and an update on the progress we have made can be found in our annual CSR report located at www.capriholdings.com/responsibility.

Our key sustainability goals, our plans for getting there, and an update on the progress we have made can be found in our annual CSR report located at www.capriholdings.com/CSR.

The content on this website and the content in our CSR reports are not incorporated by reference into this Annual Report on Form 10-K or in any other report or document we file with the SEC.

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Total April 1,

Total March 27,

Total April 2,

Accessories $ 2,570 49.7% $ 2,826 50.3% $ 2,901 51.3%

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Generally, Versace Jeans Couture retail from $75 to $1,300, Versace eyewear retails from $280 to $700, Versace fragrances retail from $50 to $330, Versace watches retail from $490 to $9,000 and Versace home furnishings, which include a variety of products, generally retail from $850 to $100,000.

Jimmy Choo is a leading global luxury accessories brand and offers a distinctive, glamorous and fashion-forward product range, whose core product offerings are women’s luxury shoes, complemented by accessories, including handbags, small leather goods, jewelry, scarves and belts, as well as a men’s luxury shoes and accessories business.

Jimmy Choo is a leading global luxury accessories brand offering a distinctive, glamorous and fashion-forward product range, whose core product offering is women’s luxury shoes, complemented by accessories, including handbags, small leather goods, jewelry, scarves and belts, as well as a men’s luxury shoes and accessories business.

Generally, Jimmy Choo women’s and men’s luxury shoes retail from $400 to $6,000 and accessories retail from $200 to $6,000.

Certain product categories, such as Jimmy Choo fragrance and eyewear, are produced under product licensing agreements.

Interparfums SA is the exclusive licensee for Jimmy Choo fragrances and makeup and Safilo SpA is the exclusive licensee for Jimmy Choo eyewear.

Generally, Jimmy Choo eyewear retail from $250 to $500 and Jimmy Choo fragrances and beauty retail from $50 to $220.

Certain product categories, including Jimmy Choo fragrance and eyewear, are produced under product licensing agreements.

Interparfums SA is the exclusive licensee for Jimmy Choo fragrances and beauty and EssilorLuxottica SA is the exclusive licensee for Jimmy Choo eyewear.

Generally, Jimmy Choo fragrances and beauty retail from $50 to $220 and Jimmy Choo eyewear retails from $300 to $600.

Michael Kors has three primary collections that offer accessories, footwear and apparel:

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Generally, the Michael Kors Collection women’s handbags and small leather goods retail from $900 to $4,000, footwear retails from $400 to $1,800 and ready-to-wear retails from $400 to $10,000.

MICHAEL Michael Kors is the accessible luxury collection and offers women’s accessories, primarily handbags and small leather goods, as well as footwear and apparel and is carried in all of the Michael Kors lifestyle stores and leading department stores around the world.

The MICHAEL Michael Kors collection offers women’s accessories, primarily handbags and small leather goods, as well as footwear and apparel and is carried in all of the Michael Kors lifestyle stores and leading department stores around the world.

MICHAEL Michael Kors offers handbags designed to meet the fashion and functional requirements of our broad and diverse consumer base.

Generally, MICHAEL Michael Kors handbags retail from $200 to $750, small leather goods retail from $50 to $250, footwear retails from $50 to $300 and apparel retails from $75 to $700.

Generally, MICHAEL Michael Kors handbags retail from $200 to $750, small leather goods retail from

$50 to $250, footwear retails from $50 to $300 and apparel retails from $75 to $700.

Michael Kors Mens is an innovative collection of men’s ready-to-wear, accessories and footwear with a modern American style.

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Certain product categories, including watches, jewelry, eyewear and fragrance, are produced under product licensing agreements.

Fossil is our exclusive licensee for Michael Kors watches and jewelry, including our Michael Kors ACCESS smartwatches and our fine jewelry line.

Fossil is our exclusive licensee for Michael Kors watches and jewelry.

Luxottica is our exclusive licensee for Michael Kors distinctive eyewear inspired by our collections.

The Company transitioned its fragrance business to EuroItalia during Fiscal 2023.

Generally, Michael Kors fashion watches retail from $200 to $600, Michael Kors ACCESS smartwatches retail from $250 to $450, Michael Kors jewelry retails from $50 to $500, Michael Kors eyewear retails from $100 to $350 and Michael Kors fragrance and related products generally retail from $30 to $150.

Generally, Michael Kors watches retail from $200 to $600, Michael Kors jewelry retails from $50 to $500, Michael Kors eyewear retails from $100 to $350 and Michael Kors fragrance and related products generally retail from $30 to $150.

Advertising and Marketing

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Our campaigns are increasingly being executed through digital and social media platforms to drive further engagement with younger consumers.

Our brands introduce their new collections annually with fashion shows and other fashion events.

Our brands introduce their new collections with fashion shows and other fashion events.

These fashion events, in addition to celebrity red carpet dressing moments, generate extensive domestic and international media and social media coverage.

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We engage in a wide range of integrated marketing programs across various marketing channels, including but not limited to email marketing, print advertising, outdoor advertising, digital marketing, social media, public relations outreach, visual merchandising and partnership marketing, in an effort to engage our existing and potential customer base and ultimately stimulate sales in a consumer-preferred shopping venue.

Our growing e-commerce businesses provide us with an opportunity to increase the size of our customer database and to communicate with our consumers to increase online and physical store sales, as well as to continue to build global brand awareness for our brands.

Our e-commerce businesses provide us with an opportunity to increase the size of our customer database and to communicate with our consumers to increase online and physical store sales, as well as to continue to build global brand awareness for our brands.

We are continuously improving the functionalities and features on our e-commerce sites to create innovative ways to keep our brands at the forefront of consumers’ minds by offering a broad selection of products, including accessories, apparel and footwear.

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The remaining production occurs elsewhere in Europe and a small portion is produced in Asia or North Africa.

Jimmy Choo products are manufactured by independent third-party manufacturing contractors and our Italian atelier and shoe manufacturer.

Most of Jimmy Choo’s products are produced by specialists in Italy, supported by other factories across

Europe, with a small portion produced in Asia.

Jimmy Choo products are manufactured by independent third-party manufacturing contractors as well as by our owned Italian atelier and shoe manufacturer.

Most of Jimmy Choo’s products are produced by specialists in Italy, supported by other factories across Europe, with a small portion produced in Asia.

Jimmy Choo has a product development facility in Florence.

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This multi-supplier strategy provides specialized skills, scalability, flexibility and speed to market, as well as diversifies risk.

In Fiscal 2023 and Fiscal 2022, one third-party buying agent sourced approximately 15% and 14%, respectively, of Michael Kors finished goods purchases, based on dollar volume.

In Fiscal 2024, one third-party buying agent sourced approximately 14% of Michael Kors finished goods purchases, based on dollar volume.

Michael Kors’ largest manufacturing contractor, who produces its products in Asia and who Michael Kors has worked with for approximately 20 years, accounted for the production of approximately 12% of its finished products, based on dollar volume in Fiscal 2024.

Nearly all of our Michael Kors products were produced in Asia in Fiscal 2024.

The manufacturing contractors for our brands operate under the close supervision of our global manufacturing divisions and buying agents located in North America, Europe and Asia.

The manufacturing contractors for our brands operate under the close supervision of our global production team and buying agents located in North America, Europe and Asia.

All products are produced according to our specifications.

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Versace also has a leased warehouse near Novara operated by the same third-party, which serves as a distribution point for other Versace lines.

From these warehouses, products are shipped to regional warehouses that are operated by third-parties in New Jersey, Hong Kong, Mainland China and Japan, and supports the Versace retail and e-commerce businesses.

From these warehouses, products are shipped to regional warehouses that are operated by third-parties in the United States, Hong Kong, South Korea, Mainland China and Japan, and supports the Versace retail and e-commerce businesses.

E-commerce distribution for the United States market is conducted through third-party providers in New Jersey.

Versace’s wholesale business is mainly serviced from three central warehouses located in Italy, the United States and Japan.

Versace’s wholesale business is mainly serviced from three central warehouses located in Italy and the United States.

Jimmy Choo’s primary distribution facility is our Company-owned and operated distribution facility in the Netherlands.

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Our primary Michael Kors distribution facility in Europe is our Company-owned and operated distribution facility in the Netherlands, which supports our European operations for our Michael Kors brand, including our European e-commerce sites.

We also have a regional Michael Kors distribution center in Canada, which is leased, as well as regional Michael Kors distribution centers in New Jersey, Mainland China, Hong Kong, Japan, South Korea and Taiwan, which are operated by third-parties.

We also have a regional Michael Kors distribution center in Canada, which is leased, as well as regional Michael Kors distribution centers in the United States, Mainland China, Hong Kong, Japan, South Korea and Taiwan, which are operated by third-parties.

Intellectual Property

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We aggressively police our intellectual property and pursue infringers both domestically and internationally.

In addition, we pursue counterfeiters in the United States, Europe, the Middle East, Asia and elsewhere in the world in both online and offline channels, working with our network of customs authorities, law enforcement, legal representatives and brand specialists around the world as well as involvement with industry associations and anti-counterfeiting organizations.

In addition, we pursue counterfeiters in the United States, Europe, the Middle East, Asia and elsewhere in the world in both online and offline channels, working with a network of customs authorities, law enforcement, legal representatives and brand specialists around the world as well as involvement with industry associations and anti-counterfeiting organizations.

Information Systems

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Our long-term strategy includes consolidating certain systems across our brands over time to create operational efficiencies.

During Fiscal 2020, we embarked on a multi-year ERP implementation to conform various processes onto one global system that would support certain finance, accounting and operational functions.

The implementation of the ERP requires a significant investment in human and financial resources.

As a result of COVID-19 and our need to significantly reduce our capital expenditures, we temporarily suspended our ERP project.

Certain phases of the project have resumed as of the fourth quarter of Fiscal 2021 and portions of our global ERP system are live in Fiscal 2023.

We are currently undertaking a major, multi-year ERP implementation to upgrade our information technology platforms and systems worldwide.

The implementation is occurring in phases over several years.

We have launched the finance functionality of the ERP system in certain regions starting in Fiscal 2023.

“Risk Factors” — “A material delay or disruption in our information technology systems or e-commerce websites or our failure or inability to upgrade our information technology systems precisely and efficiently could have a material adverse effect on our business, results of operations and financial condition.”

Human Capital Management

At Capri Holdings, we strive to create workplaces where our employees and the workers across our supply chain thrive.

At Capri, we strive to create workplaces where our employees and the workers across our supply chain thrive.

Through our benefits and compensation packages, learning and development programs, focus on diversity and inclusion, employee engagement, wellness and safety programs and supply chain empowerment initiatives, we continue to make significant investments in our Capri community.

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At the end of Fiscal 2024, 2023 and 2022, we had approximately 15,100, 15,500 and 14,600 total employees, respectively.

As of April 1, 2023, we had approximately 10,400 full-time employees and approximately 5,100 part-time employees.

Approximately 11,500 of our employees were engaged in retail selling and administrative positions and our remaining employees were engaged in other aspects of our business as of April 1, 2023.

As of April 1, 2023, we have approximately 2,900 employees covered by collective bargaining agreements in certain European countries.

As of March 30, 2024, we had approximately 10,200 full-time employees and approximately 4,900 part-time employees.

Approximately 11,100 of our employees were engaged in retail selling and administrative positions and our remaining employees were engaged in other aspects of our business as of March 30, 2024.

As of March 30, 2024, we have approximately 3,400 employees covered by collective bargaining agreements in certain European countries.

We consider our relations with both our union and non-union employees to be good.

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Our health and welfare benefit program is designed to provide a wide range of benefits to meet the health care, financial, work/life and mental wellbeing needs of eligible employees.

Benefits include, among others, medical, dental and vision plans, life insurance, short and long-term disability coverage, retirement plans (with matching contributions where applicable), paid parental leave for all parents, gender reassignment coverage and fertility support benefits in the United States, and a wellness program focused on mental wellbeing, including several digital therapeutic programs to assist with therapy, anxiety and worry and sleep.

We also offer employees paid time off, including to volunteer with select charitable organization.

Benefits include, among others, medical, dental and vision plans, life insurance, short and long-term disability coverage, retirement plans (with matching contributions where applicable), paid parental leave for all parents, gender reassignment coverage and fertility support benefits in the United States, and a wellness program focused employees’ physical, emotional, financial and social wellness, including several digital therapeutic programs to assist with therapy, anxiety and worry and sleep.

We also offer employees paid time off, including time off to volunteer with eligible charitable organizations.

Employees are also entitled to discounts on our merchandise.

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We honor our employees through our dedication to development and believe that enabling opportunity means ensuring our teams have the skills they need to build fulfilling careers with us.

We promote employee performance with personalized development plans and by providing individualized feedback at regular intervals throughout the

year, and all employees participant in a formal performance review process annually.

We continue to refresh our learning and development programming by offering targeted skill-building for employees at all stages of their career.

During Fiscal 2023, we launched our first learning management system, Capri FLEX, and we continue to offer quality training touchpoints to employees throughout our global organization, including programs around compliance, ethics and integrity, promoting respect in the workplace, global cybersecurity practices, and supply chain transparency as well as a mandatory three-party diversity and inclusion (“D&I”) curriculum.

We also deployed a new leadership development program focused on building and understanding emotional intelligence in our leaders.

We promote employee performance with personalized development plans and by providing individualized feedback at regular intervals throughout the year, and all employees participate in a formal performance review process annually.

We continue to refresh our learning and development programming by offering targeted skill-building for employees at all stages of their careers.

During Fiscal 2024, we continued to offer quality training touchpoints to employees throughout our global organization, including programs around compliance, ethics and integrity, promoting respect in the workplace, global cybersecurity practices, and supply chain transparency.

We also have a mandatory diversity and inclusion (“D&I”) curriculum and a leadership development program focused on building and understanding emotional intelligence in our leaders.

Diversity and Inclusion.

Diversity and inclusion are embedded in our DNA.

Diversity and inclusion are key values of our company.

We foster an inclusive environment where employees, vendors and customers of diverse backgrounds are respected, valued and celebrated.

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Our responsibility to promote equality is not just to those who work with us, but to our industry, the customers we serve and the communities around us.

We have a Global Diversity & Inclusion Council comprised of diverse leaders across all brands and regions.

The Global D&I Council works closely with senior leadership to ensure alignment of short-and long-term diversity and inclusion goals with Capri’s overall business strategy, provides governance and oversight on diversity and inclusion efforts across our brands, and promotes company-wide communication on progress.

We have a number of employee resource groups (“ERGs”) to provide support for those employees who self-identify with a particular group, including Pride@Capri, BOLD@Capri”, Black Organizers, Leaders and Doers, an Asian and Pacific Islander ERG and a women’s network ERG, and we utilize global D&I listening sessions, regular D&I newsletters and communications and keynote speakers to further embed inclusion in our workplace.

We have a number of employee resource groups (“ERGs”) to drive awareness of identity and intersectionality across our workforce, including APPLAUD @ Capri (Asian Pacific Partners, Leaders, and Unified Doers), BOLD@Capri (Black Organizers, Leaders, and Doers), EmpowerHER @ Capri, Latinos Unidos @ Capri, Parenthood @ Capri, and PRIDE @ Capri, and we utilize global D&I listening sessions, regular D&I newsletters and communications and keynote speakers to further embed inclusion in our workplace.

We are committed to recruiting, developing and retaining passionate, skilled and diverse talent.

We launched a new mentorship program during the fiscal year and we educate recruiters and hiring managers to mitigate the impact of unconscious bias during the interview process.

During the fiscal year, we continued to roll out inclusive recruiting and debiased recruitment operating strategies, including new interview guides and team trainings and we expanded our mentorship program, which now has a reverse mentorship component, across the globe to encourage access, belonging and allyship.

We are also a proud partner with a wide array of organizations and pledges in furtherance of driving equality and have a received a number of awards and accolades in the area of D&I.

Through The Capri Holdings Foundation for the Advancement in Diversity in Fashion, we are also driving diversity, inclusion and equality throughout the fashion industry by working collaboratively with colleges and high schools to create meaningful opportunities in fashion for underrepresented communities through scholarship programs in partnership with the Fashion Institute of Technology (FIT), Howard University, PENSOLE Academy and Central Saint Martins – University of the Arts London.

Over the next few years, the Foundation will fund scholarships for nearly 100 students from historically underrepresented communities pursuing degrees in fashion and merchandising across these four educational institutions.

Employee Engagement, Well-being and Safety .

Through The Capri Holdings Foundation for the Advancement in Diversity in Fashion, we are also driving diversity, inclusion and equality throughout the fashion industry by working collaboratively with educational institutions to create meaningful opportunities in fashion for historically underrepresented communities, including the Black, Indigenous and People of Color (BIPOC) community.

The Foundation has ongoing partnerships with the Fashion Institute of Technology (FIT), Howard University, Pensole Lewis College of Business and Design (PLC) and Central Saint Martins – University of the Arts London.

These programs are not just designed to ease students’ financial pressures but are part of a larger effort to help remove systemic roadblocks and increase opportunities within the fashion industry including through scholarship support, mentorship and hands-on experiences with current industry professionals.

Employee Engagement.

Enhancing our employee experience has always been an integral part of our strategy and checking in with one another is a key part of our employee engagement program.

We believe two-way communication, feedback and continuous improvement drive progress within our group and our brands.

In Fiscal 2023, we expanded our employee listening approach and surveyed all global employees to better understand our company’s strengths and opportunities, and to ensure that the Capri employee experience is both highly engaging and inclusive.

We are proud to have been certified in the U.S.

as a Great Place to Work® in 2022 – an accolade that we believe is a testament to our culture of empowerment, inclusion and growth.

Michael Kors was also recently certified as a Great Place to Work® in the U.K.

We are honored to have received recognitions of our inclusive culture and community throughout the fiscal year, including:certification in 2023 as a Great Place to Work® in the U.S.for the second consecutive year, also received for a second year in the UK by Michael Kors;

being named to the Parity.Org 2023 Best Companies for Women to Advance and 2023 Best Companies for People of Color to Advance lists;

inclusion in the 2023 Bloomberg Gender-Equality Index;

receipt of HR Asia’s Best Companies to Work for in Asia 2023 award;

and our D&I newsletter’s acknowledgment as the UK Company Culture Awards Best Internal Communications Campaign of the Year.

Workplace Safety .

Everyone working on behalf of our Company is entitled to work in a safe environment while maintaining their health and well being.

Capri’s global safe workplace program, which includes employee traveler and emergency response alerts, raises awareness and provides safety resources tailored for workers in different work environments – from our distribution centers to our retail stores.

Throughout the fiscal year, we continued to assess evolving health and safety guidance related to COVID-19 and tailored our practices and protocols for different workplaces.

We also provided a range of resources and benefits to our employees throughout the pandemic, from remote and flexible workplace arrangements to grocery deliveries during lock-down and expanded mental health benefits through our Thrive global wellness program, designed to inspire employees to improve

their physical, emotional and financial well-being.

While we have welcomed employees back to work, we continue to explore flexible work options and have implemented a hybrid working environment.

Our commitment to health and safety is founded on a number of guiding principles

described in our Occupational Health and Safety Policy, which we published on our corporate website, and is bolstered by weekly safety informational newsletters for our distribution centers, monthly retail safety and security newsletters shared across our brands, and a robust health and safety training curriculum.

Throughout the fiscal year, we also conducted health and safety audits, risk assessments and compliance mapping exercises, and continued to offer vital resources to our teams including medical and security assistance services for traveling employees.

Supply Chain Empowerment.

Our community extends beyond our direct employees and our corporate social responsibility program drives us toward greater engagement with our suppliers.

Our community extends beyond our direct employees and our corporate social responsibility program drives us toward greater engagement with and support of supply chain workers in the global fashion industry.

We are dedicated to conducting our operations throughout the world on principles of ethical business practice and recognition of the dignity of workers.

Through our Code of Conduct for Business Partners and Factory Social Compliance Program, we partner with our suppliers on important human rights, health and safety, environmental and compliance issues.

Our goal is to establish and implement supply chain empowerment programs for key supply chain partners in line with the UN Framework for Corporate Action on Workplace Women’s Health and Empowerment by 2025.

We are also signatory to the UN Women’s Empowerment Principles, we partnered with the Fashion Makes Change campaign to support the empowerment and education of women in the fashion supply chain, and we recently joined Empower@Work, a platform that serves to catalyze collective action at scale for the benefit of the women workers and gender equality in global supply chains.

Beginning in 2023, we are committed to implementing workplace trainings at strategic partner facilities and leveraging the organization’s industry-wide and data-driven solutions to positively impact a greater number of women workers within our value chain.

Through our Code of Conduct for Business Partners and supply chain compliance program, we partner with our suppliers on important human rights, health and safety, environmental and compliance issues.

In Fiscal 2023, we continued to support RISE:

REimaginging Industry to Support Equality, a collaborative initiative to ensure women working in global supply chains experience greater dignity, equality, choice of opportunities and fulfillment of their rights.

We also partnered with Empower Co., an organization working to build the first global voluntary market to measurably scale women’s empowerment.

We face intense competition in the product lines and markets in which we operate from both existing and new competitors.

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We utilize free trade agreements and other supply chain initiatives in order to maximize efficiencies and cost savings relating to product importation.

For example, we have historically received benefits from duty-free imports on certain products from certain countries pursuant to the United States.

Generalized System of Preferences (“GSP”) program.

The GSP program expired on December 31, 2020.

If the GSP program is not renewed or otherwise made retroactive, we will continue to experience significant additional duties and our gross margin will continue to be negatively impacted.

Additionally, we are subject to government regulations relating to importation activities, including the United States.

Customs and Border Protection (“CBP”) withhold release orders.

Additionally, we are subject to government regulations relating to importation activities, including the United States Customs and Border Protection (“CBP”) withhold release orders.

The imposition of taxes, duties and quotas, the withdrawal from or material modification to trade agreements and/or if CBP detains shipments of our goods pursuant to a withhold release order could have a material adverse effect on our business, results of operations and financial condition.

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Our CSR strategy focuses on four foundational pillars:

• Our Governance – We believe responsible business practices start from the top, and we recognize the increasing importance of ESG matters to our business and our stakeholders.

Our sustainability governance model ensures our

Board of Directors, executive team and brands are aligned on the most important sustainability risks and opportunities for Capri.

• Our Governance – We believe responsible business practices start from the top, and we recognize the increasing importance of environmental, social and governance ("ESG") matters to our business and our stakeholders.

Our sustainability governance model ensures our Board of Directors, executive team and brands are aligned on the most important sustainability risks and opportunities for Capri.

• Our World – We believe that the success of our Company is directly linked to the sustainability of the world around us.

Our brands strive to create the highest quality luxury products with longevity and sustainability in mind.

We endeavor to operate responsibly in order to lower our impact on the planet and to promote industry-wide environmental change.

endeavor to operate responsibly in order to lower our impact on the planet and to promote industry-wide environmental change.

• Our Community – We believe we have a responsibility to those who work with us.

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Within each of our four foundational pillars are key CSR focus areas that guide our work in support of the United Nations Sustainable Development Goals (SDGs).

We believe responsible business practices start from the top.

Our sustainability governance model includes a multi-level structure to ensure our Board of Directors, executive management team and business leaders across our brands are aligned on the most important environmental, social and governance (“ESG”) risks and opportunities for Capri.

The Board has delegated oversight of ESG activities to the Governance, Nominating and CSR Committee (the “Governance Committee”).

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The Board’s Audit Committee also assesses ESG risks as part of its overall enterprise risk management review, and the Board’s Compensation and Talent Committee considers performance against individualized ESG goals in making executive compensation decisions.

In fiscal 2023, we conducted our latest materiality assessment with the goal of identifying and prioritizing the most relevant ESG topics to our business and our stakeholders.

The results of this materiality assessment helped to reinforce our CSR strategy and inform our reporting.

We are committed to regular public reporting of our ESG risks and opportunities and the progress we are making toward our CSR goals.

Additional information can be found at www.capriholdings.com/responsibility.

Our governance model embeds sustainability throughout our business and is supported by several

working groups focused on driving social and philanthropic causes, our Company and brand foundations, and ERGs.

We are committed to conducting regular materiality assessments to ensure that we are focusing on the ESG topics of greatest importance to our stakeholders.

We carried out our most recent group-wide materiality assessment in 2022, the results of which helped to reinforce our CSR strategy and inform our reporting.

Beyond our formal materiality assessment process, we periodically collect stakeholder input and feedback to better understand the ESG issues most relevant to our business.

Additional information can be found at www.capriholdings.com/CSR.

The content on this website and the content in our CSR reports are not incorporated by reference into this Annual Report on Form 10-K or in any other report or document we file with the SEC.

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What changed 10-K

Item 1. Business