Quantitative and Qualitative Disclosures About Market Risk
−Removed: We are exposed to certain market risks during the normal course of our business, such as risk arising from fluctuations in foreign currency exchange rates, as well as fluctuations in interest rates.
−Removed: In order to manage these risks, we employ certain strategies to mitigate the effect of these fluctuations, which include entering into foreign currency forward contracts, net investment hedges, fair value hedges and interest rate swaps.
+Added: We are exposed to certain market risks during the normal course of business, such as risk arising from fluctuations in foreign currency exchange rates, as well as fluctuations in interest rates.
+Added: In order to manage these risks, we employ certain strategies to mitigate the effect of these fluctuations, which include entering into foreign currency forward contracts, net investment hedges and interest rate swaps.
We do not use derivatives for trading or speculative purposes.
+Added: Table of Content s
Foreign Currency Exchange Risk
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These contracts are recorded at fair value in our consolidated balance sheets as either an asset or liability and are derivative contracts to hedge cash flow risks.
−Removed: Certain of these contracts are designated as hedges for hedge accounting purposes, while certain of these contracts are not designated as hedges for accounting purposes.
−Removed: Accordingly, the changes in the fair value of the majority of these contracts at the balance sheet date are recorded in equity as a component of accumulated other comprehensive income, and upon maturity (settlement) are recorded in, or reclassified into, our cost of goods sold or operating expenses, in our consolidated statements of operations and comprehensive (loss) income, as applicable to the transactions for which the forward foreign currency exchange contracts were established.
−Removed: We perform a sensitivity analysis on our forward currency contracts to determine the effects of fluctuations in foreign currency exchange rates.
−Removed: For this sensitivity analysis, we assume a hypothetical change in the United States dollar against foreign exchange rates.
−Removed: Based on all foreign currency exchange contracts outstanding as of March 29, 2025, a 10% appreciation or devaluation of the United States dollar compared to the level of foreign currency exchange rates for currencies under contract as of March 29, 2025, would result in a net increase or decrease, respectively, of approximately $5 million in the fair value of these contracts.
+Added: Certain of these contracts are designated as hedges for hedge accounting purposes, while others are not designated as hedges for accounting purposes.
+Added: Accordingly, the changes in the fair value of the majority of these contracts at the balance sheet date are recorded in equity as a component of accumulated other comprehensive (loss) income, and upon maturity (settlement) are recorded in, or reclassified into, our cost of goods sold in our consolidated statements of operations and comprehensive (loss) income, as applicable to the transactions for which the forward foreign currency exchange contracts were established.
+Added: We perform a sensitivity analysis on our designated forward currency contracts to determine the effects of fluctuations in foreign currency exchange rates.
+Added: For this sensitivity analysis, we assume a hypothetical change in the United States dollar against the applicable foreign exchange rates.
+Added: As of March 28, 2026, a 10% appreciation or devaluation of the United States dollar compared to the level of foreign currency exchange rates for currencies under contract as of March 28, 2026, would result in a net increase or decrease, respectively, of approximately $11 million in the fair value of these contracts.
Net Investment Hedges
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As of March 28, 2026, we have multiple fixed to fixed cross-currency swap agreements with aggregate notional amounts of $3.5 billion to hedge our net investment in CHF denominated subsidiaries against future volatility in the exchange rates between the United States dollar and CHF.
−Removed: Under the terms of these contracts, we will exchange the monthly and semi-annual fixed rate payments on United States notional amounts for fixed rate payments of 0.0% in CHF.
+Added: Under the terms of these contracts, we will exchange monthly and semi-annual fixed rate payments on United States notional amounts for fixed rate payments of 0% in CHF.
Based on the net investment hedges outstanding as of March 28, 2026, a 10% appreciation or devaluation of the United States dollar compared to the level of foreign currency exchange rates for currencies under contract as of March 28, 2026, would result in a net increase or decrease, respectively, of approximately $385 million in the fair value of these contracts.
−Removed: These contracts have maturity dates between July 2025 and October 2030.
+Added: These contracts have maturity dates between March 2027 and May 2045.
As of March 28, 2026, we have multiple fixed to fixed cross-currency swap agreements with aggregate notional amounts of $2.364 billion to hedge our net investment in Euro denominated subsidiaries against future volatility in the exchange rates between the United States dollar and Euro.
−Removed: Under the terms of these contracts, we will exchange the monthly fixed rate payments on United States dollar notional amounts for fixed rate payments of 0.0% in Euro.
+Added: Under the terms of these contracts, we will exchange monthly fixed rate payments on United States dollar notional amounts for fixed rate payments of 0% in Euros.
Based on the net investment hedges outstanding as of March 28, 2026, a 10% appreciation or devaluation of the United States dollar compared to the level of foreign currency exchange rates for currencies under contract as of March 28, 2026, would result in a net increase or decrease, respectively, of approximately $245 million in the fair value of these contracts.
−Removed: These contracts have maturity dates between January 2027 and July 2031.
+Added: These contracts have maturity dates between December 2027 and July 2031.
Interest Rate Risk
−Removed: We are exposed to interest rate risk related to borrowings outstanding under our 2022 Credit Facility, USD Term Loans and EUR Term Loans.
−Removed: Our 2022 Credit Facility and USD Term Loans carries interest rates that are tied to the prime rate and other institutional lending rates (depending on the particular origination of borrowing), as further described in Note 12 to the accompanying consolidated financial statements.
−Removed: Our EUR Term Loans carries interest rates that are tied to EURIBOR.
+Added: We are exposed to interest rate risk related to borrowings outstanding under our Revolving Credit Facilities.
+Added: Our Revolving Credit Facilities carries interest rates that are tied to the prime rate and other institutional lending rates (depending on the particular origination of borrowing), as further described in Note 13 - “Debt Obligations” to the accompanying consolidated financial statements.
Our Hong Kong Credit Facility carries interest at a rate that is tied to the Hong Kong Interbank Offered Rate.
Our China Credit Facility carries interest at a rate that is tied to the People’s Bank of China’s Benchmark lending rate.
−Removed: Our Japan Credit Facility carries interest at a rate posted by the Mitsubishi UFJ Financial Group.
−Removed: Our uncommitted Versace Credit Facilities carry interest at rates set by the banks on the date of borrowing that is tied to the European Central Bank.
+Added: Our Japan Credit Facility bears interest at the Tokyo Interbank Offered Rate (“TIBOR”) plus 60 basis points two business days prior to the date of borrowing or the date of interest renewal.
Therefore, our consolidated statements of operations and comprehensive (loss) income and cash flows are exposed to changes in those interest rates.
−Removed: At March 29, 2025, we had $755 million borrowings outstanding under our 2022 Credit Facility, $706 million, outstanding, net of
−Removed: debt issuance costs, under our 2025 Term Loans and no borrowings outstanding under all other Credit Facilities, as further described in Note 12 to the accompanying consolidated financial statements.
−Removed: At March 30, 2024, we had $764 million borrowings outstanding under our 2022 Credit Facility, $485 million, outstanding, net of debt issuance costs, under our Versace Term Loan and no borrowings outstanding under all other Credit Facilities.
+Added: At March 28, 2026, we had $340 million of borrowings outstanding under our Revolving Credit Facility and no borrowings outstanding under all other Credit Facilities, as further described in Note 13 - “Debt Obligations” to the accompanying consolidated financial statements.
+Added: Table of Content s
+Added: At March 29, 2025, we had $755 million of borrowings outstanding under our Revolving Credit Facility, $706 million, outstanding, net of debt issuance costs, under our 2025 Term Loans and no borrowings outstanding under all other Credit Facilities.
These balances are not indicative of future balances that may be outstanding under our credit facilities that may be subject to fluctuations in interest rates.
−Removed: Any increases in the applicable interest rate(s) would cause an increase to the interest expense relative to any outstanding balance at that date.
+Added: Any increases in the applicable interest rates would cause an increase to the interest expense relative to any outstanding balance at that date.
Financial Statements and Supplementary Data
−Removed: See “Item 15.
+Added: Refer to Item 15.
- “Exhibits and Financial Statement Schedules” for a listing of the consolidated financial statements and supplementary data included in this report.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.