0001116132-23-000027 | 10-Q | XBRL Viewer

REVENUE

3 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

The Company recognizes revenue primarily from sales of the products of its brands through retail and wholesale channels, including e-commerce sites. The Company also generates revenue from royalties related to licensing its trademarks, as well as sales in ancillary channels. In all cases, revenue is recognized upon the transfer of control of the promised products or services to the customer, which may be at a point in time or over time. Control is transferred when the customer obtains the ability to direct the use of and obtain substantially all of the remaining benefits from the products or services. The amount of revenue recognized is the amount of consideration to which the Company expects to be entitled, including estimation of sale terms that may create variability in the consideration. Revenue subject to variability is constrained to an amount which will not result in a significant reversal in future periods when the contingency that creates variability is resolved.

The Company recognizes revenue in its retail stores, including concession shop-in-shops, at the point-of-sale when the customer obtains physical possession of the products. Digital revenue from sales of products ordered through the Company's e-commerce sites is recognized upon delivery and receipt of the shipment by its customers and includes shipping and handling charges paid by customers. Retail and digital revenues are recorded net of estimated returns, which are estimated by developing an expected value based on historical experience. Payment is due at the point of sale.

Gift cards issued by the Company are recorded as a liability until redeemed by the customer, at which point revenue is recognized. The Company also uses historical information to estimate the amount of gift card balances that will never be redeemed and recognizes that amount as revenue over time in proportion to actual customer redemptions if the Company does not have a legal obligation to remit unredeemed gift cards to any jurisdiction as unclaimed property.

Certain of the Company's retail operations use sales incentive programs, such as customer loyalty programs and the issuance of coupons. Loyalty programs provide the customer a material right to acquire additional products and give rise to the Company having a separate performance obligation. Additionally, certain products sold by the Company include an assurance warranty that is not considered a separate performance obligation. These programs are immaterial individually and in the aggregate.

The Company recognizes revenue within the wholesale channel at the time title passes and risk of loss is transferred to customers, which is generally at the point of shipment of products but may occur upon receipt of the shipment by the customer in certain cases. Payment is generally due 30 to 90 days after shipment. Wholesale revenue is recorded net of estimates for returns, discounts, end-of-season markdowns, cooperative advertising allowances and other consideration provided to the customer. Discounts are based on contract terms with the customer, while cooperative advertising allowances and other consideration may be based on contract terms or negotiated on a case-by-case basis. Returns and markdowns generally require approval from the Company and are estimated based on historical trends, current season results and inventory positions at the wholesale locations, current market and economic conditions as well as, in select cases, contractual terms. The Company's historical estimates of these variable amounts have not differed materially from actual results.

The Company recognizes licensing revenue over time during the contract period in which licensees are granted access to the Company's trademarks. These arrangements require licensees to pay a sales-based royalty and may include a contractually guaranteed minimum royalty amount. Revenue for contractually guaranteed minimum royalty amounts is recognized ratably over the license year and any excess sales-based royalties are recognized as earned once the minimum royalty threshold is achieved. Payments from the customer are generally due quarterly in an amount based on the licensee's sales of goods bearing the licensed trademarks during the period, which may differ from the amount of revenue recorded during the period thereby generating a contract asset or liability. Contract assets and liabilities and contract costs related to the licensing arrangements are immaterial as the licensing business represents approximately 1% of total net sales in the three months ended September 30, 2023.

The Company has elected a practical expedient not to disclose the remaining performance obligations that are unsatisfied as of the end of the period related to contracts with an original duration of one year or less or variable consideration related to sales-based royalty arrangements. There are no other contracts with transaction price allocated to remaining performance obligations other than future minimum royalties as discussed above, which are not material.

Other practical expedients elected by the Company include (i) assuming no significant financing component exists for any contract with a duration of one year or less, (ii) accounting for shipping and handling as a fulfillment activity within SG&A expense regardless of the timing of the shipment in relation to the transfer of control and (iii) excluding sales and value added tax from the transaction price.

Disaggregated Net Sales

The following table disaggregates the Company's net sales into geographies that depict how economic factors may impact the revenues and cash flows for the periods presented. Each geography presented includes net sales related to the Company's directly operated channels, global travel retail business and to wholesale customers, including distributors, in locations within the specified geographic area.


	North America		Greater China(1)		Other Asia(2)		Other(3)		Total
	(millions)
Three Months Ended September 30, 2023
Coach	$	686.5	$	220.3	$	175.2	$	75.4	$	1,157.4
Kate Spade	240.2		10.8		30.6		21.6		303.2
Stuart Weitzman	34.7		13.5		0.4		4.0		52.6
Total	$	961.4	$	244.6	$	206.2	$	101.0	$	1,513.2

Three Months Ended October 1, 2022
Coach	$	669.1	$	209.8	$	167.9	$	72.5	$	1,119.3
Kate Spade	254.6		11.0		31.6		24.7		321.9
Stuart Weitzman	42.2		15.1		0.2		7.8		65.3
Total	$	965.9	$	235.9	$	199.7	$	105.0	$	1,506.5

(1) Greater China includes mainland China, Hong Kong SAR and Macao SAR, and Taiwan.

(2) Other Asia includes Japan, Malaysia, Australia, New Zealand, Singapore, South Korea, and other countries within Asia.

(3) Other sales primarily represents sales in Europe, the Middle East and royalties earned from the Company's licensing partners.

Deferred Revenue

Deferred revenue results from cash payments received or receivable from customers prior to the transfer of the promised goods or services, and is generally comprised of unredeemed gift cards, net of breakage which has been recognized. Additional deferred revenue may result from sales-based royalty payments received or receivable which exceed the revenue recognized during the contractual period. The balance of such amounts as of September 30, 2023 and July 1, 2023 was $40.4 million and $43.0 million, respectively, which were primarily recorded within Accrued liabilities on the Company's Condensed Consolidated Balance Sheets and are generally expected to be recognized as revenue within a year. For the three months ended September 30, 2023, net sales of $14.6 million were recognized from amounts recorded as deferred revenue as of July 1, 2023. For the three months ended October 1, 2022, net sales of $11.5 million were recognized from amounts recorded as deferred revenue as of July 2, 2022.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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-Topic 606
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+ Details

DEBT (2025, 2027 2032 Senior Notes, Debt Covenants and Fair Value) (Details)	3 Months Ended
	Sep. 30, 2023 USD ($)	Jul. 01, 2023 USD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 2017 USD ($)	Mar. 31, 2015 USD ($)
Debt Instrument [Line Items]
Debt instrument, covenant maximum net leverage ratio	4.00
From and including the closing date of the Capri Acquisition to but excluding June 28, 2025
Debt Instrument [Line Items]
Debt instrument, covenant maximum net leverage ratio	4.75
From and including June 28, 2025 to but excluding June 27, 2026
Debt Instrument [Line Items]
Debt instrument, covenant maximum net leverage ratio	4.50
From and including June 27, 2026 and thereafter
Debt Instrument [Line Items]
Debt instrument, covenant maximum net leverage ratio	4.00
2025 Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount					$ 600,000,000
Interest rate, stated percentage	4.25%				4.25%
Debt instrument, issuance amount, percent of par					99.445%
Tender offer, outstanding debt amount			$ 296,600,000
2025 Senior Notes \| Senior Notes \| Level 2
Debt Instrument [Line Items]
Long-term debt, fair value	$ 295,500,000	$ 295,100,000
2027 Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount				$ 600,000,000
Interest rate, stated percentage	4.125%			4.125%
Debt instrument, issuance amount, percent of par				99.858%
Tender offer, outstanding debt amount			203,400,000
2027 Senior Notes \| Senior Notes \| Level 2
Debt Instrument [Line Items]
Long-term debt, fair value	$ 366,600,000	371,700,000
2032 Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount			$ 500,000,000
Interest rate, stated percentage	3.05%		3.05%
Debt instrument, issuance amount, percent of par			99.705%
2032 Senior Notes \| Senior Notes \| Level 2
Debt Instrument [Line Items]
Long-term debt, fair value	$ 367,300,000	$ 399,500,000

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Oct. 01, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gain in AOCI reclassified into earnings within next 12 months	$ 40.8
Interest income	(13.3)	$ (7.4)
Cross currency swaps \| Net investment hedging \| Designated derivative hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Interest income	$ 7.2	$ 6.4

REVENUE (Summary of Disaggregation of Revenue) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Oct. 01, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 1,513.2	$ 1,506.5
North America
Disaggregation of Revenue [Line Items]
Net sales	961.4	965.9
Greater China
Disaggregation of Revenue [Line Items]
Net sales	244.6	235.9
Other Asia
Disaggregation of Revenue [Line Items]
Net sales	206.2	199.7
Other
Disaggregation of Revenue [Line Items]
Net sales	101.0	105.0
Coach
Disaggregation of Revenue [Line Items]
Net sales	1,157.4	1,119.3
Coach \| North America
Disaggregation of Revenue [Line Items]
Net sales	686.5	669.1
Coach \| Greater China
Disaggregation of Revenue [Line Items]
Net sales	220.3	209.8
Coach \| Other Asia
Disaggregation of Revenue [Line Items]
Net sales	175.2	167.9
Coach \| Other
Disaggregation of Revenue [Line Items]
Net sales	75.4	72.5
Kate Spade
Disaggregation of Revenue [Line Items]
Net sales	303.2	321.9
Kate Spade \| North America
Disaggregation of Revenue [Line Items]
Net sales	240.2	254.6
Kate Spade \| Greater China
Disaggregation of Revenue [Line Items]
Net sales	10.8	11.0
Kate Spade \| Other Asia
Disaggregation of Revenue [Line Items]
Net sales	30.6	31.6
Kate Spade \| Other
Disaggregation of Revenue [Line Items]
Net sales	21.6	24.7
Stuart Weitzman
Disaggregation of Revenue [Line Items]
Net sales	52.6	65.3
Stuart Weitzman \| North America
Disaggregation of Revenue [Line Items]
Net sales	34.7	42.2
Stuart Weitzman \| Greater China
Disaggregation of Revenue [Line Items]
Net sales	13.5	15.1
Stuart Weitzman \| Other Asia
Disaggregation of Revenue [Line Items]
Net sales	0.4	0.2
Stuart Weitzman \| Other
Disaggregation of Revenue [Line Items]
Net sales	$ 4.0	$ 7.8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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-Topic 924
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+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS

3 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

The change in the carrying amount of the Company’s goodwill by segment is as follows:


	Coach		Kate Spade		Stuart Weitzman(1)		Total
	(millions)
Balance at July 1, 2023	$	597.5	$	630.0	$	—	$	1,227.5

Foreign exchange impact	(7.3)		(1.7)		—		(9.0)


Balance at September 30, 2023	$	590.2	$	628.3	$	—	$	1,218.5

(1) Amount is net of accumulated goodwill impairment charges of $210.7 million as of September 30, 2023 and July 1, 2023.

Intangible Assets

Intangible assets consist of the following:


	September 30, 2023						July 1, 2023
	Gross Carrying Amount		Accum. Amort.		Net		Gross Carrying Amount		Accum. Amort.		Net
	(millions)
Intangible assets subject to amortization:
Customer relationships	$	100.3	$	(51.6)	$	48.7	$	100.3	$	(50.0)	$	50.3


Total intangible assets subject to amortization	100.3		(51.6)		48.7		100.3		(50.0)		50.3
Intangible assets not subject to amortization:
Trademarks and trade names	1,309.8		—		1,309.8		1,309.8		—		1,309.8
Total intangible assets	$	1,410.1	$	(51.6)	$	1,358.5	$	1,410.1	$	(50.0)	$	1,360.1

Amortization expense for the Company’s definite-lived intangible assets was $1.6 million and $1.7 million for the three months ended September 30, 2023 and October 1, 2022, respectively.

As of September 30, 2023, the expected amortization expense for intangible assets is as follows:


	Amortization Expense
	(millions)
Remainder of fiscal 2024	$	4.9
Fiscal 2025	6.5
Fiscal 2026	6.5
Fiscal 2027	6.5
Fiscal 2028	6.5

Thereafter	17.8
Total	$	48.7

The expected amortization expense above reflects remaining useful lives ranging from approximately 6.5 to 8.8 years for customer relationships.

DEBT (Schedule of Debt) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jul. 01, 2023	Dec. 31, 2021	Jun. 30, 2017	Mar. 31, 2015
Current debt:
Current debt	$ 25.0	$ 25.0
Long-term debt:
Long-term debt	1,637.5	1,643.8
Less: Unamortized discount and debt issuance costs on Senior Notes	(7.6)	(8.0)
Total long-term debt, net	1,629.9	1,635.8
Term Loan, 2027
Current debt:
Current debt	25.0	25.0
Long-term debt:
Long-term debt	437.5	443.8
Senior Notes \| 3.050% Senior Notes due March 2032
Long-term debt:
Long-term debt	$ 500.0	500.0
Interest rate, stated percentage	3.05%		3.05%
Senior Notes \| 4.125% Senior Notes due July 2027
Long-term debt:
Long-term debt	$ 396.6	396.6
Interest rate, stated percentage	4.125%			4.125%
Senior Notes \| 4.250% Senior Notes due April 2025
Long-term debt:
Long-term debt	$ 303.4	$ 303.4
Interest rate, stated percentage	4.25%				4.25%

RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Sep. 30, 2023
Accounting Policies [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS Recently Adopted Accounting Pronouncements In September 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2022-04, "Liabilities—Supplier Finance Programs (Subtopic 405-50)", which is intended to enhance the transparency of supplier finance programs. The ASU requires the buyer in a supplier finance program to disclose sufficient information about the program in order 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 Company adopted ASU 2022-04 as of the beginning of fiscal 2024. The adoption of ASU 2022-04 did not have an impact on the Company's interim condensed consolidated financial statements other than the new disclosure requirements. Refer to Note 2, "Basis of Presentation and Organization", for additional information. Recently Issued Accounting Pronouncements The Company has considered all new accounting pronouncements and have concluded that there are no new pronouncements that may have a material impact on our results of operations, financial condition or cash flows based on current information.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS (Summary of Change in Carrying Value of Goodwill) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Jul. 01, 2023
Goodwill [Roll Forward]
Beginning Balance	$ 1,227.5
Foreign exchange impact	(9.0)
Ending Balance	1,218.5
Coach
Goodwill [Roll Forward]
Beginning Balance	597.5
Foreign exchange impact	(7.3)
Ending Balance	590.2
Kate Spade
Goodwill [Roll Forward]
Beginning Balance	630.0
Foreign exchange impact	(1.7)
Ending Balance	628.3
Stuart Weitzman
Goodwill [Roll Forward]
Beginning Balance	0.0
Foreign exchange impact	0.0
Ending Balance	0.0
Impairment charges	$ 210.7	$ 210.7

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Oct. 01, 2022
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES
Net income (loss)	$ 195.0	$ 195.3
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	44.3	43.8
Provision for bad debt	0.4	0.4
Share-based compensation	19.7	15.1
Deferred income taxes	36.6	(3.2)
Changes to lease related balances, net	(11.5)	(12.8)
Other non-cash charges, net	4.5	(9.5)
Changes in operating assets and liabilities:
Trade accounts receivable	(55.6)	(15.8)
Inventories	(29.8)	(181.9)
Accounts payable	(28.4)	0.9
Accrued liabilities	(62.0)	(134.0)
Other liabilities	(8.2)	42.9
Other assets	(29.7)	(111.6)
Net cash provided by (used in) operating activities	75.3	(170.4)
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES
Purchases of investments	(1.9)	(4.0)
Proceeds from maturities and sales of investments	0.0	136.2
Purchases of property and equipment	(20.9)	(27.3)
Settlement of net investment hedge	0.0	41.9
Net cash provided by (used in) investing activities	(22.8)	146.8
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES
Payment of dividends	(80.2)	(72.7)
Repurchase of common stock	0.0	(94.9)
Payment of debt issuance costs	(31.4)	0.0
Proceeds from share-based awards	0.4	6.1
Repayment of debt	(6.3)	(12.5)
Taxes paid to net settle share-based awards	(31.6)	(51.9)
Payments of finance lease liabilities	(0.3)	(0.3)
Net cash provided by (used in) financing activities	(149.4)	(226.2)
Effect of exchange rate changes on cash and cash equivalents	(7.1)	(13.5)
Net (decrease) increase in cash and cash equivalents	(104.0)	(263.3)
Cash and cash equivalents at beginning of period	726.1	789.8
Cash and cash equivalents at end of period	622.1	526.5
Supplemental information:
Cash paid for income taxes, net	41.9	83.0
Cash paid for interest	27.3	26.1
Noncash investing activity - property and equipment obligations	$ 10.2	$ 10.5

SEGMENT INFORMATION (Schedule of Segment Operating Profit (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Oct. 01, 2022
Segment Reporting Information [Line Items]
Segment operating profit	$ 253.2	$ 254.3
Income (loss) before provision for income taxes	238.5	236.2
Operating Segments
Segment Reporting Information [Line Items]
Segment operating profit	389.3	357.3
Operating Segments \| Coach
Segment Reporting Information [Line Items]
Segment operating profit	371.3	339.2
Operating Segments \| Kate Spade
Segment Reporting Information [Line Items]
Segment operating profit	26.6	23.2
Operating Segments \| Stuart Weitzman
Segment Reporting Information [Line Items]
Segment operating profit	(8.6)	(5.1)
Corporate
Segment Reporting Information [Line Items]
Unallocated corporate expenses	136.1	103.0
Unallocated other charges, net	$ 14.7	$ 18.1

SHARE-BASED COMPENSATION (Schedule of Non-vested Performance-based Restricted Stock Unit) (Details) - Performance-based Restricted Stock Unit Awards (PRSU) shares in Millions	3 Months Ended
	Sep. 30, 2023 shares
Number of Non-vested PRSUs
Beginning balance (shares)	0.7
Granted (shares)	0.4
Change due to performance condition achievement (shares)	0.1
Vested (shares)	0.0
Forfeited (shares)	0.0
Ending balance (shares)	1.2

ACQUISITIONS	3 Months Ended
ACQUISITIONS	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS	ACQUISITIONS Capri Holdings Limited Merger Agreement On August 10, 2023, the Company entered into an Agreement and Plan of Merger (the "Merger Agreement") by and among the Company, Sunrise Merger Sub, Inc., a direct wholly owned subsidiary of Tapestry, and Capri Holdings Limited ("Capri"). Under the terms of the Merger Agreement, Tapestry has agreed to acquire any and all of Capri’s ordinary shares (other than (a) Capri’s ordinary Shares that are issued and outstanding immediately prior to the consummation of the acquisition that are owned or held in treasury by the Company or by Capri or any of its direct or indirect subsidiaries and (b) Capri’s ordinary shares that are issued and outstanding immediately prior to the consummation of the acquisition that are held by holders who have properly exercised dissenters’ rights in accordance with, and who have complied with, Section 179 of the BVI Business Companies Act, 2004 (as amended) of the British Virgin Islands) in cash at a purchase price of $57.00 per share, without interest, subject to any required tax withholding as provided in the Merger Agreement. The enterprise value is expected to be approximately $8.5 billion and the transaction is expected to close during calendar year 2024 (the "Capri Acquisition"). On October 25, 2023, at a special meeting of Capri's shareholders, Capri's shareholders approved the Merger Agreement and the transactions contemplated thereby. The Company intends to finance the Capri Acquisition, inclusive of related fees and expenses, with the net proceeds of additional permanent financing, new term loans, cash on hand, cash on hand at Capri and anticipated future cash flow. Refer to Note 11, "Debt," for further information on our existing debt instruments related to the acquisition. In conjunction with the Capri Acquisition, the Company incurred $26.3 million in pre-tax expenses primarily related to professional fees and financing-related expenses during the three months ended September 30, 2023.

STOCKHOLDERS' EQUITY

3 Months Ended

Sep. 30, 2023

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY

A reconciliation of stockholders' equity is presented below:


	Shares of Common Stock	Common Stock		Additional Paid-in- Capital		Retained Earnings / (Accumulated Deficit)		Accumulated Other Comprehensive Income (Loss)		Total Stockholders' Equity
	(millions, except per share data)
Balance at July 2, 2022	241.2	$	2.4	$	3,620.2	$	(1,166.2)	$	(170.9)	$	2,285.5
Net income (loss)	—	—		—		195.3		—		195.3
Other comprehensive income (loss)	—	—		—		—		(22.0)		(22.0)
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes	2.7	—		(45.8)		—		—		(45.8)
Share-based compensation	—	—		15.1		—		—		15.1
Repurchase of common stock	(3.0)	—		—		(100.0)		—		(100.0)

Dividends declared ($0.30 per share)	—	—		—		(72.7)		—		(72.7)
Balance at October 1, 2022	240.9	$	2.4	$	3,589.5	$	(1,143.6)	$	(192.9)	$	2,255.4

	Shares of Common Stock	Common Stock		Additional Paid-in- Capital		Retained Earnings / (Accumulated Deficit)		Accumulated Other Comprehensive Income (Loss)		Total Stockholders' Equity
	(millions, except per share data)
Balance at July 1, 2023	227.4	$	2.3	$	3,682.2	$	(1,216.8)	$	(189.9)	$	2,277.8
Net income (loss)	—	—		—		195.0		—		195.0
Other comprehensive income	—	—		—		—		34.6		34.6
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes	1.8	—		(31.2)		—		—		(31.2)
Share-based compensation	—	—		19.7		—		—		19.7

Repurchase of common stock, including excise tax	—	—		—		—		—		—
Dividends declared ($0.35 per share)	—	—		—		(80.2)		—		(80.2)
Balance at September 30, 2023	229.2	$	2.3	$	3,670.7	$	(1,102.0)	$	(155.3)	$	2,415.7

The components of accumulated other comprehensive income (loss) ("AOCI"), as of the dates indicated, are as follows:


	Unrealized Gains (Losses) on Cash Flow Hedging Derivatives(1)		Unrealized Gains (Losses) on Available- for-Sale Investments		Cumulative Translation Adjustment(2)		Total
	(millions)
Balances at July 2, 2022	$	(2.3)	$	(0.5)	$	(168.1)	$	(170.9)
Other comprehensive income (loss) before reclassifications	6.6		0.5		(30.2)		(23.1)
Less: amounts reclassified from accumulated other comprehensive income to earnings	(1.1)		—		—		(1.1)
Net current-period other comprehensive income (loss)	7.7		0.5		(30.2)		(22.0)
Balances at October 1, 2022	$	5.4	$	—	$	(198.3)	$	(192.9)

Balances at July 1, 2023	$	34.9	$	—	$	(224.8)	$	(189.9)
Other comprehensive income (loss) before reclassifications	31.5		—		3.3		34.8
Less: amounts reclassified from accumulated other comprehensive income to earnings	0.2		—		—		0.2
Net current-period other comprehensive income (loss)	31.3		—		3.3		34.6
Balances at September 30, 2023	$	66.2	$	—	$	(221.5)	$	(155.3)

(1) The ending balances of AOCI related to cash flow hedges are net of tax of $(7.5) million and $0.7 million as of September 30, 2023 and October 1, 2022, respectively. The amounts reclassified from AOCI are net of tax of $0.6 million and $0.4 million as of September 30, 2023 and October 1, 2022, respectively.

(2) The ending balances of AOCI related to foreign currency translation adjustments includes a loss of $25.9 million, net of tax of $(5.8) million and a loss of $1.8 million, net of tax of $(22.4) million, as of September 30, 2023 and October 1, 2022, respectively, related to changes in the fair values of instruments designated as hedges of the Company's net investment in certain foreign operations.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2023	Jul. 01, 2023
Statement of Financial Position [Abstract]
Trade accounts receivable, allowances for credit losses	$ 5.8	$ 5.8
Preferred stock, authorized (shares)	25,000,000.0	25,000,000.0
Preferred stock, par value (USD per share)	$ 0.01	$ 0.01
Preferred stock, issued (shares)	0	0
Common stock, authorized (shares)	1,000,000,000.0	1,000,000,000.0
Common stock, par value (USD per share)	$ 0.01	$ 0.01
Common stock, issued (shares)	229,200,000	227,400,000
Common stock, outstanding (shares)	229,200,000	227,400,000

SHARE-BASED COMPENSATION (Tables)

3 Months Ended

Sep. 30, 2023

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Compensation Cost Charged Against Income and Related Tax Benefits for Share-based Compensation Plans

The following table shows the share-based compensation expense and the related tax benefits recognized in the Company's Condensed Consolidated Statements of Operations for the periods indicated:


	Three Months Ended
	September 30, 2023		October 1, 2022
	(millions)
Share-based compensation expense	$	19.7	$	15.1
Income tax benefit related to share-based compensation expense	3.7		3.0

Schedule of Stock Option Activity

A summary of stock option activity during the three months ended September 30, 2023 is as follows:


			Number of Options Outstanding
			(millions)
Outstanding at July 1, 2023			8.7
Granted			1.2
Exercised			—
Forfeited or expired			(0.7)
Outstanding at September 30, 2023			9.2

Schedule of Stock Option Grant Weighted Average Assumptions

The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model and the following weighted-average assumptions:


	September 30, 2023		October 1, 2022
Expected term (years)	4.9		4.8
Expected volatility	44.7	%	48.7	%
Risk-free interest rate	4.5	%	3.2	%
Dividend yield	4.1	%	3.4	%

Service-based Restricted Stock Unit Awards (RSU)

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of RSU Activity

A summary of service-based RSU activity during the three months ended September 30, 2023 is as follows:


			Number of Non-vested RSUs
			(millions)
Non-vested at July 1, 2023			5.9
Granted			2.2
Vested			(2.6)
Forfeited			(0.1)
Non-vested at September 30, 2023			5.4

Performance-based Restricted Stock Unit Awards (PRSU)

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of RSU Activity

A summary of PRSU activity during the three months ended September 30, 2023 is as follows:


			Number of Non-vested PRSUs
			(millions)
Non-vested at July 1, 2023			0.7
Granted			0.4
Change due to performance condition achievement			0.1
Vested			—
Forfeited			—
Non-vested at September 30, 2023			1.2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INVESTMENTS (Tables)

3 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments

The following table summarizes the Company’s U.S. dollar-denominated investments, recorded within the Company's Condensed Consolidated Balance Sheets as of September 30, 2023 and July 1, 2023:


	September 30, 2023						July 1, 2023
	Short-term		Long-term(2)		Total		Short-term		Long-term(2)		Total
	(millions)









Other:
Time deposits(1)	$	0.6	$	—	$	0.6	$	0.6	$	—	$	0.6
Other	16.1		1.3		17.4		14.8		1.3		16.1
Total Investments	$	16.7	$	1.3	$	18.0	$	15.4	$	1.3	$	16.7

(1)These securities have original maturities greater than three months and are recorded at fair value.

(2)Long-term investments are presented within Other assets on the Condensed Consolidated Balance Sheets.

NATURE OF OPERATIONS	3 Months Ended
NATURE OF OPERATIONS	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS	NATURE OF OPERATIONS Tapestry, Inc. (the "Company") is a leading New York-based house of iconic accessories and lifestyle brands. Our global house of brands unites the magic of Coach, kate spade new york and Stuart Weitzman. Each of our brands are unique and independent, while sharing a commitment to innovation and authenticity defined by distinctive products and differentiated customer experiences across channels and geographies. We use our collective strengths to move our customers and empower our communities, to make the fashion industry more sustainable, and to build a company that’s equitable, inclusive, and diverse. Individually, our brands are iconic. Together, we can stretch what’s possible. The Coach segment includes global sales of primarily Coach brand products to customers through Coach operated stores, including e-commerce sites and concession shop-in-shops, sales to wholesale customers and through independent third-party distributors. The Kate Spade segment includes global sales primarily of kate spade new york brand products to customers through Kate Spade operated stores, including e-commerce sites and concession shop-in-shops, sales to wholesale customers and through independent third-party distributors. The Stuart Weitzman segment includes global sales of Stuart Weitzman brand products primarily through Stuart Weitzman operated stores, sales to wholesale customers, through e-commerce sites and through independent third-party distributors.

SHARE-BASED COMPENSATION

3 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

SHARE-BASED COMPENSATION

The following table shows the share-based compensation expense and the related tax benefits recognized in the Company's Condensed Consolidated Statements of Operations for the periods indicated:


	Three Months Ended
	September 30, 2023		October 1, 2022
	(millions)
Share-based compensation expense	$	19.7	$	15.1
Income tax benefit related to share-based compensation expense	3.7		3.0

Stock Options

A summary of stock option activity during the three months ended September 30, 2023 is as follows:


			Number of Options Outstanding
			(millions)
Outstanding at July 1, 2023			8.7
Granted			1.2
Exercised			—
Forfeited or expired			(0.7)
Outstanding at September 30, 2023			9.2

The weighted-average grant-date fair value of options granted during the three months ended September 30, 2023 and October 1, 2022 was $10.51 and $12.00, respectively. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model and the following weighted-average assumptions:


	September 30, 2023		October 1, 2022
Expected term (years)	4.9		4.8
Expected volatility	44.7	%	48.7	%
Risk-free interest rate	4.5	%	3.2	%
Dividend yield	4.1	%	3.4	%

Service-based Restricted Stock Unit Awards ("RSUs")

A summary of service-based RSU activity during the three months ended September 30, 2023 is as follows:


			Number of Non-vested RSUs
			(millions)
Non-vested at July 1, 2023			5.9
Granted			2.2
Vested			(2.6)
Forfeited			(0.1)
Non-vested at September 30, 2023			5.4

The weighted-average grant-date fair value of share awards granted during the three months ended September 30, 2023 and October 1, 2022 was $33.70 and $35.22, respectively.

Performance-based Restricted Stock Unit Awards ("PRSUs")

A summary of PRSU activity during the three months ended September 30, 2023 is as follows:


			Number of Non-vested PRSUs
			(millions)
Non-vested at July 1, 2023			0.7
Granted			0.4
Change due to performance condition achievement			0.1
Vested			—
Forfeited			—
Non-vested at September 30, 2023			1.2

The PRSU awards included in the non-vested amount are based on certain Company-specific financial metrics. The effect of the change due to performance condition on the non-vested amount is recognized at the conclusion of the performance period, which may differ from the date on which the award vests.

The weighted-average grant-date fair value per share of PRSU awards granted during the three months ended September 30, 2023 and October 1, 2022 was $33.64 and $35.27, respectively.

DEBT (Tables)

3 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt

The following table summarizes the components of the Company’s outstanding debt:


	September 30, 2023		July 1, 2023
	(millions)
Current debt:
Term Loan due May 2027	$	25.0	$	25.0



Total current debt	$	25.0	$	25.0

Long-term debt:
Term Loan due May 2027	$	437.5	$	443.8
3.050% Senior Notes due March 2032	500.0		500.0
4.125% Senior Notes due July 2027	396.6		396.6
4.250% Senior Notes due April 2025	303.4		303.4


Total long-term debt	1,637.5		1,643.8
Less: Unamortized discount and debt issuance costs on Senior Notes	(7.6)		(8.0)
Total long-term debt, net	$	1,629.9	$	1,635.8

SEGMENT INFORMATION (Tables)

3 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Performance

The following table summarizes net sales of each of the company's segments for the three months ended September 30, 2023 and October 1, 2022:


	Three Months Ended
	September 30, 2023		October 1, 2022
Segment net sales:
Coach	$	1,157.4	$	1,119.3
Kate Spade	303.2		321.9
Stuart Weitzman	52.6		65.3
Total Net sales:	$	1,513.2	$	1,506.5

The following table summarizes segment operating profit of each of the company's segments and reconciliation to Income (loss) before provision for income taxes for the three months ended September 30, 2023 and October 1, 2022:


	Three Months Ended
	September 30, 2023		October 1, 2022
Segment operating profit:
Coach	$	371.3	$	339.2
Kate Spade	26.6		23.2
Stuart Weitzman	(8.6)		(5.1)
Total segment operating profit:	$	389.3	$	357.3
Unallocated corporate expenses(1)	136.1		103.0

Unallocated other charges, net(2)	14.7		18.1
Income (loss) before provision for income taxes	$	238.5	$	236.2

The following table summarizes depreciation and amortization expense of each of the company's segments for the three months ended September 30, 2023 and October 1, 2022:


	Three Months Ended
	September 30, 2023		October 1, 2022
Depreciation and amortization expense(3):
Coach	$	23.0	$	22.3
Kate Spade	9.8		11.1
Stuart Weitzman	2.8		2.4
Unallocated corporate(1)	8.7		8.0
Total Depreciation and amortization expense:	$	44.3	$	43.8

(1) Corporate, which is not a reportable segment, represents certain costs that are not directly attributable to a segment. These costs primarily include administration and certain costs for information systems.

(2) Includes Interest expense, net and Other expense (income).

(3) Depreciation and amortization expense for the segments includes an allocation of expense related to assets which support multiple segments.

Cover Page - shares	3 Months Ended
Cover Page - shares	Sep. 30, 2023	Oct. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	1-16153
Entity Registrant Name	Tapestry, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	52-2242751
Entity Address, Address Line One	10 Hudson Yards
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10001
City Area Code	212
Local Phone Number	946-8400
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	TPR
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		229,186,423
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001116132
Current Fiscal Year End Date	--08-15

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

ACQUISITIONS (Details) - Capri Holdings Limited - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Aug. 10, 2023	Sep. 30, 2023
Business Acquisition [Line Items]
Business acquisition, share price (USD per share)	$ 57.00
Business acquisition, purchase price	$ 8,500.0
Business acquisition, acquisition-related expenses		$ 26.3

SEGMENT INFORMATION (Schedule of Segment Depreciation and Amortization Expense) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Oct. 01, 2022
Segment Reporting Information [Line Items]
Depreciation and amortization expense	$ 44.3	$ 43.8
Operating Segments \| Coach
Segment Reporting Information [Line Items]
Depreciation and amortization expense	23.0	22.3
Operating Segments \| Kate Spade
Segment Reporting Information [Line Items]
Depreciation and amortization expense	9.8	11.1
Operating Segments \| Stuart Weitzman
Segment Reporting Information [Line Items]
Depreciation and amortization expense	2.8	2.4
Corporate
Segment Reporting Information [Line Items]
Depreciation and amortization expense	$ 8.7	$ 8.0

DEBT

3 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

DEBT

The following table summarizes the components of the Company’s outstanding debt:


	September 30, 2023		July 1, 2023
	(millions)
Current debt:
Term Loan due May 2027	$	25.0	$	25.0



Total current debt	$	25.0	$	25.0

Long-term debt:
Term Loan due May 2027	$	437.5	$	443.8
3.050% Senior Notes due March 2032	500.0		500.0
4.125% Senior Notes due July 2027	396.6		396.6
4.250% Senior Notes due April 2025	303.4		303.4


Total long-term debt	1,637.5		1,643.8
Less: Unamortized discount and debt issuance costs on Senior Notes	(7.6)		(8.0)
Total long-term debt, net	$	1,629.9	$	1,635.8

During the three months ended September 30, 2023 and October 1, 2022, the Company recognized interest expense related to its debt of $22.3 million and $16.3 million, respectively.

Capri Holdings Limited Merger Agreement

On August 10, 2023, the Company entered into a Merger Agreement. The Company intends to finance the Capri Acquisition, inclusive of related fees and expenses, with the net proceeds of additional permanent financing, new term loans, cash on hand, cash on hand at Capri and anticipated future cash flow. Refer to Note 5, "Acquisitions" for further information.

Bridge Facility

In connection with our entry into the Merger Agreement, the Company entered into a commitment letter, dated as of August 10, 2023, with Bank of America, N.A., Morgan Stanley Senior Funding, Inc. and the other commitment parties party thereto, to provide a 364-day senior unsecured bridge loan facility in an aggregate principal amount of up to $8.0 billion (the "Bridge Facility") to fund the purchase price of the Capri Acquisition and to pay related fees and expenses. Upon entering into the New Term Loan Agreement (as defined below) and, as a result of the commitments thereunder with respect to the New Term Loan Facilities (as defined below), the Bridge Facility commitments were reduced to $6.6 billion. As of September 30, 2023 there were no outstanding borrowings on the Bridge Facility.

New Term Loan Facilities

On August 30, 2023, the Company entered into a definitive credit agreement (such agreement, the "New Term Loan Credit Agreement") whereby Bank of America, N.A, as administrative agent, and the other agents party thereto, and a syndicate of banks and financial institutions have committed to lend the Company, subject to the satisfaction or waiver of the conditions set forth in the Term Loan Agreement, a $1.05 billion unsecured term loan facility maturing three years after the term loans thereunder are borrowed (the “Three-Year Term Loan Facility”) and a $350 million term loan facility maturing five years after the term loans thereunder are borrowed (the “Five-Year Term Loan Facility”; and collectively with the Three-Year Term Loan Facility, the “New Term Loan Facilities”). The Company plans to use borrowings under the New Term Loan Facilities to pay a portion of the consideration for the Capri Acquisition and to pay related fees and expenses.

Borrowings under the New Term Loan Facilities bear interest at a rate per annum equal to, at the Company’s option, either (a) an alternate base rate or (b) a rate based on the forward-looking Secured Overnight Financing Rate ("SOFR") term rate administered by CME Group Benchmark Administration Limited (or any successor administrator) plus, in each case, an applicable margin. The applicable margin will be adjusted by reference to a grid based on the ratio of (a) consolidated debt (with certain customary deductions for unrestricted cash and permitted investments) to (b) consolidated EBITDAR. The applicable margin will initially be (x) in the case of the Three-Year Term Loan Facility, 0.250% for base rate loans and 1.250% for SOFR loans and (y) in the case of the Five-Year Term Loan Facility, 0.375% for base rate loans and 1.375% for SOFR loans. Additionally, the Company will pay a ticking fee of 0.15% on the average daily amount of the unused commitments of the New Term Loan Facilities. There were no outstanding borrowings on the New Term Loan Facilities as of September 30, 2023.

$2.0 Billion Revolving Credit Facility

On August 30, 2023, pursuant to that certain Amendment No. 1 to Credit Agreement (the "Amendment"), the Company amended its Existing Credit Agreement (as defined below), originally dated as of May 11, 2022, among the Company, as borrower, certain of our subsidiaries, as guarantors, Bank of America, N.A., as administrative agent, and the financial institutions parties thereto as lenders (the "Existing Credit Agreement", and as amended by the Amendment, the "Amended Credit Agreement"). Under the Amended Credit Agreement, a syndicate of financial institutions and other lenders provided increases to the aggregate commitments to the revolving facility under the Existing Credit Agreement from $1.25 billion to $2.0 billion (the “Revolving Facility”). The Revolving Facility will mature on May 11, 2027.

Borrowings under the Revolving Facility bear interest at a rate per annum equal to, at the Company’s option, (i) for borrowings in U.S. Dollars, either (a) an alternate base rate or (b) a rate based on the forward-looking SOFR term rate administered by CME Group Benchmark Administration Limited (or any successor administrator satisfactory to the administrative agent), (ii) for borrowings in Euros, the Euro Interbank Offered Rate, (iii) for borrowings in Pounds Sterling, the Sterling Overnight Index Average Reference Rate and (iv) for borrowings in Japanese Yen, the Tokyo Interbank Offer Rate, plus, in each case, an applicable margin. The applicable margin will be adjusted by reference to a grid (the “Pricing Grid”) based on the ratio of (a) consolidated debt to (b) consolidated EBITDAR. Additionally, the Company will pay facility fees, calculated at a rate per annum determined in accordance with the Pricing Grid, on the full amount of the Revolving Facility, payable quarterly in arrears, and certain fees with respect to letters of credit that are issued. The Revolving Facility may be used to finance the working capital needs, capital expenditures, permitted investments, share purchases, dividends, and other general corporate purposes of the Company and its subsidiaries (which may include commercial paper backup). Additionally, up to $250 million of the Revolving Facility will be available on a funds certain basis to fund the purchase price of the Capri Acquisition and to pay related fees and expenses. There were no outstanding borrowings on the Revolving Facility as of September 30, 2023.

2027 Term Loan

On May 11, 2022, pursuant to the Existing Credit Agreement, the Company entered into an unsecured $500.0 million Term Loan (the “2027 Term Loan”) which matures on May 11, 2027. The 2027 Term Loan amortizes in an amount equal to 5.00% per annum, with payments made quarterly. As of September 30, 2023, $25.0 million of the 2027 Term Loan is included in Current debt on the Consolidated Balance Sheets. Borrowings under the 2027 Term Loan bear interest at a rate per annum equal to, at the Company’s option, either (i) an alternate base rate or (ii) a term secured overnight financing rate plus, in each case, an applicable margin. The applicable margin will be adjusted by reference to a pricing grid based on the ratio (a) consolidated debt to (b) consolidated EBITDAR.

2025, 2027, 2032 Senior Notes

In March 2015, the Company issued $600.0 million aggregate principal amount of 4.25% senior unsecured notes due April 1, 2025 at 99.445% of par (the "2025 Senior Notes"). In June 2017, the Company issued $600.0 million aggregate principal amount of 4.125% senior unsecured notes due July 15, 2027 at 99.858% of par (the "2027 Senior Notes"). In December 2021, the Company completed a cash tender offer for $203.4 million and $296.6 million of the outstanding aggregate principal amount under its 2027 Senior Notes and 2025 Senior Notes, respectively. In addition, in December 2021, the Company issued $500.0 million aggregate principal amount of 3.050% senior unsecured notes due March 15, 2032 at 99.705% of par (the "2032 Senior Notes").

Debt Covenants

Under the terms of our debt facilities, we must comply with certain restrictions limiting the Company’s ability to among other things: (i) incur certain indebtedness, (ii) create certain liens, (iii) enter into certain sale and leaseback transactions, (iv) make certain investments or payments and (v) merge, or consolidate or transfer, sell or lease all or substantially all of the Company’s assets.

Under the Amended Credit Agreement, we are required to comply on a quarterly basis with a maximum net leverage ratio of 4.00:1.00. After giving effect to the Capri Acquisition, the Company will be required under the Amended Credit Agreement and the New Term Loan Agreement to comply on a quarterly basis with a maximum net leverage ratio of (i) from and including the closing date of the Capri Acquisition to but excluding June 28, 2025, 4.75 to 1.00, (ii) from and including June 28, 2025 to but excluding June 27, 2026, 4.50 to 1.00, and (iii) from and including June 27, 2026 and thereafter, 4.00 to 1.00. As of September 30, 2023, we were in compliance with these restrictions and covenants, have met such financial ratios and have met all debt payment obligations.

Fair Value Considerations

At September 30, 2023 the fair value of the 2032 Senior Notes, 2027 Senior Notes, and 2025 Senior Notes was approximately $367.3 million, $366.6 million and $295.5 million, respectively, based on external pricing data, including available quoted market prices of these instruments, and consideration of comparable debt instruments with similar interest rates and trading frequency, among other factors, and is classified as Level 2 measurements within the fair value hierarchy. At July 1, 2023, the fair value of the 2032 Senior Notes, 2027 Senior Notes and 2025 Senior Notes was approximately $399.5 million, $371.7 million and $295.1 million, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (c)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

INVESTMENTS (Details) - USD ($) $ in Millions	3 Months Ended
INVESTMENTS (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jul. 01, 2023
Investments, Debt and Equity Securities [Abstract]
Time deposits, current	$ 0.6	$ 0.6
Time deposit, noncurrent	0.0	0.0
Time deposit	0.6	0.6
Other short-term investments	16.1	14.8
Other long-term investments	1.3	1.3
Other investments	17.4	16.1
Short-term investments	16.7	15.4
Long-term Investments	1.3	1.3
Investments	$ 18.0	$ 16.7
Maturity of time deposit	3 months

INVESTMENTS

3 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

INVESTMENTS

The following table summarizes the Company’s U.S. dollar-denominated investments, recorded within the Company's Condensed Consolidated Balance Sheets as of September 30, 2023 and July 1, 2023:


	September 30, 2023						July 1, 2023
	Short-term		Long-term(2)		Total		Short-term		Long-term(2)		Total
	(millions)









Other:
Time deposits(1)	$	0.6	$	—	$	0.6	$	0.6	$	—	$	0.6
Other	16.1		1.3		17.4		14.8		1.3		16.1
Total Investments	$	16.7	$	1.3	$	18.0	$	15.4	$	1.3	$	16.7

(1)These securities have original maturities greater than three months and are recorded at fair value.

(2)Long-term investments are presented within Other assets on the Condensed Consolidated Balance Sheets.

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements of Assets and Liabilities

The following table shows the fair value measurements of the Company’s financial assets and liabilities at September 30, 2023 and July 1, 2023:


	Level 1				Level 2
	September 30, 2023		July 1, 2023		September 30, 2023		July 1, 2023
	(millions)
Assets:
Cash equivalents(1)	$	136.1	$	155.7	$	15.6	$	11.9
Short-term investments:
Time deposits(2)	—		—		0.6		0.6




Other	—		—		16.1		14.8
Long-term investments:
Other	—		—		1.3		1.3


Derivative assets:
Inventory-related instruments(3)	—		—		53.9		38.6
Net investment hedges(3)	—		—		35.1		13.1
Intercompany loans and payables(3)	—		—		0.1		0.4
Interest rate instruments(3)	—		—		15.6		—
Liabilities:

Derivative liabilities:
Inventory-related instruments(3)	—		—		2.1		0.1
Net investment hedges(3)	—		—		82.4		90.5
Intercompany loans and payables(3)	—		—		0.5		0.2
Interest rate instruments(3)	—		—		—		—

(1)Cash equivalents consist of money market funds and time deposits with maturities of three months or less at the date of purchase. Due to their short-term maturity, management believes that their carrying value approximates fair value.

(2)Short-term investments are recorded at fair value, which approximates their carrying value, and are primarily based upon quoted vendor or broker priced securities in active markets.

(3)The fair value of these hedges is primarily based on the forward curves of the specific indices upon which settlement is based and includes an adjustment for the counterparty’s or Company’s credit risk.

REVENUE (Tables)

3 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue


	North America		Greater China(1)		Other Asia(2)		Other(3)		Total
	(millions)
Three Months Ended September 30, 2023
Coach	$	686.5	$	220.3	$	175.2	$	75.4	$	1,157.4
Kate Spade	240.2		10.8		30.6		21.6		303.2
Stuart Weitzman	34.7		13.5		0.4		4.0		52.6
Total	$	961.4	$	244.6	$	206.2	$	101.0	$	1,513.2

Three Months Ended October 1, 2022
Coach	$	669.1	$	209.8	$	167.9	$	72.5	$	1,119.3
Kate Spade	254.6		11.0		31.6		24.7		321.9
Stuart Weitzman	42.2		15.1		0.2		7.8		65.3
Total	$	965.9	$	235.9	$	199.7	$	105.0	$	1,506.5

(1) Greater China includes mainland China, Hong Kong SAR and Macao SAR, and Taiwan.

(2) Other Asia includes Japan, Malaysia, Australia, New Zealand, Singapore, South Korea, and other countries within Asia.

(3) Other sales primarily represents sales in Europe, the Middle East and royalties earned from the Company's licensing partners.

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

3 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Change in Carrying Amount of Goodwill by Segment

The change in the carrying amount of the Company’s goodwill by segment is as follows:


	Coach		Kate Spade		Stuart Weitzman(1)		Total
	(millions)
Balance at July 1, 2023	$	597.5	$	630.0	$	—	$	1,227.5

Foreign exchange impact	(7.3)		(1.7)		—		(9.0)


Balance at September 30, 2023	$	590.2	$	628.3	$	—	$	1,218.5

(1) Amount is net of accumulated goodwill impairment charges of $210.7 million as of September 30, 2023 and July 1, 2023.

Schedule of Indefinite-Lived Intangible Assets

Intangible assets consist of the following:


	September 30, 2023						July 1, 2023
	Gross Carrying Amount		Accum. Amort.		Net		Gross Carrying Amount		Accum. Amort.		Net
	(millions)
Intangible assets subject to amortization:
Customer relationships	$	100.3	$	(51.6)	$	48.7	$	100.3	$	(50.0)	$	50.3


Total intangible assets subject to amortization	100.3		(51.6)		48.7		100.3		(50.0)		50.3
Intangible assets not subject to amortization:
Trademarks and trade names	1,309.8		—		1,309.8		1,309.8		—		1,309.8
Total intangible assets	$	1,410.1	$	(51.6)	$	1,358.5	$	1,410.1	$	(50.0)	$	1,360.1

Schedule of Finite-Lived Intangible Assets

Intangible assets consist of the following:


	September 30, 2023						July 1, 2023
	Gross Carrying Amount		Accum. Amort.		Net		Gross Carrying Amount		Accum. Amort.		Net
	(millions)
Intangible assets subject to amortization:
Customer relationships	$	100.3	$	(51.6)	$	48.7	$	100.3	$	(50.0)	$	50.3


Total intangible assets subject to amortization	100.3		(51.6)		48.7		100.3		(50.0)		50.3
Intangible assets not subject to amortization:
Trademarks and trade names	1,309.8		—		1,309.8		1,309.8		—		1,309.8
Total intangible assets	$	1,410.1	$	(51.6)	$	1,358.5	$	1,410.1	$	(50.0)	$	1,360.1

Schedule of Expected Amortization Expense

As of September 30, 2023, the expected amortization expense for intangible assets is as follows:


	Amortization Expense
	(millions)
Remainder of fiscal 2024	$	4.9
Fiscal 2025	6.5
Fiscal 2026	6.5
Fiscal 2027	6.5
Fiscal 2028	6.5

Thereafter	17.8
Total	$	48.7

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (h)
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 1
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

EARNINGS PER SHARE

3 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

EARNINGS PER SHARE

Basic net income per share is calculated by dividing net income by the weighted-average number of shares outstanding during the period. Diluted net income per share is calculated similarly but includes potential dilution from the exercise of stock options and restricted stock units and any other potentially dilutive instruments, only in the periods in which such effects are dilutive under the treasury stock method.

The following is a reconciliation of the weighted-average shares outstanding and calculation of basic and diluted earnings per share:


	Three Months Ended
	September 30, 2023		October 1, 2022
	(millions, except per share data)
Net income (loss)	$	195.0	$	195.3

Weighted-average basic shares	228.3		241.5
Dilutive securities:


Effect of dilutive securities	4.2		5.3
Weighted-average diluted shares	232.5		246.8

Net income (loss) per share:
Basic	$	0.85	$	0.81
Diluted	$	0.84	$	0.79

Earnings per share amounts have been calculated based on unrounded numbers. Options to purchase shares of the Company's common stock at an exercise price greater than the average market price of the common stock during the reporting period are anti-dilutive and therefore not included in the computation of diluted net income (loss) per common share. In addition, the Company has outstanding restricted stock unit awards that are issuable only upon the achievement of certain performance goals. Performance-based restricted stock unit awards are included in the computation of diluted shares only to the extent that the underlying performance conditions and any applicable market condition modifiers (i) are satisfied as of the end of the reporting period or (ii) would be considered satisfied if the end of the reporting period were the end of the related contingency period and the result would be dilutive under the treasury stock method. As of September 30, 2023 and October 1, 2022, there were 3.7 million and 6.2 million, respectively, of additional shares issuable upon exercise of anti-dilutive options and contingent vesting of performance-based restricted stock unit awards, which were excluded from the diluted share calculations.

BASIS OF PRESENTATION AND ORGANIZATION	3 Months Ended
BASIS OF PRESENTATION AND ORGANIZATION	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION AND ORGANIZATION	BASIS OF PRESENTATION AND ORGANIZATION Interim Financial Statements These unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). In the opinion of management, such condensed consolidated financial statements contain all normal and recurring adjustments necessary to present fairly the condensed consolidated financial position, results of operations, comprehensive income (loss) and cash flows of the Company for the interim periods presented. In addition, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the U.S. ("U.S. GAAP") have been condensed or omitted from this report as is permitted by the SEC's rules and regulations. However, the Company believes that the disclosures provided herein are adequate to prevent the information presented from being misleading. This report should be read in conjunction with the audited consolidated financial statements and notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended July 1, 2023 ("fiscal 2023") and other filings filed with the SEC. The results of operations, cash flows and comprehensive income for the three months ended September 30, 2023 are not necessarily indicative of results to be expected for the entire fiscal year, which will end on June 29, 2024 ("fiscal 2024"). Fiscal Periods The Company utilizes a 52-53 week fiscal year ending on the Saturday closest to June 30. Fiscal 2024 will be a 52-week period. Fiscal 2023, ended on July 1, 2023, was also a 52-week period. The first quarter of fiscal 2024 ended on September 30, 2023 and the first quarter of fiscal 2023 ended on October 1, 2022, both of which were 13-week periods. Covid-19 Pandemic The Covid-19 pandemic has resulted in varying degrees of business disruption for the Company since it began in fiscal 2020 and has impacted all regions around the world, resulting in restrictions and shutdowns implemented by national, state, and local authorities. Such disruptions continued during the first half of fiscal 2023, and the Company's results in Greater China were adversely impacted as a result of the Covid-19 pandemic. Starting in December 2022, certain government restrictions were lifted in the region and business trends improved. In the first quarter of fiscal 2024, the Covid-19 pandemic did not materially impact our business or operating results. We continue to monitor the latest developments regarding the Covid-19 pandemic and potential impacts on our business, operating results and outlook. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and footnotes thereto. Actual results could differ from estimates in amounts that may be material to the financial statements. Significant estimates inherent in the preparation of the condensed consolidated financial statements include reserves for the realizability of inventory; asset retirement obligations; customer returns, end-of-season markdowns and operational chargebacks; useful lives and impairments of long-lived tangible and intangible assets; accounting for income taxes and related uncertain tax positions; accounting for business combinations; the valuation of stock-based compensation awards and related expected forfeiture rates; reserves for restructuring; and reserves for litigation and other contingencies, amongst others. Principles of Consolidation These unaudited interim condensed consolidated financial statements include the accounts of the Company and all 100% owned and controlled subsidiaries. All intercompany transactions and balances are eliminated in consolidation. Share Repurchases The Company accounts for stock repurchases by allocating the repurchase price to common stock and retained earnings. Under Maryland law, the Company's state of incorporation, there are no treasury shares. All repurchased shares are authorized but unissued shares and these shares may be issued in the future for general corporate and other purposes. The Company may terminate or limit the stock repurchase program at any time. The Company accrues for the shares purchased under the share repurchase plan based on the trade date. Purchases of the Company's common stock are executed through open market purchases, including through purchase agreements under Rule 10b5-1. Effective January 1, 2023, the Company is subject to a 1% excise tax on net share repurchases as part of the Inflation Reduction Act of 2022, which is recorded in Retained earnings as part of Stockholders' Equity. Supplier Finance Program To improve our working capital efficiency, the Company makes available to certain suppliers a voluntary supply chain finance (“SCF”) program that enables our suppliers to sell their receivables from the Company to a global financial institution on a non-recourse basis at a rate that leverages our credit rating. The Company does not have the ability to refinance or modify payment terms to the global financial institution through the SCF program. No guarantees are provided by the Company or any of our subsidiaries under the SCF program. The Company’s payment obligations, including the amounts due and payment terms, which generally do not exceed 90 days, are not impacted by suppliers’ participation in the program. As of September 30, 2023 and July 1, 2023, $285.6 million and $305.4 million, respectively, was related to suppliers eligible to participate in the Company's SCF program and presented within Accounts payable on the Consolidated Balance Sheets.

SHARE-BASED COMPENSATION (Schedule of Option Activity) (Details) shares in Millions	3 Months Ended
	Sep. 30, 2023 shares
Number of Options Outstanding
Beginning balance (shares)	8.7
Granted (shares)	1.2
Exercised (shares)	0.0
Forfeited or expired (shares)	(0.7)
Ending balance (shares)	9.2

STOCKHOLDERS' EQUITY (Summary of Stockholders' Equity) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Sep. 30, 2023	Oct. 01, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 2,277.8	$ 2,285.5
Net income (loss)	195.0	195.3
Other comprehensive income (loss)	34.6	(22.0)
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes	(31.2)	(45.8)
Share-based compensation	19.7	15.1
Repurchase of common stock, including excise tax		(100.0)
Dividends declared	(80.2)	(72.7)
Ending balance	$ 2,415.7	$ 2,255.4
Cash dividends declared per common share (USD per share)	$ 0.35	$ 0.30
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (shares)	227.4	241.2
Beginning balance	$ 2.3	$ 2.4
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes (shares)	1.8	2.7
Repurchase of common stock, including excise tax (shares)	0.0	(3.0)
Ending balance (shares)	229.2	240.9
Ending balance	$ 2.3	$ 2.4
Additional Paid-in- Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	3,682.2	3,620.2
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes	(31.2)	(45.8)
Share-based compensation	19.7	15.1
Ending balance	3,670.7	3,589.5
Retained Earnings / (Accumulated Deficit)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(1,216.8)	(1,166.2)
Net income (loss)	195.0	195.3
Repurchase of common stock, including excise tax		(100.0)
Dividends declared	(80.2)	(72.7)
Ending balance	(1,102.0)	(1,143.6)
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(189.9)	(170.9)
Other comprehensive income (loss)	34.6	(22.0)
Ending balance	$ (155.3)	$ (192.9)

GOODWILL AND OTHER INTANGIBLE ASSETS (Summary of Indefinite and Finite Lived Assets) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jul. 01, 2023
Intangible assets subject to amortization:
Gross carrying amount, Customer relationships	$ 100.3	$ 100.3
Accumulated amortization, Customer relationships	(51.6)	(50.0)
Total	48.7	50.3
Intangible assets not subject to amortization:
Indefinite-lived intangible assets (excluding goodwill), Trademarks and trade names	1,309.8	1,309.8
Intangible assets, gross (excluding goodwill)	1,410.1	1,410.1
Intangible assets, net (excluding goodwill)	$ 1,358.5	$ 1,360.1

EARNINGS PER SHARE (Summary of Calculation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Sep. 30, 2023	Oct. 01, 2022
Earnings Per Share [Abstract]
Net income (loss)	$ 195.0	$ 195.3
Weighted-average basic shares (shares)	228.3	241.5
Effect of dilutive securities (shares)	4.2	5.3
Weighted-average diluted shares (shares)	232.5	246.8
Net income (loss) per share:
Basic (USD per share)	$ 0.85	$ 0.81
Diluted (USD per share)	$ 0.84	$ 0.79

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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EARNINGS PER SHARE (Narrative) (Details) - shares shares in Millions	3 Months Ended
	Sep. 30, 2023	Oct. 01, 2022
Earnings Per Share [Abstract]
Options to purchase shares of common stock excluded from the computation of diluted earnings per share (shares)	3.7	6.2

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2023	Jul. 01, 2023
Current Assets:
Cash and cash equivalents	$ 622.1	$ 726.1
Short-term investments	16.7	15.4
Trade accounts receivable, less allowances for credit losses of $5.8 and $5.8, respectively	264.8	211.5
Inventories	942.5	919.5
Income tax receivable	246.5	231.1
Prepaid expenses	161.0	126.3
Other current assets	155.4	133.6
Total current assets	2,409.0	2,363.5
Property and equipment, net	539.6	564.5
Operating lease right-of-use assets	1,352.1	1,378.7
Goodwill	1,218.5	1,227.5
Intangible assets	1,358.5	1,360.1
Deferred income taxes	38.8	40.4
Other assets	226.0	182.1
Total assets	7,142.5	7,116.8
Current Liabilities:
Accounts payable	386.5	416.9
Accrued liabilities	487.1	547.1
Current portion of operating lease liabilities	295.6	297.5
Current debt	25.0	25.0
Total current liabilities	1,194.2	1,286.5
Long-term debt	1,629.9	1,635.8
Long-term operating lease liabilities	1,296.7	1,333.7
Deferred income taxes	284.1	240.0
Long-term income taxes payable	32.6	43.5
Other liabilities	289.3	299.5
Total liabilities	4,726.8	4,839.0
See Note 14 on commitments and contingencies
Stockholders' Equity:
Preferred stock: (authorized 25.0 million shares; $0.01 par value per share) none issued	0.0	0.0
Common stock: (authorized 1.0 billion shares; $0.01 par value per share) issued and outstanding - 229.2 million and 227.4 million shares, respectively	2.3	2.3
Additional paid-in-capital	3,670.7	3,682.2
Retained earnings (accumulated deficit)	(1,102.0)	(1,216.8)
Accumulated other comprehensive income (loss)	(155.3)	(189.9)
Total stockholders' equity	2,415.7	2,277.8
Total liabilities and stockholders' equity	$ 7,142.5	$ 7,116.8

GOODWILL AND OTHER INTANGIBLE ASSETS (Summary of Expected Amortization Expense for Intangible Assets) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jul. 01, 2023
Expected Amortization Expense For Intangible Assets
Remainder of fiscal 2024	$ 4.9
Fiscal 2025	6.5
Fiscal 2026	6.5
Fiscal 2027	6.5
Fiscal 2028	6.5
Thereafter	17.8
Total	$ 48.7	$ 50.3

SEGMENT INFORMATION

3 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

SEGMENT INFORMATION

The Company has three reportable segments:

•Coach - Includes global sales primarily of Coach products to customers through Coach operated stores, including e-commerce sites and concession shop-in-shops, sales to wholesale customers and through independent third-party distributors.

•Kate Spade - Includes global sales primarily of kate spade new york brand products to customers through Kate Spade operated stores, including e-commerce sites and concession shop-in-shops, sales to wholesale customers, and through independent third party distributors.

•Stuart Weitzman - Includes global sales of Stuart Weitzman brand products primarily through Stuart Weitzman operated stores, sales to wholesale customers, through e-commerce sites and through independent third party distributors.

In deciding how to allocate resources and assess performance, the Company's chief operating decision maker regularly evaluates operating profit of these segments. Segment operating profit is the gross profit of the segment less direct expenses of the segment.

The following table summarizes net sales of each of the company's segments for the three months ended September 30, 2023 and October 1, 2022:


	Three Months Ended
	September 30, 2023		October 1, 2022
Segment net sales:
Coach	$	1,157.4	$	1,119.3
Kate Spade	303.2		321.9
Stuart Weitzman	52.6		65.3
Total Net sales:	$	1,513.2	$	1,506.5


	Three Months Ended
	September 30, 2023		October 1, 2022
Segment operating profit:
Coach	$	371.3	$	339.2
Kate Spade	26.6		23.2
Stuart Weitzman	(8.6)		(5.1)
Total segment operating profit:	$	389.3	$	357.3
Unallocated corporate expenses(1)	136.1		103.0

Unallocated other charges, net(2)	14.7		18.1
Income (loss) before provision for income taxes	$	238.5	$	236.2

The following table summarizes depreciation and amortization expense of each of the company's segments for the three months ended September 30, 2023 and October 1, 2022:


	Three Months Ended
	September 30, 2023		October 1, 2022
Depreciation and amortization expense(3):
Coach	$	23.0	$	22.3
Kate Spade	9.8		11.1
Stuart Weitzman	2.8		2.4
Unallocated corporate(1)	8.7		8.0
Total Depreciation and amortization expense:	$	44.3	$	43.8

(2) Includes Interest expense, net and Other expense (income).

(3) Depreciation and amortization expense for the segments includes an allocation of expense related to assets which support multiple segments.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

SEGMENT INFORMATION (Narrative) (Details)	3 Months Ended
SEGMENT INFORMATION (Narrative) (Details)	Sep. 30, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Oct. 01, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 195.0	$ 195.3
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on cash flow hedging derivatives, net	31.3	7.7
Unrealized gains (losses) on available-for-sale investments, net	0.0	0.5
Foreign currency translation adjustments	3.3	(30.2)
Other comprehensive income (loss), net of tax	34.6	(22.0)
Comprehensive income (loss)	$ 229.6	$ 173.3

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Capri Holdings Limited Merger Agreement On August 10, 2023, the Company entered into a Merger Agreement. The Company intends to finance the Capri Acquisition, inclusive of related fees and expenses, with the net proceeds of additional permanent financing, new term loans, cash on hand, cash on hand at Capri and anticipated future cash flow. Refer to Note 5, "Acquisitions" for further information. Letters of Credit The Company had standby letters of credit, surety bonds and bank guarantees totaling $37.3 million and $37.1 million outstanding at September 30, 2023 and July 1, 2023, respectively. The agreements, which expire at various dates through fiscal year 2040, primarily collateralize the Company's obligation to third parties for duty, leases, insurance claims and materials used in product manufacturing. The Company pays certain fees with respect to these instruments that are issued. Other The Company had other contractual cash obligations as of September 30, 2023 related to debt repayments. Refer to Note 11, "Debt," for further information. The Company is involved in various routine legal proceedings as both plaintiff and defendant incident to the ordinary course of its business, including proceedings to protect Tapestry's intellectual property rights, litigation instituted by persons alleged to have been injured by advertising claims or upon premises within the Company’s control, contractual disputes, insurance claims and litigation with present or former employees. Although the Company's litigation can result in large monetary awards, such as when a civil jury is allowed to determine compensatory and/or punitive damages, the Company believes that the outcome of all pending legal proceedings in the aggregate will not have a material effect on the Company's business or condensed consolidated financial statements.

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jul. 01, 2023
Commitments and Contingencies Disclosure [Abstract]
Letters of credit amount outstanding	$ 37.3	$ 37.1

SHARE-BASED COMPENSATION (Schedule of Total Compensation Cost and Related Tax Benefits) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Oct. 01, 2022
Share-Based Payment Arrangement [Abstract]
Share-based compensation expense	$ 19.7	$ 15.1
Income tax benefit related to share-based compensation expense	$ 3.7	$ 3.0

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2023	Oct. 01, 2022
Pay vs Performance Disclosure
Net income (loss)	$ 195.0	$ 195.3

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

EARNINGS PER SHARE (Tables)

3 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Calculation of Basic and Diluted Earnings Per Share

The following is a reconciliation of the weighted-average shares outstanding and calculation of basic and diluted earnings per share:


	Three Months Ended
	September 30, 2023		October 1, 2022
	(millions, except per share data)
Net income (loss)	$	195.0	$	195.3

Weighted-average basic shares	228.3		241.5
Dilutive securities:


Effect of dilutive securities	4.2		5.3
Weighted-average diluted shares	232.5		246.8

Net income (loss) per share:
Basic	$	0.85	$	0.81
Diluted	$	0.84	$	0.79

FAIR VALUE MEASUREMENTS (Schedule of Assets and Liabilities) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Jul. 01, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Maturity of time deposit	3 months
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 136.1	$ 155.7
Level 1 \| Inventory-related instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0.0	0.0
Derivative liabilities	0.0	0.0
Level 1 \| Net investment hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0.0	0.0
Derivative liabilities	0.0	0.0
Level 1 \| Intercompany loan and payables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0.0	0.0
Derivative liabilities	0.0	0.0
Level 1 \| Interest rate instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0.0	0.0
Derivative liabilities	0.0	0.0
Level 1 \| Short-term Investments \| Time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0.0	0.0
Level 1 \| Short-term Investments \| Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0.0	0.0
Level 1 \| Long-term investments \| Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0.0	0.0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	15.6	11.9
Level 2 \| Inventory-related instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	53.9	38.6
Derivative liabilities	2.1	0.1
Level 2 \| Net investment hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	35.1	13.1
Derivative liabilities	82.4	90.5
Level 2 \| Intercompany loan and payables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0.1	0.4
Derivative liabilities	0.5	0.2
Level 2 \| Interest rate instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	15.6	0.0
Derivative liabilities	0.0	0.0
Level 2 \| Short-term Investments \| Time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0.6	0.6
Level 2 \| Short-term Investments \| Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	16.1	14.8
Level 2 \| Long-term investments \| Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 1.3	$ 1.3

DEBT (Bridge Facility, New Term Loan Facilities, Revolving Credit Facility and 2027 Term Loan) (Details) - USD ($)		3 Months Ended
	Aug. 30, 2023	Sep. 30, 2023	Oct. 01, 2022	Aug. 29, 2023	Aug. 10, 2023	Jul. 01, 2023	May 11, 2022
Debt Instrument [Line Items]
Interest expense		$ 22,300,000	$ 16,300,000
Current debt		25,000,000.0				$ 25,000,000.0
New Term Loan Facilities \| Line of Credit
Debt Instrument [Line Items]
Ticking fee (percentage)	0.15%
Three-Year Term Loan Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,050,000,000.00
Term	3 years
Three-Year Term Loan Facility \| Line of Credit \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate (percentage)	0.25%
Three-Year Term Loan Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (percentage)	1.25%
Five-Year Term Loan Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 350,000,000
Term	5 years
Five-Year Term Loan Facility \| Line of Credit \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate (percentage)	0.375%
Five-Year Term Loan Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (percentage)	1.375%
Term Loan, 2027
Debt Instrument [Line Items]
Current debt		$ 25,000,000.0				$ 25,000,000.0
Term Loan, 2027 \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 500,000,000
Interest rate, stated percentage							5.00%
Revolving Facility \| $2.0 Billion Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 2,000,000,000.0			$ 1,250,000,000
Revolving Facility \| $2.0 Billion Revolving Credit Facility \| Line of Credit \| Capri Holdings Limited
Debt Instrument [Line Items]
Maximum borrowing capacity	250,000,000
Bridge Loan \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 6,600,000,000				$ 8,000,000,000

FAIR VALUE MEASUREMENTS

3 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

The Company categorizes its assets and liabilities, based on the priority of the inputs to the valuation technique, into a three-level fair value hierarchy as set forth below. The three levels of the hierarchy are defined as follows:

Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 — Observable inputs other than quoted prices included in Level 1. Level 2 inputs include quoted prices for identical assets or liabilities in non-active markets, quoted prices for similar assets or liabilities in active markets, and inputs other than quoted prices that are observable for substantially the full term of the asset or liability.

Level 3 — Unobservable inputs reflecting management’s own assumptions about the input used in pricing the asset or liability. The Company does not have any Level 3 investments.

The following table shows the fair value measurements of the Company’s financial assets and liabilities at September 30, 2023 and July 1, 2023:


	Level 1				Level 2
	September 30, 2023		July 1, 2023		September 30, 2023		July 1, 2023
	(millions)
Assets:
Cash equivalents(1)	$	136.1	$	155.7	$	15.6	$	11.9
Short-term investments:
Time deposits(2)	—		—		0.6		0.6




Other	—		—		16.1		14.8
Long-term investments:
Other	—		—		1.3		1.3


Derivative assets:
Inventory-related instruments(3)	—		—		53.9		38.6
Net investment hedges(3)	—		—		35.1		13.1
Intercompany loans and payables(3)	—		—		0.1		0.4
Interest rate instruments(3)	—		—		15.6		—
Liabilities:

Derivative liabilities:
Inventory-related instruments(3)	—		—		2.1		0.1
Net investment hedges(3)	—		—		82.4		90.5
Intercompany loans and payables(3)	—		—		0.5		0.2
Interest rate instruments(3)	—		—		—		—

(2)Short-term investments are recorded at fair value, which approximates their carrying value, and are primarily based upon quoted vendor or broker priced securities in active markets.

Refer to Note 11, "Debt", for the fair value of the Company's outstanding debt instruments.

Non-Financial Assets and Liabilities

The Company’s non-financial instruments, which primarily consist of goodwill, intangible assets, right-of-use assets and property and equipment, are not required to be measured at fair value on a recurring basis and are reported at carrying value. However, on a periodic basis whenever events or changes in circumstances indicate that their carrying value may not be fully recoverable (and at least annually for goodwill and indefinite-lived intangible assets), non-financial instruments are assessed for impairment and, if applicable, written-down to and recorded at fair value, considering market participant assumptions. There were no impairment charges recorded during the three months ended September 30, 2023 or three months ended October 1, 2022.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

STOCKHOLDERS' EQUITY (Tables)

3 Months Ended

Sep. 30, 2023

Stockholders' Equity Note [Abstract]

Schedule of Reconciliation of Stockholders Equity

A reconciliation of stockholders' equity is presented below:


	Shares of Common Stock	Common Stock		Additional Paid-in- Capital		Retained Earnings / (Accumulated Deficit)		Accumulated Other Comprehensive Income (Loss)		Total Stockholders' Equity
	(millions, except per share data)
Balance at July 2, 2022	241.2	$	2.4	$	3,620.2	$	(1,166.2)	$	(170.9)	$	2,285.5
Net income (loss)	—	—		—		195.3		—		195.3
Other comprehensive income (loss)	—	—		—		—		(22.0)		(22.0)
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes	2.7	—		(45.8)		—		—		(45.8)
Share-based compensation	—	—		15.1		—		—		15.1
Repurchase of common stock	(3.0)	—		—		(100.0)		—		(100.0)

Dividends declared ($0.30 per share)	—	—		—		(72.7)		—		(72.7)
Balance at October 1, 2022	240.9	$	2.4	$	3,589.5	$	(1,143.6)	$	(192.9)	$	2,255.4

	Shares of Common Stock	Common Stock		Additional Paid-in- Capital		Retained Earnings / (Accumulated Deficit)		Accumulated Other Comprehensive Income (Loss)		Total Stockholders' Equity
	(millions, except per share data)
Balance at July 1, 2023	227.4	$	2.3	$	3,682.2	$	(1,216.8)	$	(189.9)	$	2,277.8
Net income (loss)	—	—		—		195.0		—		195.0
Other comprehensive income	—	—		—		—		34.6		34.6
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes	1.8	—		(31.2)		—		—		(31.2)
Share-based compensation	—	—		19.7		—		—		19.7

Repurchase of common stock, including excise tax	—	—		—		—		—		—
Dividends declared ($0.35 per share)	—	—		—		(80.2)		—		(80.2)
Balance at September 30, 2023	229.2	$	2.3	$	3,670.7	$	(1,102.0)	$	(155.3)	$	2,415.7

Schedule of Components of Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) ("AOCI"), as of the dates indicated, are as follows:


	Unrealized Gains (Losses) on Cash Flow Hedging Derivatives(1)		Unrealized Gains (Losses) on Available- for-Sale Investments		Cumulative Translation Adjustment(2)		Total
	(millions)
Balances at July 2, 2022	$	(2.3)	$	(0.5)	$	(168.1)	$	(170.9)
Other comprehensive income (loss) before reclassifications	6.6		0.5		(30.2)		(23.1)
Less: amounts reclassified from accumulated other comprehensive income to earnings	(1.1)		—		—		(1.1)
Net current-period other comprehensive income (loss)	7.7		0.5		(30.2)		(22.0)
Balances at October 1, 2022	$	5.4	$	—	$	(198.3)	$	(192.9)

Balances at July 1, 2023	$	34.9	$	—	$	(224.8)	$	(189.9)
Other comprehensive income (loss) before reclassifications	31.5		—		3.3		34.8
Less: amounts reclassified from accumulated other comprehensive income to earnings	0.2		—		—		0.2
Net current-period other comprehensive income (loss)	31.3		—		3.3		34.6
Balances at September 30, 2023	$	66.2	$	—	$	(221.5)	$	(155.3)

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Summary of Derivative Instruments) (Details) - Designated Derivative Hedging Instruments - USD ($) $ in Millions	Sep. 30, 2023	Jul. 01, 2023
Derivatives, Fair Value [Line Items]
Notional Value	$ 3,860.5	$ 2,314.6
Derivative Assets	104.7	52.1
Derivative Liabilities	85.0	90.8
Forward foreign currency exchange contracts \| Cash flow hedging
Derivatives, Fair Value [Line Items]
Notional Value	882.4	842.3
Derivative Assets	53.9	38.6
Derivative Liabilities	2.1	0.1
Forward foreign currency exchange contracts \| Fair value hedging
Derivatives, Fair Value [Line Items]
Notional Value	278.1	272.3
Derivative Assets	0.1	0.4
Derivative Liabilities	0.5	0.2
Interest rates \| Cash flow hedging
Derivatives, Fair Value [Line Items]
Notional Value	1,500.0	0.0
Derivative Assets	15.6	0.0
Derivative Liabilities	0.0	0.0
Cross currency swap contracts \| Net investment hedging
Derivatives, Fair Value [Line Items]
Notional Value	1,200.0	1,200.0
Derivative Assets	35.1	13.1
Derivative Liabilities	$ 82.4	$ 90.5

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

3 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following tables provide information related to the Company's derivative instruments recorded on the Company's Condensed Consolidated Balance Sheets as of September 30, 2023 and July 1, 2023:


	Notional Value				Derivative Assets					Derivative Liabilities
Designated Derivative Hedging Instruments						Fair Value					Fair Value
	September 30, 2023		July 1, 2023		Consolidated Balance Sheet Classification	September 30, 2023		July 1, 2023		Consolidated Balance Sheet Classification	September 30, 2023		July 1, 2023
	(millions)
FC - Inventory purchases(1)	$	882.4	$	842.3	Other Current Assets	$	53.9	$	38.6	Accrued Liabilities	$	2.1	$	0.1
FC - Intercompany liabilities and loans(2)	278.1		272.3		Other Current Assets	0.1		0.4		Accrued Liabilities	0.5		0.2
IC - Interest rates(3)	1,500.0		—		Other Current Assets	15.6		—		Accrued Liabilities	—		—
CCS - Net investment hedges(4)	1,200.0		1,200.0		Other Assets	35.1		13.1		Other Liabilities	82.4		90.5
Total Hedges	$	3,860.5	$	2,314.6		$	104.7	$	52.1		$	85.0	$	90.8

(1)Represents forward foreign currency exchange contracts ("FC") designated as derivative instruments in cash flow hedging relationships.

(2)Represents forward foreign currency exchange contracts ("FC") designated as derivative instruments in fair value hedging relationships.

(3)Represents interest rate contracts ("IC") designated as derivative instruments in cash flow hedging relationships.

(4)Represents cross currency swap contracts ("CCS") designated as derivative instruments in net investment hedging relationships

Hedging Activity Affected Accumulated Other Comprehensive Loss or Income Net of Tax

The following tables provides the pretax impact of gains and losses from the Company's designated derivative instruments on its Condensed Consolidated Financial Statements as of September 30, 2023 and October 1, 2022:


	Amount of Gain (Loss) Recognized in OCI on Derivatives
	Three Months Ended
	September 30, 2023		October 1, 2022
	(millions)
Cash flow hedges:
Inventory purchases(1)	$	19.9	$	6.4
Interest rates (2)	15.6		—
Total cash flow hedges	$	35.5	$	6.4



Other:
Net investment hedges(3)	34.8		16.8
Total other	$	34.8	$	16.8
Total hedges	$	70.3	$	23.2


	Amount of Gain (Loss) Reclassified from Accumulated OCI into Income
	Statement of Operations Classification	Three Months Ended
		September 30, 2023		October 1, 2022
		(millions)
Cash flow hedges:
Inventory purchases(1)	Cost of sales	$	3.7	$	(1.5)
Interest rates(2)	Other income (expense)	(4.1)		—
Total hedges		$	(0.4)	$	(1.5)

(1)Represents forward foreign currency exchange contracts ("FC") designated as derivative instruments in cash flow hedging relationships.

(2)Represents forward interest rate contracts ("IC") designated as derivative instruments in cash flow hedging relationships.

(3)Represents cross currency swap contracts ("CCS") designated as derivative instruments in net investment hedging relationships.

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

SHARE-BASED COMPENSATION (Schedule of Weighted-average Assumptions) (Details) - Stock Options	3 Months Ended
	Sep. 30, 2023	Oct. 01, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	4 years 10 months 24 days	4 years 9 months 18 days
Expected volatility	44.70%	48.70%
Risk-free interest rate	4.50%	3.20%
Dividend yield	4.10%	3.40%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

REVENUE (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
REVENUE (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Oct. 01, 2022	Jul. 01, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue	$ 40.4		$ 43.0
Deferred revenue, revenue recognized	$ 14.6	$ 11.5
Licensing Business \| Net Sales \| Revenue from Rights Concentration Risk
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of revenue	1.00%
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Payment terms	30 days
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Payment terms	90 days

FAIR VALUE MEASUREMENTS (Narrative) (Details) - USD ($)	3 Months Ended
FAIR VALUE MEASUREMENTS (Narrative) (Details) - USD ($)	Sep. 30, 2023	Oct. 01, 2022
Fair Value Disclosures [Abstract]
Asset impairment charges	$ 0	$ 0

SHARE-BASED COMPENSATION (Schedule of Non-vested Service-Based Restricted Stock Unit Activity) (Details) - Service-based Restricted Stock Unit Awards (RSU) shares in Millions	3 Months Ended
	Sep. 30, 2023 shares
Number of Non-vested RSUs
Beginning balance (shares)	5.9
Granted (shares)	2.2
Vested (shares)	(2.6)
Forfeited (shares)	(0.1)
Ending balance (shares)	5.4

STOCKHOLDERS' EQUITY (Summary of Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Oct. 01, 2022
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Rollforward]
Beginning balance	$ 2,277.8	$ 2,285.5
Other comprehensive income (loss) before reclassifications	34.8	(23.1)
Less: amounts reclassified from accumulated other comprehensive income to earnings	0.2	(1.1)
Other comprehensive income (loss), net of tax	34.6	(22.0)
Ending balance	2,415.7	2,255.4
Net loss on foreign currency translation adjustments	25.9	1.8
Net loss on foreign currency translation adjustments, tax	(5.8)	(22.4)
Unrealized Gains (Losses) on Cash Flow Hedging Derivatives
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Rollforward]
Beginning balance	34.9	(2.3)
Other comprehensive income (loss) before reclassifications	31.5	6.6
Less: amounts reclassified from accumulated other comprehensive income to earnings	0.2	(1.1)
Other comprehensive income (loss), net of tax	31.3	7.7
Ending balance	66.2	5.4
Accumulated other comprehensive income, accumulated tax	(7.5)	0.7
Amounts reclassified from AOCI, tax	0.6	0.4
Unrealized Gains (Losses) on Available- for-Sale Investments
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Rollforward]
Beginning balance	0.0	(0.5)
Other comprehensive income (loss) before reclassifications	0.0	0.5
Less: amounts reclassified from accumulated other comprehensive income to earnings	0.0	0.0
Other comprehensive income (loss), net of tax	0.0	0.5
Ending balance	0.0	0.0
Cumulative Translation Adjustment
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Rollforward]
Beginning balance	(224.8)	(168.1)
Other comprehensive income (loss) before reclassifications	3.3	(30.2)
Less: amounts reclassified from accumulated other comprehensive income to earnings	0.0	0.0
Other comprehensive income (loss), net of tax	3.3	(30.2)
Ending balance	(221.5)	(198.3)
Total
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Rollforward]
Beginning balance	(189.9)	(170.9)
Ending balance	$ (155.3)	$ (192.9)

BASIS OF PRESENTATION AND ORGANIZATION (Policies)	3 Months Ended
BASIS OF PRESENTATION AND ORGANIZATION (Policies)	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Fiscal Periods	Fiscal PeriodsThe Company utilizes a 52-53 week fiscal year ending on the Saturday closest to June 30. Fiscal 2024 will be a 52-week period. Fiscal 2023, ended on July 1, 2023, was also a 52-week period. The first quarter of fiscal 2024 ended on September 30, 2023 and the first quarter of fiscal 2023 ended on October 1, 2022, both of which were 13-week periods.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and footnotes thereto. Actual results could differ from estimates in amounts that may be material to the financial statements. Significant estimates inherent in the preparation of the condensed consolidated financial statements include reserves for the realizability of inventory; asset retirement obligations; customer returns, end-of-season markdowns and operational chargebacks; useful lives and impairments of long-lived tangible and intangible assets; accounting for income taxes and related uncertain tax positions; accounting for business combinations; the valuation of stock-based compensation awards and related expected forfeiture rates; reserves for restructuring; and reserves for litigation and other contingencies, amongst others.
Principles of Consolidation	Principles of Consolidation These unaudited interim condensed consolidated financial statements include the accounts of the Company and all 100% owned and controlled subsidiaries. All intercompany transactions and balances are eliminated in consolidation.
Share Repurchases	Share Repurchases The Company accounts for stock repurchases by allocating the repurchase price to common stock and retained earnings. Under Maryland law, the Company's state of incorporation, there are no treasury shares. All repurchased shares are authorized but unissued shares and these shares may be issued in the future for general corporate and other purposes. The Company may terminate or limit the stock repurchase program at any time. The Company accrues for the shares purchased under the share repurchase plan based on the trade date. Purchases of the Company's common stock are executed through open market purchases, including through purchase agreements under Rule 10b5-1. Effective January 1, 2023, the Company is subject to a 1% excise tax on net share repurchases as part of the Inflation Reduction Act of 2022, which is recorded in Retained earnings as part of Stockholders' Equity.
Supplier Finance Program	Supplier Finance ProgramTo improve our working capital efficiency, the Company makes available to certain suppliers a voluntary supply chain finance (“SCF”) program that enables our suppliers to sell their receivables from the Company to a global financial institution on a non-recourse basis at a rate that leverages our credit rating. The Company does not have the ability to refinance or modify payment terms to the global financial institution through the SCF program. No guarantees are provided by the Company or any of our subsidiaries under the SCF program. The Company’s payment obligations, including the amounts due and payment terms, which generally do not exceed 90 days, are not impacted by suppliers’ participation in the program.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements In September 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2022-04, "Liabilities—Supplier Finance Programs (Subtopic 405-50)", which is intended to enhance the transparency of supplier finance programs. The ASU requires the buyer in a supplier finance program to disclose sufficient information about the program in order 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 Company adopted ASU 2022-04 as of the beginning of fiscal 2024. The adoption of ASU 2022-04 did not have an impact on the Company's interim condensed consolidated financial statements other than the new disclosure requirements. Refer to Note 2, "Basis of Presentation and Organization", for additional information. Recently Issued Accounting Pronouncements The Company has considered all new accounting pronouncements and have concluded that there are no new pronouncements that may have a material impact on our results of operations, financial condition or cash flows based on current information.

- Definition

Disclosure of accounting policy for award under share-based payment arrangement. Includes, but is not limited to, methodology and assumption used in measuring cost.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 14.C.Q3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479830/718-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 14.D.1.Q5)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479830/718-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 14.D.3.Q2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479830/718-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//718/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Summary of Hedging Activity Affected Accumulated Other Comprehensive Loss or Income Net of Tax) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Oct. 01, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge	$ 35.5	$ 6.4
Other	34.8	16.8
Total hedges	70.3	23.2
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income	(0.4)	(1.5)
Forward foreign currency exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge	19.9	6.4
Forward foreign currency exchange contracts \| Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income	3.7	(1.5)
Interest rates
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge	15.6	0.0
Interest rates \| Other income (expense)
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income	$ (4.1)	$ 0.0

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Sep. 30, 2023	Oct. 01, 2022
Income Statement [Abstract]
Net sales	$ 1,513.2	$ 1,506.5
Cost of sales	415.5	451.9
Gross profit	1,097.7	1,054.6
Selling, general and administrative expenses	844.5	800.3
Operating income (loss)	253.2	254.3
Interest expense, net	13.3	7.4
Other expense (income)	1.4	10.7
Income (loss) before provision for income taxes	238.5	236.2
Provision (benefit) for income taxes	43.5	40.9
Net income (loss)	$ 195.0	$ 195.3
Net income (loss) per share:
Basic (USD per share)	$ 0.85	$ 0.81
Diluted (USD per share)	$ 0.84	$ 0.79
Shares used in computing net income (loss) per share:
Basic (shares)	228.3	241.5
Diluted (shares)	232.5	246.8

GOODWILL AND OTHER INTANGIBLE ASSETS (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Oct. 01, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 1.6	$ 1.7
Minimum \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	6 years 6 months
Maximum \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	8 years 9 months 18 days

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

3 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

The majority of the Company’s purchases of finished goods are denominated in U.S. dollars, which limits the Company’s exposure to the transactional effects of foreign currency exchange rate fluctuations. However, the Company is exposed to foreign currency exchange risk related to its sale of U.S. dollar inventory to foreign operating subsidiaries in local currency, as well as risk related to various cross-currency intercompany loans and payables, and translation risk. The Company is also exposed to foreign currency risk related to changes in the U.S. dollar value of its net investment in foreign subsidiaries and interest rate risk attributed to changes in the benchmark interest rates on the Company's debt obligations, including future issuances. The Company uses derivative financial instruments to manage these risks. These derivative transactions are in accordance with the Company’s risk management policies. The Company does not enter into derivative transactions for speculative or trading purposes.

The Company records all derivative contracts at fair value on the Condensed Consolidated Balance Sheets. The fair values of foreign currency derivatives and interest rate derivatives are based on the forward curves of the specific indices upon which settlement is based and include an adjustment for the counterparty's or Company’s credit risk. Judgment is required of management in developing estimates of fair value. The use of different market assumptions or methodologies could affect the estimated fair value.

For derivative instruments that qualify for hedge accounting, the changes in the fair value of these instruments are either (i) offset against the changes in fair value of the hedged assets or liabilities through earnings or (ii) recognized as a component of Accumulated other comprehensive income (loss) ("AOCI") until the hedged item is recognized in earnings, depending on whether the derivative is being used to hedge changes in fair value or cash flows. For derivative instruments that are designated

as a net investment hedge, the changes in the fair value of the instruments are recognized as a component of AOCI, and upon discontinuation of the hedge remain in AOCI until the net investment is sold or liquidated.

Each derivative instrument entered into by the Company that qualifies for hedge accounting is expected to be highly effective at reducing the risk associated with the exposure being hedged. For each derivative that is designated as a hedge, the Company documents the related risk management objective and strategy, including identification of the hedging instrument, the hedged item and the risk exposure, as well as how hedge effectiveness will be assessed over the term of the instrument. The extent to which a hedging instrument has been and is expected to remain highly effective in achieving offsetting changes in fair value or cash flows is assessed and documented by the Company on at least a quarterly basis.

If it is determined that a derivative instrument has not been highly effective and will continue not to be highly effective in hedging the designated exposure, hedge accounting is discontinued, and further gains (losses) are recognized in earnings within foreign currency gains (losses). Upon discontinuance of hedge accounting, the cumulative change in fair value of cash flow derivatives previously recorded in AOCI is recognized in earnings when the related hedged item affects earnings, consistent with the original hedging strategy, unless the forecasted transaction is no longer probable of occurring, in which case the accumulated amount is immediately recognized in earnings within foreign currency gains (losses).

As a result of the use of derivative instruments, the Company may be exposed to the risk that the counterparties to such contacts will fail to meet their contractual obligations. To mitigate this counterparty credit risk, the Company has a policy of only entering into contracts with carefully selected financial institutions based upon an evaluation of their credit ratings, among other factors.

The fair values of the Company’s derivative instruments are recorded on its Condensed Consolidated Balance Sheets on a gross basis. For cash flow reporting purposes, the Company classifies proceeds received or amounts paid upon the settlement of a derivative instrument in the same manner as the related item being hedged, primarily within cash from operating activities.

Hedging Portfolio

The Company enters into forward currency contracts primarily to reduce its risks related to exchange rate fluctuations on foreign currency denominated inventory transactions, as well as various cross-currency intercompany loans and payables. To the extent its derivative contracts designated as cash flow hedges are highly effective in offsetting changes in the value of the hedged items, the related gains (losses) are initially deferred in AOCI and subsequently recognized in the Consolidated Statements of Operations as part of the cost of the inventory purchases being hedged within Cost of sales, when the related inventory is sold to a third party. Current maturity dates range from October 2023 to June 2025. Forward foreign currency exchange contracts designated as fair value hedges and associated with intercompany and other contractual obligations are recognized within Other expense (income) on the Company's Condensed Consolidated Statement of Operations, generally in the period in which the related balances being hedged are revalued. The maturity date of most instruments held as of September 30, 2023 are in November 2023, and such contracts are typically renewed upon maturity if the related balance has not been settled.

The Company also enters into interest rate derivative contracts, with current maturity dates in March 2024, to reduce its risks related to changes in the benchmark interest rates on its debt obligations, including future issuances. Any premiums related to these instruments are excluded from the Company's measurement of hedge effectiveness, and are amortized over the period between the hedge execution and the contract maturity. To the extent its interest rate derivative contracts designated as cash flow hedges are highly effective in offsetting changes in the value of the hedged items, the related gains (losses) are initially deferred in AOCI and subsequently recognized in the Consolidated Statements of Operations as interest income (expense) in the same periods during which the hedged forecasted interest payments associated with the Company’s borrowings are recorded in earnings.

The Company also enters into cross-currency swaps to reduce its risks related to exchange rate fluctuations on net investments in foreign subsidiaries. The related gains (losses) are deferred in AOCI until the net investment is sold or liquidated, and current maturity dates range from April 2025 to March 2032.

The following tables provide information related to the Company's derivative instruments recorded on the Company's Condensed Consolidated Balance Sheets as of September 30, 2023 and July 1, 2023:


	Notional Value				Derivative Assets					Derivative Liabilities
Designated Derivative Hedging Instruments						Fair Value					Fair Value
	September 30, 2023		July 1, 2023		Consolidated Balance Sheet Classification	September 30, 2023		July 1, 2023		Consolidated Balance Sheet Classification	September 30, 2023		July 1, 2023
	(millions)
FC - Inventory purchases(1)	$	882.4	$	842.3	Other Current Assets	$	53.9	$	38.6	Accrued Liabilities	$	2.1	$	0.1
FC - Intercompany liabilities and loans(2)	278.1		272.3		Other Current Assets	0.1		0.4		Accrued Liabilities	0.5		0.2
IC - Interest rates(3)	1,500.0		—		Other Current Assets	15.6		—		Accrued Liabilities	—		—
CCS - Net investment hedges(4)	1,200.0		1,200.0		Other Assets	35.1		13.1		Other Liabilities	82.4		90.5
Total Hedges	$	3,860.5	$	2,314.6		$	104.7	$	52.1		$	85.0	$	90.8

(1)Represents forward foreign currency exchange contracts ("FC") designated as derivative instruments in cash flow hedging relationships.

(2)Represents forward foreign currency exchange contracts ("FC") designated as derivative instruments in fair value hedging relationships.

(3)Represents interest rate contracts ("IC") designated as derivative instruments in cash flow hedging relationships.

(4)Represents cross currency swap contracts ("CCS") designated as derivative instruments in net investment hedging relationships.


	Amount of Gain (Loss) Recognized in OCI on Derivatives
	Three Months Ended
	September 30, 2023		October 1, 2022
	(millions)
Cash flow hedges:
Inventory purchases(1)	$	19.9	$	6.4
Interest rates (2)	15.6		—
Total cash flow hedges	$	35.5	$	6.4



Other:
Net investment hedges(3)	34.8		16.8
Total other	$	34.8	$	16.8
Total hedges	$	70.3	$	23.2


	Amount of Gain (Loss) Reclassified from Accumulated OCI into Income
	Statement of Operations Classification	Three Months Ended
		September 30, 2023		October 1, 2022
		(millions)
Cash flow hedges:
Inventory purchases(1)	Cost of sales	$	3.7	$	(1.5)
Interest rates(2)	Other income (expense)	(4.1)		—
Total hedges		$	(0.4)	$	(1.5)

(1)Represents forward foreign currency exchange contracts ("FC") designated as derivative instruments in cash flow hedging relationships.

(2)Represents forward interest rate contracts ("IC") designated as derivative instruments in cash flow hedging relationships.

(3)Represents cross currency swap contracts ("CCS") designated as derivative instruments in net investment hedging relationships.

The Company expects that $40.8 million of net derivative gain related to inventory purchases and interest rates included in Accumulated other comprehensive income at September 30, 2023 will be reclassified into earnings within the next 12 months. This amount will vary due to fluctuations in foreign currency exchange rates and benchmark interest rates.

The Company assesses the cross-currency swaps used as a net investment hedges under the spot method. This results in the cross-currency basis spread being excluded from the assessment of hedge effectiveness, and recorded as incurred as a reduction in interest expense in the Company’s consolidated statements of operations. Accordingly, the Company recorded net interest income of $7.2 million and $6.4 million during three months ended September 30, 2023 and October 1, 2022, respectively.

BASIS OF PRESENTATION AND ORGANIZATION (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jul. 01, 2023
Supplier Finance Program [Line Items]
Supplier finance program, obligation	$ 285.6	$ 305.4
Maximum
Supplier Finance Program [Line Items]
Supplier finance program, payment timing, period	90 days

SEGMENT INFORMATION (Schedule of Segment Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Oct. 01, 2022
Segment Reporting Information [Line Items]
Net sales	$ 1,513.2	$ 1,506.5
Coach
Segment Reporting Information [Line Items]
Net sales	1,157.4	1,119.3
Kate Spade
Segment Reporting Information [Line Items]
Net sales	303.2	321.9
Stuart Weitzman
Segment Reporting Information [Line Items]
Net sales	52.6	65.3
Operating Segments \| Coach
Segment Reporting Information [Line Items]
Net sales	1,157.4	1,119.3
Operating Segments \| Kate Spade
Segment Reporting Information [Line Items]
Net sales	303.2	321.9
Operating Segments \| Stuart Weitzman
Segment Reporting Information [Line Items]
Net sales	$ 52.6	$ 65.3

- Definition

+ References

+ Details

SHARE-BASED COMPENSATION (Narrative) (Details) - $ / shares	3 Months Ended
	Sep. 30, 2023	Oct. 01, 2022
Stock Options
Compensation Related Costs Share Based Payments Disclosure [Line Items]
Weighted-average grant-date fair value of awards granted (USD per share)	$ 10.51	$ 12.00
Service-based Restricted Stock Unit Awards (RSU)
Compensation Related Costs Share Based Payments Disclosure [Line Items]
Weighted-average grant-date fair value of equity instruments other than options granted (USD per share)	33.70	35.22
Performance-based Restricted Stock Unit Awards (PRSU)
Compensation Related Costs Share Based Payments Disclosure [Line Items]
Weighted-average grant-date fair value of equity instruments other than options granted (USD per share)	$ 33.64	$ 35.27