0001116132-24-000018 | 10-K | XBRL Viewer

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Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Jun. 29, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

LEASES

12 Months Ended

Jun. 29, 2024

Leases [Abstract]

LEASES

The Company leases retail space, office space, warehouse facilities, fulfillment centers, storage space, machinery, equipment and certain other items under operating leases. The Company's leases have initial terms ranging from 1 to 20 years and may have renewal or early termination options ranging from 1 to 10 years. These leases may also include rent escalation clauses or lease incentives. In determining the lease term used in the lease ROU asset and lease liability calculations, the Company considers various factors such as market conditions and the terms of any renewal or termination options that may exist. When deemed reasonably certain, the renewal and termination options are included in the determination of the lease term and calculation of the lease ROU asset and lease liability. The Company is typically required to make fixed minimum rent payments, variable rent payments primarily based on performance (i.e., percentage-of-sales-based payments), or a combination thereof, directly related to its ROU asset. The Company is also often required, by the lease, to pay for certain other costs including real estate taxes, insurance, common area maintenance fees and/or certain other costs, which may be fixed or variable, depending upon the terms of the respective lease agreement. To the extent these payments are fixed, the Company has included them in calculating the lease ROU assets and lease liabilities.

The Company calculates lease ROU assets and lease liabilities as the present value of fixed lease payments over the reasonably certain lease term beginning at the commencement date. The Company is required to use the implicit rate to determine the present value of lease payments. As the rate implicit in the Company's leases is not readily determinable, the Company uses its incremental borrowing rate based on the information available at the lease commencement date, including the Company's credit rating, credit spread and adjustments for the impact of collateral, lease tenors, economic environment and currency.

For operating leases, fixed lease payments are recognized as operating lease cost on a straight-line basis over the lease term. For finance leases and impaired operating leases, the ROU asset is depreciated on a straight-line basis over the remaining lease term, along with recognition of interest expense associated with accretion of the lease liability. For leases with a lease term of 12 months or less ("short-term lease"), any fixed lease payments are recognized on a straight-line basis over such term and are not recognized on the Consolidated Balance Sheets. Variable lease cost for both operating and finance leases, if any, is recognized as incurred.

The Company acts as sublessor in certain leasing arrangements, primarily related to a sublease of a portion of the Company's leased headquarters space as well as certain retail locations. Fixed sublease payments received are recognized on a straight-line basis over the sublease term.

ROU assets, along with any other related long-lived assets, are periodically evaluated for impairment.

The following table summarizes the ROU assets and lease liabilities recorded on the Company's Consolidated Balance Sheets as of June 29, 2024 and July 1, 2023:


	June 29, 2024		July 1, 2023		Location Recorded on the Consolidated Balance Sheets
	(millions)
Assets:
Operating leases	$	1,314.4	$	1,378.7	Operating lease right-of-use assets
Finance leases	0.6		1.2		Property and equipment, net
Total lease assets	$	1,315.0	$	1,379.9
Liabilities:
Operating leases:
Current lease liabilities	$	299.7	$	297.5	Current portion of operating lease liabilities
Long-term lease liabilities	1,224.2		1,333.7		Long-term operating lease liabilities
Total operating lease liabilities	$	1,523.9	$	1,631.2
Finance leases:
Current lease liabilities	$	1.2	$	1.2	Accrued liabilities
Long-term lease liabilities	—		1.2		Other liabilities
Total finance lease liabilities	$	1.2	$	2.4

Total lease liabilities	$	1,525.1	$	1,633.6

The following table summarizes the composition of net lease costs, primarily recorded within SG&A expenses on the Company's Consolidated Statement of Operations for the fiscal year ended June 29, 2024 and July 1, 2023:


	Fiscal Year Ended
	June 29, 2024		July 1, 2023
	(millions)
Finance lease cost:
Amortization of right-of-use assets	$	1.2	$	1.1
Interest on lease liabilities(1)	0.2		0.3
Total finance lease cost	1.4		1.4
Operating lease cost	360.7		323.1
Short-term lease cost	19.5		29.8
Variable lease cost	205.3		209.6
Operating lease right-of-use impairment	—		1.3
Less: sublease income	(17.8)		(18.1)
Total net lease cost	$	569.1	$	547.1

(1) Interest on lease liabilities is recorded within Interest expense, net on the Company's Consolidated Statement of Operations.

The following table summarizes certain cash flow information related to the Company's leases for the fiscal year ended June 29, 2024 and July 1, 2023:


	Fiscal Year Ended
	June 29, 2024		July 1, 2023
	(millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	420.4	$	387.8
Operating cash flows from finance leases	0.2		0.3
Financing cash flows from finance leases	1.2		1.1
Non-cash transactions:
Right-of-use assets obtained in exchange for operating lease liabilities	246.2		390.7
Right-of-use assets obtained in exchange for finance lease liabilities	—		—

The following table provides a maturity analysis of the Company's lease liabilities recorded on the Consolidated Balance Sheets as of June 29, 2024:


	June 29, 2024
	Operating Leases		Finance Leases		Total
	(millions)
Fiscal 2025	$	374.5	$	1.3	$	375.8
Fiscal 2026	306.7		—		306.7
Fiscal 2027	250.6		—		250.6
Fiscal 2028	171.4		—		171.4
Fiscal 2029	120.3		—		120.3
Fiscal 2030 and thereafter	601.0		—		601.0
Total lease payments	1,824.5		1.3		1,825.8
Less: imputed interest	(300.6)		(0.1)		(300.7)
Total lease liabilities	$	1,523.9	$	1.2	$	1,525.1

The future minimum fixed sublease receipts under non-cancelable operating lease agreements as of June 29, 2024 are as follows:


	June 29, 2024
	(millions)
Fiscal 2025	$	17.3
Fiscal 2026	14.8
Fiscal 2027	14.8
Fiscal 2028	14.8
Fiscal 2029	15.3
Fiscal 2030 and thereafter	112.2
Total sublease income	$	189.2

The following table summarizes the weighted-average remaining lease terms and weighted-average discount rates related to the Company's operating leases and finance leases recorded on the Consolidated Balance Sheets as of June 29, 2024 and July 1, 2023:


	June 29, 2024		July 1, 2023
Weighted average remaining lease term (years):
Operating leases	7.8		8.3
Finance leases	0.9		1.9
Weighted average discount rate:
Operating leases	4.4	%	4.2	%
Finance leases	11.3	%	11.3	%

Additionally, the Company had approximately $53.2 million of future payment obligations related to executed lease agreements for which the related lease had not yet commenced as of June 29, 2024.

LEASES

ROU assets, along with any other related long-lived assets, are periodically evaluated for impairment.

The following table summarizes the ROU assets and lease liabilities recorded on the Company's Consolidated Balance Sheets as of June 29, 2024 and July 1, 2023:


	June 29, 2024		July 1, 2023		Location Recorded on the Consolidated Balance Sheets
	(millions)
Assets:
Operating leases	$	1,314.4	$	1,378.7	Operating lease right-of-use assets
Finance leases	0.6		1.2		Property and equipment, net
Total lease assets	$	1,315.0	$	1,379.9
Liabilities:
Operating leases:
Current lease liabilities	$	299.7	$	297.5	Current portion of operating lease liabilities
Long-term lease liabilities	1,224.2		1,333.7		Long-term operating lease liabilities
Total operating lease liabilities	$	1,523.9	$	1,631.2
Finance leases:
Current lease liabilities	$	1.2	$	1.2	Accrued liabilities
Long-term lease liabilities	—		1.2		Other liabilities
Total finance lease liabilities	$	1.2	$	2.4

Total lease liabilities	$	1,525.1	$	1,633.6


	Fiscal Year Ended
	June 29, 2024		July 1, 2023
	(millions)
Finance lease cost:
Amortization of right-of-use assets	$	1.2	$	1.1
Interest on lease liabilities(1)	0.2		0.3
Total finance lease cost	1.4		1.4
Operating lease cost	360.7		323.1
Short-term lease cost	19.5		29.8
Variable lease cost	205.3		209.6
Operating lease right-of-use impairment	—		1.3
Less: sublease income	(17.8)		(18.1)
Total net lease cost	$	569.1	$	547.1

(1) Interest on lease liabilities is recorded within Interest expense, net on the Company's Consolidated Statement of Operations.

The following table summarizes certain cash flow information related to the Company's leases for the fiscal year ended June 29, 2024 and July 1, 2023:


	Fiscal Year Ended
	June 29, 2024		July 1, 2023
	(millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	420.4	$	387.8
Operating cash flows from finance leases	0.2		0.3
Financing cash flows from finance leases	1.2		1.1
Non-cash transactions:
Right-of-use assets obtained in exchange for operating lease liabilities	246.2		390.7
Right-of-use assets obtained in exchange for finance lease liabilities	—		—

The following table provides a maturity analysis of the Company's lease liabilities recorded on the Consolidated Balance Sheets as of June 29, 2024:


	June 29, 2024
	Operating Leases		Finance Leases		Total
	(millions)
Fiscal 2025	$	374.5	$	1.3	$	375.8
Fiscal 2026	306.7		—		306.7
Fiscal 2027	250.6		—		250.6
Fiscal 2028	171.4		—		171.4
Fiscal 2029	120.3		—		120.3
Fiscal 2030 and thereafter	601.0		—		601.0
Total lease payments	1,824.5		1.3		1,825.8
Less: imputed interest	(300.6)		(0.1)		(300.7)
Total lease liabilities	$	1,523.9	$	1.2	$	1,525.1

The future minimum fixed sublease receipts under non-cancelable operating lease agreements as of June 29, 2024 are as follows:


	June 29, 2024
	(millions)
Fiscal 2025	$	17.3
Fiscal 2026	14.8
Fiscal 2027	14.8
Fiscal 2028	14.8
Fiscal 2029	15.3
Fiscal 2030 and thereafter	112.2
Total sublease income	$	189.2


	June 29, 2024		July 1, 2023
Weighted average remaining lease term (years):
Operating leases	7.8		8.3
Finance leases	0.9		1.9
Weighted average discount rate:
Operating leases	4.4	%	4.2	%
Finance leases	11.3	%	11.3	%

Additionally, the Company had approximately $53.2 million of future payment obligations related to executed lease agreements for which the related lease had not yet commenced as of June 29, 2024.

LEASES

ROU assets, along with any other related long-lived assets, are periodically evaluated for impairment.

The following table summarizes the ROU assets and lease liabilities recorded on the Company's Consolidated Balance Sheets as of June 29, 2024 and July 1, 2023:


	June 29, 2024		July 1, 2023		Location Recorded on the Consolidated Balance Sheets
	(millions)
Assets:
Operating leases	$	1,314.4	$	1,378.7	Operating lease right-of-use assets
Finance leases	0.6		1.2		Property and equipment, net
Total lease assets	$	1,315.0	$	1,379.9
Liabilities:
Operating leases:
Current lease liabilities	$	299.7	$	297.5	Current portion of operating lease liabilities
Long-term lease liabilities	1,224.2		1,333.7		Long-term operating lease liabilities
Total operating lease liabilities	$	1,523.9	$	1,631.2
Finance leases:
Current lease liabilities	$	1.2	$	1.2	Accrued liabilities
Long-term lease liabilities	—		1.2		Other liabilities
Total finance lease liabilities	$	1.2	$	2.4

Total lease liabilities	$	1,525.1	$	1,633.6


	Fiscal Year Ended
	June 29, 2024		July 1, 2023
	(millions)
Finance lease cost:
Amortization of right-of-use assets	$	1.2	$	1.1
Interest on lease liabilities(1)	0.2		0.3
Total finance lease cost	1.4		1.4
Operating lease cost	360.7		323.1
Short-term lease cost	19.5		29.8
Variable lease cost	205.3		209.6
Operating lease right-of-use impairment	—		1.3
Less: sublease income	(17.8)		(18.1)
Total net lease cost	$	569.1	$	547.1

(1) Interest on lease liabilities is recorded within Interest expense, net on the Company's Consolidated Statement of Operations.

The following table summarizes certain cash flow information related to the Company's leases for the fiscal year ended June 29, 2024 and July 1, 2023:


	Fiscal Year Ended
	June 29, 2024		July 1, 2023
	(millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	420.4	$	387.8
Operating cash flows from finance leases	0.2		0.3
Financing cash flows from finance leases	1.2		1.1
Non-cash transactions:
Right-of-use assets obtained in exchange for operating lease liabilities	246.2		390.7
Right-of-use assets obtained in exchange for finance lease liabilities	—		—

The following table provides a maturity analysis of the Company's lease liabilities recorded on the Consolidated Balance Sheets as of June 29, 2024:


	June 29, 2024
	Operating Leases		Finance Leases		Total
	(millions)
Fiscal 2025	$	374.5	$	1.3	$	375.8
Fiscal 2026	306.7		—		306.7
Fiscal 2027	250.6		—		250.6
Fiscal 2028	171.4		—		171.4
Fiscal 2029	120.3		—		120.3
Fiscal 2030 and thereafter	601.0		—		601.0
Total lease payments	1,824.5		1.3		1,825.8
Less: imputed interest	(300.6)		(0.1)		(300.7)
Total lease liabilities	$	1,523.9	$	1.2	$	1,525.1

The future minimum fixed sublease receipts under non-cancelable operating lease agreements as of June 29, 2024 are as follows:


	June 29, 2024
	(millions)
Fiscal 2025	$	17.3
Fiscal 2026	14.8
Fiscal 2027	14.8
Fiscal 2028	14.8
Fiscal 2029	15.3
Fiscal 2030 and thereafter	112.2
Total sublease income	$	189.2


	June 29, 2024		July 1, 2023
Weighted average remaining lease term (years):
Operating leases	7.8		8.3
Finance leases	0.9		1.9
Weighted average discount rate:
Operating leases	4.4	%	4.2	%
Finance leases	11.3	%	11.3	%

Additionally, the Company had approximately $53.2 million of future payment obligations related to executed lease agreements for which the related lease had not yet commenced as of June 29, 2024.

INCOME TAXES (Tables)

12 Months Ended

Jun. 29, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Provision (Benefit)

The provisions for income taxes, computed by applying the U.S. statutory rate to income before taxes, as reconciled to the actual provisions were:


	Fiscal Year Ended
	June 29, 2024				July 1, 2023				July 2, 2022
	Amount		Percentage		Amount		Percentage		Amount		Percentage
	(millions)
Income before provision for income taxes:
United States(1)	$	139.0	13.7	%	$	421.5	36.9	%	$	392.0	37.4	%
Foreign	872.9		86.3		721.6		63.1		655.0		62.6
Total income before provision for income taxes	$	1,011.9	100.0	%	$	1,143.1	100.0	%	$	1,047.0	100.0	%

Tax expense at U.S. statutory rate	$	212.5	21.0	%	$	240.0	21.0	%	$	219.9	21.0	%
State taxes, net of federal benefit	18.1		1.8		23.2		2.0		15.8		1.5
Effects of foreign operations(2)	20.5		2.0		4.3		0.4		(3.5)		(0.3)
Effects of tax credits, acquisition costs and reorganization costs	(64.6)		(6.4)		(61.3)		(5.4)		(49.8)		(4.8)



Other, net	9.4		1.0		0.9		0.1		8.3		0.8
Taxes at effective worldwide rates	$	195.9	19.4	%	$	207.1	18.1	%	$	190.7	18.2	%

(1)The United States jurisdiction includes foreign pre-tax earnings allocated to the Company from its interest in a foreign partnership.

(2)This includes the tax related to the Global Intangible Low-Taxed Income ("GILTI"). The Company has elected to account for the tax associated with GILTI as a period cost, and accordingly, the Company has not recorded deferred taxes associated with GILTI.

Current and deferred tax provision (benefit) was:


	Fiscal Year Ended
	June 29, 2024				July 1, 2023				July 2, 2022
	Current		Deferred		Current		Deferred		Current		Deferred
	(millions)
Federal	$	71.0	$	14.2	$	111.6	$	24.7	$	104.0	$	13.9
Foreign	103.5		(14.6)		48.0		3.6		46.6		11.2
State	18.9		2.9		6.3		12.9		10.7		4.3
Total current and deferred tax provision (benefit)	$	193.4	$	2.5	$	165.9	$	41.2	$	161.3	$	29.4

Schedule of Components of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities were:


	June 29, 2024		July 1, 2023
	(millions)
Share-based compensation	$	20.6	$	21.8
Reserves not deductible until paid	46.7		45.9

Employee benefits	30.1		23.1
Net operating loss	45.5		47.7
Other	44.8		67.2



Inventory	17.6		23.4
Lease liability	316.2		348.6
Gross deferred tax assets	521.5		577.7
Valuation allowance	32.1		34.3
Deferred tax assets after valuation allowance	$	489.4	$	543.4

Goodwill	48.6		64.4
Other intangibles	308.6		306.0
Property and equipment	15.1		24.8
Foreign investments	43.3		44.8
Right-of-use	279.3		302.1
Prepaid expenses	1.7		0.9


Gross deferred tax liabilities	696.6		743.0
Net deferred tax (liabilities) assets	$	(207.2)	$	(199.6)

Consolidated Balance Sheets Classification

Deferred income taxes – non-current asset	44.1		40.4

Deferred income taxes – non-current liability	(251.3)		(240.0)
Net deferred tax (liabilities) assets	$	(207.2)	$	(199.6)

Schedule of Unrecognized Tax Benefits Reconciliation

A reconciliation of the beginning and ending gross amount of unrecognized tax benefits is as follows:


	June 29, 2024		July 1, 2023		July 2, 2022
	(millions)
Balance at beginning of fiscal year	$	91.8	$	96.1	$	111.4
Gross increase due to tax positions related to prior periods	20.5		4.3		1.6
Gross decrease due to tax positions related to prior periods	(0.9)		(7.7)		(11.7)
Gross increase due to tax positions related to current period	6.5		5.2		7.4
Decrease due to lapse of statutes of limitations	(2.1)		(6.1)		(10.9)
Decrease due to settlements with taxing authorities	—		—		(1.7)

Balance at end of fiscal year	$	115.8	$	91.8	$	96.1

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared (USD per share)	$ 1.40	$ 1.20	$ 1.00

DEBT (Narrative) (Details)				12 Months Ended
DEBT (Narrative) (Details)	Nov. 27, 2023 USD ($)	Aug. 30, 2023 USD ($)	Aug. 10, 2023 USD ($)	Jun. 29, 2024 USD ($)	Jul. 01, 2023 USD ($)	Jul. 02, 2022 USD ($)	May 20, 2024 USD ($)	May 20, 2024 CNY (¥)	Nov. 30, 2023 USD ($)	Nov. 27, 2023 EUR (€)	Aug. 29, 2023 USD ($)	Aug. 11, 2023 USD ($)	May 11, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 2017 USD ($)	Mar. 31, 2015 USD ($)
Debt Instrument [Line Items]
Interest expense				$ 369,600,000	$ 72,800,000	$ 68,800,000
Long-term debt				6,937,200,000	1,635,800,000
Total long-term debt				$ 7,003,400,000	1,643,800,000
Debt instrument, covenant, leverage ratio, maximum				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, leverage ratio, maximum				4.75
From and including June 28, 2025 to but excluding June 27, 2026
Debt Instrument [Line Items]
Debt instrument, covenant, leverage ratio, maximum				4.50
From and including June 27, 2026 and thereafter
Debt Instrument [Line Items]
Debt instrument, covenant, leverage ratio, maximum				4.00
Capri Acquisition EUR Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount \| €										€ 1,500,000,000
Debt instrument, redemption price, percentage	101.00%
Total long-term debt				$ 535,600,000
Capri Acquisition USD Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 4,500,000,000								$ 6,100,000,000
Debt instrument, redemption price, percentage	101.00%
7.050% Senior Notes due 2025 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500,000,000.0
Interest rate, stated percentage	7.05%			7.05%						7.05%
Debt instrument, issuance amount, percent of par	99.89%									99.89%
Total long-term debt				$ 500,000,000.0	0
7.000% Senior Notes due 2026 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 750,000,000.0
Interest rate, stated percentage	7.00%			7.00%						7.00%
Debt instrument, issuance amount, percent of par	99.803%									99.803%
Total long-term debt				$ 750,000,000.0	0
7.350% Senior Notes due 2028 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,000,000,000.00
Interest rate, stated percentage	7.35%			7.35%						7.35%
Debt instrument, issuance amount, percent of par	99.724%									99.724%
Total long-term debt				$ 1,000,000,000	0
7.700% Senior Notes due 2030 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,000,000,000.00
Interest rate, stated percentage	7.70%			7.70%						7.70%
Debt instrument, issuance amount, percent of par	99.712%									99.712%
Total long-term debt				$ 1,000,000,000	0
7.850% Senior Notes due 2033 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,250,000,000
Interest rate, stated percentage	7.85%			7.85%						7.85%
Debt instrument, issuance amount, percent of par	99.475%									99.475%
Total long-term debt				$ 1,250,000,000	0
5.350% EUR Senior Notes due 2025 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount \| €										€ 500,000,000.0
Interest rate, stated percentage	5.35%			5.35%						5.35%
Debt instrument, issuance amount, percent of par	99.878%									99.878%
Total long-term debt				$ 535,600,000	0
5.375% EUR Senior Notes due 2027 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount \| €										€ 500,000,000.0
Interest rate, stated percentage	5.375%			5.375%						5.375%
Debt instrument, issuance amount, percent of par	99.723%									99.723%
Total long-term debt				$ 535,600,000	0
5.875% EUR Senior Notes due 2031 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount \| €										€ 500,000,000.0
Interest rate, stated percentage	5.875%			5.875%						5.875%
Debt instrument, issuance amount, percent of par	99.248%									99.248%
Total long-term debt				$ 535,600,000	0
Term Loan due 2027
Debt Instrument [Line Items]
Total long-term debt				$ 0	443,800,000
Term Loan due 2027 \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity													$ 500,000,000.0
Interest rate, stated percentage													5.00%
4.250% Senior Notes due 2025 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount																$ 600,000,000.0
Interest rate, stated percentage				4.25%												4.25%
Debt instrument, issuance amount, percent of par																99.445%
Total long-term debt				$ 0	303,400,000
Tender offer, outstanding debt														$ 296,600,000
4.125% Senior Notes due 2027 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount															$ 600,000,000.0
Interest rate, stated percentage				4.125%											4.125%
Debt instrument, issuance amount, percent of par															99.858%
Total long-term debt				$ 396,600,000	396,600,000
Tender offer, outstanding debt														203,400,000
3.050% Senior Notes due 2032 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount														$ 500,000,000.0
Interest rate, stated percentage				3.05%										3.05%
Debt instrument, issuance amount, percent of par														99.705%
Total long-term debt				$ 500,000,000.0	$ 500,000,000.0
Letter of Credit \| Capri Acquisition Term Loan Facilities \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,400,000,000
Ticking fee (percentage)		0.15%
Long-term debt				0
Letter of Credit \| Three-Year Term Loan Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 1,050,000,000.00
Term		3 years
Letter of Credit \| Three-Year Term Loan Facility \| Line of Credit \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.25%
Letter of Credit \| Three-Year Term Loan Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate		1.25%
Letter of Credit \| Five-Year Term Loan Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 350,000,000.0
Term		5 years
Letter of Credit \| Five-Year Term Loan Facility \| Line of Credit \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.375%
Letter of Credit \| Five-Year Term Loan Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate		1.375%
Letter of Credit \| Bridge Loan
Debt Instrument [Line Items]
Interest expense				28,500,000
Maximum borrowing capacity			$ 8,000,000,000									$ 6,600,000,000
Term			364 days
Revolving Credit Facility \| $2.00 Billion Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 2,000,000,000.00									$ 1,250,000,000
Long-term debt				$ 0
Revolving Credit Facility \| $2.00 Billion Revolving Credit Facility \| Line of Credit \| Capri Holdings Limited
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 250,000,000
Revolving Credit Facility \| China Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 34,400,000	¥ 250,000,000
Long-term debt							0
Revolving Credit Facility \| China Credit Facility, Loan \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity							11,700,000	85,000,000
Revolving Credit Facility \| China Credit Facility, Bank Guarantee Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity							2,100,000	15,000,000
Revolving Credit Facility \| China Credit Facility, Accounts Payable Financing \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 20,600,000	¥ 150,000,000

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Summary of Hedging Activity Affected Accumulated Other Comprehensive Loss or Income Net of Tax) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges	$ 49.2	$ 34.7	$ (5.6)
Other	74.3	(58.7)	3.8
Amount of Gain (Loss) Recognized in OCI on Derivatives	123.5	(24.0)	(1.8)
Cash flow hedges	27.2	(6.3)	(3.4)
Other	2.8	0.0	0.0
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income	30.0	(6.3)	(3.4)
Foreign Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges	59.6	34.7	(5.6)
Foreign Exchange Contract \| Cost of Sales
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges	36.7	(6.3)	(3.4)
Interest Rate Contract
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges	(10.4)	0.0	0.0
Interest Rate Contract \| Other income (expense)
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedges	(9.5)	0.0	0.0
Net investment hedges
Derivative Instruments, Gain (Loss) [Line Items]
Other	74.3	(58.7)	3.8
Net investment hedges \| Interest income (expense)
Derivative Instruments, Gain (Loss) [Line Items]
Other	$ 2.8	$ 0.0	$ 0.0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 29, 2024
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

SUPPLEMENTAL BALANCE SHEET INFORMATION (Details) - USD ($) $ in Millions	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022	Jul. 03, 2021
Property and equipment
Land and building	$ 8.1	$ 8.0
Machinery and equipment	69.1	67.2
Software and computer equipment	642.8	627.6
Furniture and fixtures	295.4	306.5
Leasehold improvements	720.4	778.5
Construction in progress	42.2	14.3
Less: accumulated depreciation	(1,263.3)	(1,237.6)
Total property and equipment, net	514.7	564.5
Accrued liabilities
Payroll and employee benefits	171.3	131.9
Accrued rent	17.5	18.4
Accrued interest	104.7	38.9
Accrued income taxes	49.7	41.8
Accrued freight	51.5	52.1
Operating expenses	261.6	264.0
Total accrued liabilities	656.3	547.1
Other liabilities
Deferred lease obligation	32.2	40.2
Gross unrecognized tax benefit	115.8	91.8	$ 96.1	$ 111.4
Other	227.1	167.5
Total other liabilities	$ 375.1	$ 299.5

SUPPLEMENTAL BALANCE SHEET INFORMATION (Tables)

12 Months Ended

Jun. 29, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Components of Certain Balance Sheet Accounts

The components of certain balance sheet accounts are as follows:


	June 29, 2024		July 1, 2023
	(millions)




Property and equipment
Land and building	$	8.1	$	8.0
Machinery and equipment	69.1		67.2
Software and computer equipment	642.8		627.6
Furniture and fixtures	295.4		306.5
Leasehold improvements	720.4		778.5
Construction in progress	42.2		14.3
Less: accumulated depreciation	(1,263.3)		(1,237.6)
Total property and equipment, net	$	514.7	$	564.5
Accrued liabilities
Payroll and employee benefits	$	171.3	$	131.9
Accrued rent	17.5		18.4
Accrued interest	104.7		38.9
Accrued income taxes	49.7		41.8
Accrued freight	51.5		52.1
Operating expenses	261.6		264.0
Total accrued liabilities	$	656.3	$	547.1
Other liabilities
Deferred lease obligation	$	32.2	$	40.2
Gross unrecognized tax benefit	115.8		91.8
Other	227.1		167.5
Total other liabilities	$	375.1	$	299.5

INCOME TAXES

12 Months Ended

Jun. 29, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

The provisions for income taxes, computed by applying the U.S. statutory rate to income before taxes, as reconciled to the actual provisions were:


	Fiscal Year Ended
	June 29, 2024				July 1, 2023				July 2, 2022
	Amount		Percentage		Amount		Percentage		Amount		Percentage
	(millions)
Income before provision for income taxes:
United States(1)	$	139.0	13.7	%	$	421.5	36.9	%	$	392.0	37.4	%
Foreign	872.9		86.3		721.6		63.1		655.0		62.6
Total income before provision for income taxes	$	1,011.9	100.0	%	$	1,143.1	100.0	%	$	1,047.0	100.0	%

Tax expense at U.S. statutory rate	$	212.5	21.0	%	$	240.0	21.0	%	$	219.9	21.0	%
State taxes, net of federal benefit	18.1		1.8		23.2		2.0		15.8		1.5
Effects of foreign operations(2)	20.5		2.0		4.3		0.4		(3.5)		(0.3)
Effects of tax credits, acquisition costs and reorganization costs	(64.6)		(6.4)		(61.3)		(5.4)		(49.8)		(4.8)



Other, net	9.4		1.0		0.9		0.1		8.3		0.8
Taxes at effective worldwide rates	$	195.9	19.4	%	$	207.1	18.1	%	$	190.7	18.2	%

(1)The United States jurisdiction includes foreign pre-tax earnings allocated to the Company from its interest in a foreign partnership.

Current and deferred tax provision (benefit) was:


	Fiscal Year Ended
	June 29, 2024				July 1, 2023				July 2, 2022
	Current		Deferred		Current		Deferred		Current		Deferred
	(millions)
Federal	$	71.0	$	14.2	$	111.6	$	24.7	$	104.0	$	13.9
Foreign	103.5		(14.6)		48.0		3.6		46.6		11.2
State	18.9		2.9		6.3		12.9		10.7		4.3
Total current and deferred tax provision (benefit)	$	193.4	$	2.5	$	165.9	$	41.2	$	161.3	$	29.4

The components of deferred tax assets and liabilities were:


	June 29, 2024		July 1, 2023
	(millions)
Share-based compensation	$	20.6	$	21.8
Reserves not deductible until paid	46.7		45.9

Employee benefits	30.1		23.1
Net operating loss	45.5		47.7
Other	44.8		67.2



Inventory	17.6		23.4
Lease liability	316.2		348.6
Gross deferred tax assets	521.5		577.7
Valuation allowance	32.1		34.3
Deferred tax assets after valuation allowance	$	489.4	$	543.4

Goodwill	48.6		64.4
Other intangibles	308.6		306.0
Property and equipment	15.1		24.8
Foreign investments	43.3		44.8
Right-of-use	279.3		302.1
Prepaid expenses	1.7		0.9


Gross deferred tax liabilities	696.6		743.0
Net deferred tax (liabilities) assets	$	(207.2)	$	(199.6)

Consolidated Balance Sheets Classification

Deferred income taxes – non-current asset	44.1		40.4

Deferred income taxes – non-current liability	(251.3)		(240.0)
Net deferred tax (liabilities) assets	$	(207.2)	$	(199.6)

Significant judgment is required in determining the worldwide provision for income taxes, and there are many transactions for which the ultimate tax outcome is uncertain. It is the Company’s policy to establish provisions for taxes that may become payable in future years, including those due to an examination by tax authorities. The Company establishes the provisions based upon management’s assessment of exposure associated with uncertain tax positions. The provisions are analyzed at least quarterly and adjusted as appropriate based on new information or circumstances in accordance with the requirements of ASC 740.

A reconciliation of the beginning and ending gross amount of unrecognized tax benefits is as follows:


	June 29, 2024		July 1, 2023		July 2, 2022
	(millions)
Balance at beginning of fiscal year	$	91.8	$	96.1	$	111.4
Gross increase due to tax positions related to prior periods	20.5		4.3		1.6
Gross decrease due to tax positions related to prior periods	(0.9)		(7.7)		(11.7)
Gross increase due to tax positions related to current period	6.5		5.2		7.4
Decrease due to lapse of statutes of limitations	(2.1)		(6.1)		(10.9)
Decrease due to settlements with taxing authorities	—		—		(1.7)

Balance at end of fiscal year	$	115.8	$	91.8	$	96.1

Of the $115.8 million ending gross unrecognized tax benefit balance as of June 29, 2024, $112.1 million relates to items which, if recognized, would impact the effective tax rate. Of the $91.8 million ending gross unrecognized tax benefit balance as of July 1, 2023, $87.1 million relates to items which, if recognized, would impact the effective tax rate. As of June 29, 2024 and July 1, 2023, gross interest and penalties payable was $19.7 million and $10.3 million, respectively, which are included in Other liabilities. During fiscal 2024, fiscal 2023 and fiscal 2022, the Company recognized gross interest and penalty expense of $9.5 million, gross interest and penalty expense of $2.3 million and gross interest and penalty income of $1.5 million, respectively.

The Company files income tax returns in the U.S. federal jurisdiction, as well as various state and foreign jurisdictions. Tax examinations are currently in progress in select foreign and state jurisdictions that are extending the years open under the statutes of limitation. Fiscal years 2018 to present are open to examination in the U.S. federal jurisdiction, fiscal 2018 to present in select state jurisdictions and fiscal 2017 to present in select foreign jurisdictions. The Company is currently under U.S. federal audit for fiscal 2018 to 2020. The IRS is examining carryback claims to fiscal 2014 through fiscal 2020 as part of Joint Committee procedures for tax refund claims. The Company anticipates that one or more of these audits may be finalized and certain statutes of limitation may expire in the foreseeable future. However, based on the status of these examinations and the average time typically incurred in finalizing audits with the relevant tax authorities, the Company cannot reasonably estimate the impact these audits may have in the next 12 months, if any, to previously recorded uncertain tax positions. The Company accrues for certain known and reasonably anticipated income tax obligations after assessing the likely outcome based on the weight of available evidence. Although the Company believes that the estimates and assumptions used are reasonable and legally supportable, the final determination of tax audits could be different than that which is reflected in historical income tax provisions and recorded assets and liabilities. With respect to all jurisdictions, the Company has made adequate provision for all income tax uncertainties.

As of June 29, 2024, the Company had the following tax loss carryforwards available: U.S. state tax loss carryforwards of $534.5 million and tax loss carryforwards of various foreign jurisdictions of $78.7 million. As of July 1, 2023, the Company had the following tax loss carryforwards available: U.S. state tax loss carryforwards of $547.2 million and tax loss carryforwards of various foreign jurisdictions of $80.6 million. The state net operating loss carryforwards generally start to expire in fiscal 2025. The majority of the foreign net operating loss can be carried forward indefinitely. Deferred tax assets, including the deferred tax assets recognized on these net operating losses, have been reduced by a valuation allowance of $32.1 million as of June 29, 2024 and $34.3 million as of July 1, 2023.

The Company is not permanently reinvested with respect to the earnings of a limited number of foreign entities and has recorded the tax consequences of remitting earnings from these entities. The Company is permanently reinvested with respect to all other earnings. The total estimated amount of unremitted earnings of foreign subsidiaries as of June 29, 2024 and July 1, 2023 was $750.0 million and $835.1 million, respectively. The Company intends to distribute $525.8 million of earnings that were previously subject to U.S. Federal Tax and has recorded a deferred tax liability of $1.3 million during fiscal 2024 for U.S. state taxes and foreign withholding taxes related to the future distribution. Based on the Company's current analysis, there is further unrecognized deferred tax liability of approximately $3 million to $5 million on the remaining unremitted earnings.

Transition Tax

The Company is required to pay a one-time Transition Tax on previously unremitted earnings of certain non-U.S. subsidiaries. The Company has elected to pay the Transition Tax in installments. The remaining Transition Tax payable is $14.9 million and is payable in fiscal 2025.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

RELATED PARTIES (Details) - Stuart Weitzman Brand - Production of Inventory - USD ($) $ in Millions	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Related Party Transaction [Line Items]
Payments to related parties	$ 12.3	$ 15.2
Stuart Weitzman
Related Party Transaction [Line Items]
Ownership percentage of factory	50.00%

DEFINED CONTRIBUTION PLAN	12 Months Ended
DEFINED CONTRIBUTION PLAN	Jun. 29, 2024
Retirement Benefits [Abstract]
DEFINED CONTRIBUTION PLAN	DEFINED CONTRIBUTION PLAN The Company maintains the Tapestry, Inc. 401(k) Savings Plan, which is a defined contribution plan. Employees who meet certain eligibility requirements and are not part of a collective bargaining agreement may participate in this program. The annual expense incurred by the Company for this defined contribution plan was $12.7 million, $13.4 million and $11.8 million in fiscal 2024, fiscal 2023 and fiscal 2022, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

12 Months Ended

Jun. 29, 2024

Equity [Abstract]

Schedule of Components of Accumulated Other Comprehensive Income (Loss)

The components of Accumulated other comprehensive income (loss), 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	32.0		0.5		(56.7)		(24.2)
Less: amounts reclassified from accumulated other comprehensive income to earnings	(5.2)		—		—		(5.2)
Net current-period other comprehensive income (loss)	37.2		0.5		(56.7)		(19.0)
Balances at July 1, 2023	$	34.9	$	—	$	(224.8)	$	(189.9)
Other comprehensive income (loss) before reclassifications	49.2		0.1		22.0		71.3
Less: amounts reclassified from accumulated other comprehensive income to earnings	27.0		0.3		—		27.3
Net current-period other comprehensive income (loss)	22.2		(0.2)		22.0		44.0
Balances at June 29, 2024	$	57.1	$	(0.2)	$	(202.8)	$	(145.9)

(1) The ending balances of AOCI related to cash flow hedges are net of tax of $(2.7) million and $(2.9) million as of June 29, 2024 and July 1, 2023, respectively. The amounts reclassified from AOCI are net of tax of $(0.2) million and $1.1 million as of June 29, 2024 and July 1, 2023, respectively.

(2) The ending balances of AOCI related to foreign currency translation adjustments includes a gain of $9.9 million, net of tax of $(6.7) million, and a loss of $55.7 million, net of tax of $(0.8) million, as of June 29, 2024 and July 1, 2023, respectively, related to changes in the fair values of instruments designated as hedges of the Company's net investment in certain foreign operations.

SEGMENT INFORMATION (Summary of Net Sales by Product Category) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Revenue from External Customer [Line Items]
Net sales	$ 6,671.2	$ 6,660.9	$ 6,684.5
Net Sales \| Product Concentration Risk
Revenue from External Customer [Line Items]
Percent of total sales	100.00%	100.00%	100.00%
Coach
Revenue from External Customer [Line Items]
Net sales	$ 5,095.3	$ 4,960.4	$ 4,921.3
Coach \| Net Sales \| Product Concentration Risk
Revenue from External Customer [Line Items]
Percent of total sales	76.40%	74.50%	73.60%
Coach \| Women's Handbags
Revenue from External Customer [Line Items]
Net sales	$ 2,495.7	$ 2,450.7	$ 2,574.8
Coach \| Women's Handbags \| Net Sales \| Product Concentration Risk
Revenue from External Customer [Line Items]
Percent of total sales	37.50%	36.80%	38.50%
Coach \| Women's Accessories
Revenue from External Customer [Line Items]
Net sales	$ 1,079.6	$ 1,024.8	$ 942.5
Coach \| Women's Accessories \| Net Sales \| Product Concentration Risk
Revenue from External Customer [Line Items]
Percent of total sales	16.20%	15.40%	14.10%
Coach \| Men's
Revenue from External Customer [Line Items]
Net sales	$ 983.9	$ 947.1	$ 904.8
Coach \| Men's \| Net Sales \| Product Concentration Risk
Revenue from External Customer [Line Items]
Percent of total sales	14.70%	14.20%	13.50%
Coach \| Other Products
Revenue from External Customer [Line Items]
Net sales	$ 536.1	$ 537.8	$ 499.2
Coach \| Other Products \| Net Sales \| Product Concentration Risk
Revenue from External Customer [Line Items]
Percent of total sales	8.00%	8.10%	7.50%
Kate Spade
Revenue from External Customer [Line Items]
Net sales	$ 1,334.4	$ 1,418.9	$ 1,445.5
Kate Spade \| Net Sales \| Product Concentration Risk
Revenue from External Customer [Line Items]
Percent of total sales	20.00%	21.30%	21.60%
Kate Spade \| Women's Handbags
Revenue from External Customer [Line Items]
Net sales	$ 721.0	$ 779.6	$ 819.5
Kate Spade \| Women's Handbags \| Net Sales \| Product Concentration Risk
Revenue from External Customer [Line Items]
Percent of total sales	10.90%	11.70%	12.20%
Kate Spade \| Women's Accessories
Revenue from External Customer [Line Items]
Net sales	$ 316.8	$ 306.9	$ 307.0
Kate Spade \| Women's Accessories \| Net Sales \| Product Concentration Risk
Revenue from External Customer [Line Items]
Percent of total sales	4.70%	4.60%	4.60%
Kate Spade \| Other Products
Revenue from External Customer [Line Items]
Net sales	$ 296.6	$ 332.4	$ 319.0
Kate Spade \| Other Products \| Net Sales \| Product Concentration Risk
Revenue from External Customer [Line Items]
Percent of total sales	4.40%	5.00%	4.80%
Stuart Weitzman
Revenue from External Customer [Line Items]
Net sales	$ 241.5	$ 281.6	$ 317.7
Stuart Weitzman \| Net Sales \| Product Concentration Risk
Revenue from External Customer [Line Items]
Percent of total sales	3.60%	4.20%	4.80%

GOODWILL AND OTHER INTANGIBLE ASSETS (Summary of Indefinite and Finite Lived Assets) (Details) - USD ($) $ in Millions	Jun. 29, 2024	Jul. 01, 2023
Intangible assets subject to amortization:
Gross carrying amount, Customer relationships	$ 100.3	$ 100.3
Accumulated amortization, Customer relationships	(56.5)	(50.0)
Total	43.8	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)	$ 1,353.6	$ 1,360.1

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Jun. 29, 2024

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 June 29, 2024 and July 1, 2023:


	Level 1				Level 2
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
	(millions)
Assets:
Cash equivalents(1)	$	437.4	$	155.7	$	29.7	$	11.9
Short-term investments:
Time deposits(2)	—		—		0.6		0.6
Commercial paper(2)	—		—		865.2		—
Government securities - U.S.(2)	178.2		—		—		—


Other	—		—		17.8		14.8
Long-term investments:




Other	—		—		1.3		1.3
Derivative Assets:
Inventory-related instruments(3)	—		—		58.2		38.6

Net investment hedges(3)	—		—		32.2		13.1
Intercompany loans and payables(3)	—		—		0.1		0.4

Liabilities:

Derivative liabilities:
Inventory-related instruments(3)	$	—	$	—	$	2.2	$	0.1
Net investment hedges(3)	—		—		139.4		90.5
Intercompany loans and payables(3)	—		—		2.6		0.2

(1)Cash equivalents generally consists 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.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-in-Capital	Retained Earnings / (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)
Beginning balance (shares) at Jul. 03, 2021		279.5
Beginning balance at Jul. 03, 2021	$ 3,259.3	$ 2.8	$ 3,487.0	$ (158.5)	$ (72.0)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	856.3			856.3
Other comprehensive income (loss)	(98.9)				(98.9)
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes (shares)		3.7
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes	43.8		43.8
Share-based compensation	89.4		89.4
Repurchase of common stock, including excise tax (shares)		(42.0)
Repurchase of common stock, including excise tax	(1,600.0)	$ (0.4)		(1,599.6)
Dividends declared	(264.4)			(264.4)
Ending balance (shares) at Jul. 02, 2022		241.2
Ending balance at Jul. 02, 2022	2,285.5	$ 2.4	3,620.2	(1,166.2)	(170.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	936.0			936.0
Other comprehensive income (loss)	(19.0)				(19.0)
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes (shares)		4.0
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes	(16.7)	$ 0.1	(16.8)
Share-based compensation	78.8		78.8
Repurchase of common stock, including excise tax (shares)		(17.8)
Repurchase of common stock, including excise tax	(703.5)	$ (0.2)		(703.3)
Dividends declared	$ (283.3)			(283.3)
Ending balance (shares) at Jul. 01, 2023	227.4	227.4
Ending balance at Jul. 01, 2023	$ 2,277.8	$ 2.3	3,682.2	(1,216.8)	(189.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	816.0			816.0
Other comprehensive income (loss)	44.0				44.0
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes (shares)		2.8
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes	(5.4)		(5.4)
Share-based compensation	85.9		85.9
Dividends declared	$ (321.4)			(321.4)
Ending balance (shares) at Jun. 29, 2024	230.2	230.2
Ending balance at Jun. 29, 2024	$ 2,896.9	$ 2.3	$ 3,762.7	$ (722.2)	$ (145.9)

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Jun. 29, 2024

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

Schedule II — Valuation and Qualifying Accounts

For the Fiscal Years Ended June 29, 2024, July 1, 2023 and July 2, 2022


	Balance at Beginning of Year		Additions Charged to Costs and Expenses		Write-offs/ Allowances Taken		Balance at End of Year
	(millions)
Fiscal 2024
Allowance for credit losses	$	5.8	$	4.3	$	(3.2)	$	6.9
Allowance for returns	15.3		10.4		(14.5)		11.2
Allowance for markdowns	11.3		14.9		(16.6)		9.6
Valuation allowance	34.3		—		(2.2)		32.1
Total	$	66.7	$	29.6	$	(36.5)	$	59.8
Fiscal 2023
Allowance for credit losses	$	3.7	$	5.7	$	(3.6)	$	5.8
Allowance for returns	11.2		14.2		(10.1)		15.3
Allowance for markdowns	11.6		17.6		(17.9)		11.3
Valuation allowance	51.6		—		(17.3)		34.3
Total	$	78.1	$	37.5	$	(48.9)	$	66.7
Fiscal 2022
Allowance for credit losses	$	4.2	$	19.9	$	(20.4)	$	3.7
Allowance for returns	18.7		8.8		(16.3)		11.2
Allowance for markdowns	11.4		13.6		(13.4)		11.6
Valuation allowance	65.9		—		(14.3)		51.6
Total	$	100.2	$	42.3	$	(64.4)	$	78.1

SEGMENT INFORMATION (Tables)

12 Months Ended

Jun. 29, 2024

Segment Reporting [Abstract]

Schedule of Segment Performance

The following table summarizes net sales of each of the company's segments for fiscal 2024, fiscal 2023, and fiscal 2022:


	Fiscal Year Ended
	June 29, 2024		July 1, 2023		July 2, 2022
	(millions)
Segment net sales:
Coach	$	5,095.3	$	4,960.4	$	4,921.3
Kate Spade	1,334.4		1,418.9		1,445.5
Stuart Weitzman	241.5		281.6		317.7
Total Net sales:	$	6,671.2	$	6,660.9	$	6,684.5

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 fiscal 2024, fiscal 2023, and fiscal 2022:


	Fiscal Year Ended
	June 29, 2024		July 1, 2023		July 2, 2022
	(millions)
Segment operating profit (loss):
Coach	$	1,651.1	$	1,529.9	$	1,473.9
Kate Spade	132.6		115.0		157.4
Stuart Weitzman	(21.2)		(6.7)		1.8
Total segment operating profit (loss):	$	1,762.5	$	1,638.2	$	1,633.1
Unallocated corporate expenses(1)	622.4		465.8		457.3
Loss on extinguishment of debt	—		—		53.7
Unallocated other charges, net(2)	128.2		29.3		75.1
Income (loss) before provision for income taxes	$	1,011.9	$	1,143.1	$	1,047.0

The following table summarizes depreciation and amortization expense of each of the company's segments for fiscal 2024, fiscal 2023, and fiscal 2022:


	Fiscal Year Ended
	June 29, 2024		July 1, 2023		July 2, 2022
	(millions)
Depreciation and amortization expense(3):
Coach	$	88.0	$	94.7	$	110.1
Kate Spade	41.6		44.2		48.5
Stuart Weitzman	10.6		10.5		10.3
Unallocated corporate(1)	33.8		32.8		26.4
Total Depreciation and amortization expense:	$	174.0	$	182.2	$	195.3

(1) Corporate, which is not a reportable segment, represents certain costs that are not directly attributable to a segment.

(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.

The following table summarizes total assets of each of the company's segments for fiscal 2024, fiscal 2023, and fiscal 2022:


	Fiscal Year Ended
	June 29, 2024		July 1, 2023		July 2, 2022
	(millions)
Segment total assets:
Coach	$	2,238.4	$	2,272.3	$	2,392.2
Kate Spade	2,469.2		2,597.3		2,641.3
Stuart Weitzman	232.6		235.8		269.3
Corporate	8,456.1		2,011.4		1,962.5
Total Assets:	$	13,396.3	$	7,116.8	$	7,265.3

Schedule of Net Sales by Product Category

The following table disaggregates Net sales for each of our product categories by segment in fiscal 2024, fiscal 2023, and fiscal 2022.


	Fiscal Year Ended
	June 29, 2024				July 1, 2023				July 2, 2022
	Amount		% of total net sales		Amount		% of total net sales		Amount		% of total net sales
	(millions)
Coach
Women's Handbags	$	2,495.7	37.5	%	$	2,450.7	36.8	%	$	2,574.8	38.5	%
Women's Accessories	1,079.6		16.2		1,024.8		15.4		942.5		14.1
Men's	983.9		14.7		947.1		14.2		904.8		13.5
Other Products	536.1		8.0		537.8		8.1		499.2		7.5
Total Coach	$	5,095.3	76.4	%	$	4,960.4	74.5	%	$	4,921.3	73.6	%
Kate Spade
Women's Handbags	$	721.0	10.9	%	$	779.6	11.7	%	$	819.5	12.2	%
Women's Accessories	316.8		4.7		306.9		4.6		307.0		4.6
Other Products	296.6		4.4		332.4		5.0		319.0		4.8
Total Kate Spade	$	1,334.4	20.0	%	$	1,418.9	21.3	%	$	1,445.5	21.6	%
Stuart Weitzman(1)	$	241.5	3.6	%	$	281.6	4.2	%	$	317.7	4.8	%
Total Net sales	$	6,671.2	100.0	%	$	6,660.9	100.0	%	$	6,684.5	100.0	%

(1)The significant majority of sales for Stuart Weitzman is attributable to women's footwear.

Schedule of Geographical Area Information


	United States		Greater China(2)		Japan		Other(3)		Total
	(millions)
Fiscal 2024
Net sales(1)	$	3,949.7	$	1,012.6	$	554.4	$	1,154.5	$	6,671.2
Long-lived assets	1,533.7		151.8		94.0		210.0		1,989.5
Fiscal 2023
Net sales(1)	$	4,040.2	$	1,015.8	$	569.0	$	1,035.9	$	6,660.9
Long-lived assets	1,662.5		160.3		87.7		213.5		2,124.0
Fiscal 2022
Net sales(1)	$	4,174.3	$	1,026.6	$	578.8	$	904.8	$	6,684.5
Long-lived assets	1,578.9		131.0		94.0		231.6		2,035.5

(1)Includes net sales from our global travel retail business in locations within the specified geographic area.

(2)Greater China includes sales in mainland China, Hong Kong SAR and Macao SAR, and Taiwan.

(3)Other includes sales in Europe, Canada, Malaysia, Australia and New Zealand, South Korea, Singapore and other countries in Asia as well as royalties earned from the Company's licensing partners.

INVESTMENTS (Tables)

12 Months Ended

Jun. 29, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments

The following table summarizes the Company’s primarily U.S. dollar-denominated investments, recorded within the Consolidated Balance Sheets as of June 29, 2024 and July 1, 2023:


	June 29, 2024						July 1, 2023
	Short-term		Long-term(2)		Total		Short-term		Long-term(2)		Total
	(millions)
Available-for-sale investments:
Commercial paper(1)	$	865.2	$	—	$	865.2	$	—	$	—	$	—
Government securities – U.S.(1)	178.2		—		178.2		—		—		—



Total Available-for-sale investments	$	1,043.4	$	—	$	1,043.4	$	—	$	—	$	—





Other:
Time deposits(1)	0.6		—		0.6		0.6		—		0.6
Other	17.8		1.3		19.1		14.8		1.3		16.1
Total Investments	$	1,061.8	$	1.3	$	1,063.1	$	15.4	$	1.3	$	16.7

(1)These securities, as of period end, have maturity dates during their respective following fiscal years and are recorded at fair value.

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

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Summary of Derivative Instruments) (Details) - USD ($) $ in Millions	Jun. 29, 2024	Jul. 01, 2023
Derivatives, Fair Value [Line Items]
Notional Value	$ 2,562.8	$ 2,314.6
Derivative Assets	90.5	52.1
Derivative Liabilities	$ 144.2	$ 90.8
Derivative Assets [Extensible Enumeration]	Other current assets, Other assets	Other current assets, Other assets
Derivative Liabilities [Extensible Enumeration]	Accrued liabilities, Other liabilities	Accrued liabilities, Other liabilities
Designated Derivative Hedging Instruments
Derivatives, Fair Value [Line Items]
Notional Value	$ 2,214.6	$ 2,042.3
Derivative Assets	90.4	51.7
Derivative Liabilities	141.6	90.6
Designated Derivative Hedging Instruments \| Cash Flow Hedging, Inventory Purchases \| Foreign Exchange Contract
Derivatives, Fair Value [Line Items]
Notional Value	764.6	842.3
Derivative Assets	58.2	38.6
Derivative Liabilities	2.2	0.1
Designated Derivative Hedging Instruments \| Net Investment Hedges \| Foreign Exchange Contract
Derivatives, Fair Value [Line Items]
Notional Value	1,450.0	1,200.0
Derivative Assets	32.2	13.1
Derivative Liabilities	139.4	90.5
Designated Derivative Hedging Instruments \| Net Investment Hedges \| Foreign Exchange Contract \| Other Current Assets
Derivatives, Fair Value [Line Items]
Derivative Assets	11.6
Designated Derivative Hedging Instruments \| Net Investment Hedges \| Foreign Exchange Contract \| Other Assets
Derivatives, Fair Value [Line Items]
Derivative Assets	20.6
Designated Derivative Hedging Instruments \| Net Investment Hedges \| Foreign Exchange Contract \| Accrued Liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	2.2
Designated Derivative Hedging Instruments \| Net Investment Hedges \| Foreign Exchange Contract \| Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	137.2
Not Designated as Hedging Instrument \| Fair Value Hedging, Intercompany Liabilities and Loans \| Foreign Exchange Contract
Derivatives, Fair Value [Line Items]
Notional Value	348.2	272.3
Derivative Assets	0.1	0.4
Derivative Liabilities	$ 2.6	$ 0.2

INCOME TAXES (Summary of Current and Deferred Tax Provisions) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Current
Federal	$ 71.0	$ 111.6	$ 104.0
Foreign	103.5	48.0	46.6
State	18.9	6.3	10.7
Total current and deferred tax provision (benefit)	193.4	165.9	161.3
Deferred
Federal	14.2	24.7	13.9
Foreign	(14.6)	3.6	11.2
State	2.9	12.9	4.3
Total current and deferred tax provision (benefit)	$ 2.5	$ 41.2	$ 29.4

LEASES (Summary of Sublease Income) (Details) $ in Millions	Jun. 29, 2024 USD ($)
Leases [Abstract]
Fiscal 2025	$ 17.3
Fiscal 2026	14.8
Fiscal 2027	14.8
Fiscal 2028	14.8
Fiscal 2029	15.3
Fiscal 2030 and thereafter	112.2
Total sublease income	$ 189.2

Cover Page - USD ($)
$ in Millions

12 Months Ended

Jun. 29, 2024

Aug. 02, 2024

Dec. 29, 2023

Cover [Abstract]

Document Type

10-K

Document Annual Report

true

Document Period End Date

Jun. 29, 2024

Current Fiscal Year End Date

--06-29

Document Transition Report

false

Entity File Number

1-16153

Entity Registrant Name

Tapestry, Inc.

Entity Incorporation, State or Country Code

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

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 Well-known Seasoned Issuer

Yes

Entity Voluntary Filers

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

ICFR Auditor Attestation Flag

true

Document Financial Statement Error Correction

false

Entity Shell Company

false

Entity Public Float

$ 8,420

Entity Common Stock, Shares Outstanding

230,220,721

Documents Incorporated by Reference


Documents						Form 10-K Reference
Proxy Statement for the 2024 Annual Meeting of Stockholders						Part III, Items 10 – 14

Amendment Flag

false

Document Fiscal Year Focus

2024

Document Fiscal Period Focus

Entity Central Index Key

0001116132

LEASES (Narrative) (Details) $ in Millions	12 Months Ended
LEASES (Narrative) (Details) $ in Millions	Jun. 29, 2024 USD ($)
Operating and Financing Lease, Lease Not yet Commenced
Lessee, Lease, Description [Line Items]
Contractual cash obligations	$ 53.2
Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract	1 year
Lessee, operating lease, renewal term or early termination option	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract	20 years
Lessee, operating lease, renewal term or early termination option	10 years

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 29, 2024	Jul. 01, 2023
Statement of Financial Position [Abstract]
Trade accounts receivable, allowances for credit losses	$ 6.9	$ 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)	1,000,000,000.00	1,000,000,000.00
Common stock, par value (USD per share)	$ 0.01	$ 0.01
Common stock, issued (shares)	230,200,000	227,400,000
Common stock, outstanding (shares)	230,200,000	227,400,000

NATURE OF OPERATIONS	12 Months Ended
NATURE OF OPERATIONS	Jun. 29, 2024
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 business 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 Company operates in three reportable segments: Coach, Kate Spade and Stuart Weitzman. See Note 17, "Segment Information," for additional information.

LEASES (Summary of Maturity) (Details) - USD ($) $ in Millions	Jun. 29, 2024	Jul. 01, 2023
Operating Leases
Fiscal 2025	$ 374.5
Fiscal 2026	306.7
Fiscal 2027	250.6
Fiscal 2028	171.4
Fiscal 2029	120.3
Fiscal 2030 and thereafter	601.0
Total lease payments	1,824.5
Less: imputed interest	(300.6)
Total lease liabilities	1,523.9	$ 1,631.2
Finance Leases
Fiscal 2025	1.3
Fiscal 2026	0.0
Fiscal 2027	0.0
Fiscal 2028	0.0
Fiscal 2029	0.0
Fiscal 2030 and thereafter	0.0
Total lease payments	1.3
Less: imputed interest	(0.1)
Total finance lease liabilities	1.2	2.4
Total
Fiscal 2025	375.8
Fiscal 2026	306.7
Fiscal 2027	250.6
Fiscal 2028	171.4
Fiscal 2029	120.3
Fiscal 2030 and thereafter	601.0
Total lease payments	1,825.8
Less: interest	(300.7)
Total lease liabilities	$ 1,525.1	$ 1,633.6

DEBT (Summary of Estimated Fair Value of Debt) (Details) - Senior Notes - USD ($) $ in Millions	Jun. 29, 2024	Nov. 27, 2023	Jul. 01, 2023	Dec. 31, 2021	Jun. 30, 2017	Mar. 31, 2015
4.250% Senior Notes due 2025
Debt Instrument [Line Items]
Interest rate, stated percentage	4.25%					4.25%
4.250% Senior Notes due 2025 \| Level 2
Debt Instrument [Line Items]
Long-term debt, fair value	$ 300.2		$ 295.1
7.050% Senior Notes due 2025
Debt Instrument [Line Items]
Interest rate, stated percentage	7.05%	7.05%
7.050% Senior Notes due 2025 \| Level 2
Debt Instrument [Line Items]
Long-term debt, fair value	$ 508.1		0.0
7.000% Senior Notes due 2026
Debt Instrument [Line Items]
Interest rate, stated percentage	7.00%	7.00%
7.000% Senior Notes due 2026 \| Level 2
Debt Instrument [Line Items]
Long-term debt, fair value	$ 770.7		0.0
4.125% Senior Notes due 2027
Debt Instrument [Line Items]
Interest rate, stated percentage	4.125%				4.125%
4.125% Senior Notes due 2027 \| Level 2
Debt Instrument [Line Items]
Long-term debt, fair value	$ 378.2		371.7
7.350% Senior Notes due 2028
Debt Instrument [Line Items]
Interest rate, stated percentage	7.35%	7.35%
7.350% Senior Notes due 2028 \| Level 2
Debt Instrument [Line Items]
Long-term debt, fair value	$ 1,036.5		0.0
7.700% Senior Notes due 2030
Debt Instrument [Line Items]
Interest rate, stated percentage	7.70%	7.70%
7.700% Senior Notes due 2030 \| Level 2
Debt Instrument [Line Items]
Long-term debt, fair value	$ 1,042.9		0.0
3.050% Senior Notes due 2032
Debt Instrument [Line Items]
Interest rate, stated percentage	3.05%			3.05%
3.050% Senior Notes due 2032 \| Level 2
Debt Instrument [Line Items]
Long-term debt, fair value	$ 402.9		399.5
7.850% Senior Notes due 2033
Debt Instrument [Line Items]
Interest rate, stated percentage	7.85%	7.85%
7.850% Senior Notes due 2033 \| Level 2
Debt Instrument [Line Items]
Long-term debt, fair value	$ 1,311.3		0.0
5.350% EUR Senior Notes due 2025
Debt Instrument [Line Items]
Interest rate, stated percentage	5.35%	5.35%
5.350% EUR Senior Notes due 2025 \| Level 2
Debt Instrument [Line Items]
Long-term debt, fair value	$ 543.8		0.0
5.375% EUR Senior Notes due 2027
Debt Instrument [Line Items]
Interest rate, stated percentage	5.375%	5.375%
5.375% EUR Senior Notes due 2027 \| Level 2
Debt Instrument [Line Items]
Long-term debt, fair value	$ 550.8		0.0
5.875% EUR Senior Notes due 2031
Debt Instrument [Line Items]
Interest rate, stated percentage	5.875%	5.875%
5.875% EUR Senior Notes due 2031 \| Level 2
Debt Instrument [Line Items]
Long-term debt, fair value	$ 556.4		$ 0.0

GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Jun. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

The Company performs its annual impairment assessment of goodwill as well as brand intangibles at the beginning of the fourth quarter of each fiscal year or if an event occurs that would more likely than not reduce the fair value below its carrying amount.

The estimated fair value of the Company’s reporting units are based on a weighted average of the income and market approaches. The income approach is based on estimated discounted future cash flows, while the market approach is based on earnings multiples of selected guideline companies. The approach, which qualifies as Level 3 in the fair value hierarchy, incorporated a number of significant assumptions and judgments, including, but not limited to, estimated future cash flows, discount rates, income tax rates, terminal growth rates and valuation multiples derived from comparable publicly traded companies. The Company determined there was no impairment in fiscal 2024 and fiscal 2023 based on the annual assessment and no events occurring that would more likely than not reduce the fair value below its carrying amount.

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 2, 2022	$	609.1	$	632.4	$	—	$	1,241.5



Foreign exchange impact	(11.6)		(2.4)		—		(14.0)

Balance at July 1, 2023	597.5		630.0		—		1,227.5




Foreign exchange impact	(19.5)		(3.9)		—		(23.4)
Balance at June 29, 2024	$	578.0	$	626.1	$	—	$	1,204.1

(1) Amount is net of accumulated goodwill impairment charges of $210.7 million as of June 29, 2024, July 1, 2023 and July 2, 2022.

Intangible Assets

Intangible assets consist of the following:


	Fiscal Year Ended
	June 29, 2024						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	$	(56.5)	$	43.8	$	100.3	$	(50.0)	$	50.3

Total intangible assets subject to amortization	100.3		(56.5)		43.8		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	$	(56.5)	$	1,353.6	$	1,410.1	$	(50.0)	$	1,360.1

Amortization expense for the Company’s definite-lived intangible assets was $6.5 million and $6.5 million for fiscal 2024 and fiscal 2023, respectively.

As of June 29, 2024, the expected amortization expense for intangible assets is as follows:


	Amortization Expense
	(millions)
Fiscal Year
Fiscal 2025	$	6.5
Fiscal 2026	6.5
Fiscal 2027	6.5
Fiscal 2028	6.5
Fiscal 2029	6.5
Fiscal 2030 and thereafter	11.3
Total	$	43.8

The expected future amortization expense above reflects remaining useful lives ranging from approximately 5.8 to 8.0 for customer relationships.

SUPPLEMENTAL BALANCE SHEET INFORMATION

12 Months Ended

Jun. 29, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

SUPPLEMENTAL BALANCE SHEET INFORMATION

The components of certain balance sheet accounts are as follows:


	June 29, 2024		July 1, 2023
	(millions)




Property and equipment
Land and building	$	8.1	$	8.0
Machinery and equipment	69.1		67.2
Software and computer equipment	642.8		627.6
Furniture and fixtures	295.4		306.5
Leasehold improvements	720.4		778.5
Construction in progress	42.2		14.3
Less: accumulated depreciation	(1,263.3)		(1,237.6)
Total property and equipment, net	$	514.7	$	564.5
Accrued liabilities
Payroll and employee benefits	$	171.3	$	131.9
Accrued rent	17.5		18.4
Accrued interest	104.7		38.9
Accrued income taxes	49.7		41.8
Accrued freight	51.5		52.1
Operating expenses	261.6		264.0
Total accrued liabilities	$	656.3	$	547.1
Other liabilities
Deferred lease obligation	$	32.2	$	40.2
Gross unrecognized tax benefit	115.8		91.8
Other	227.1		167.5
Total other liabilities	$	375.1	$	299.5

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

12 Months Ended

Jun. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Change in Carrying Value of 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 2, 2022	$	609.1	$	632.4	$	—	$	1,241.5



Foreign exchange impact	(11.6)		(2.4)		—		(14.0)

Balance at July 1, 2023	597.5		630.0		—		1,227.5




Foreign exchange impact	(19.5)		(3.9)		—		(23.4)
Balance at June 29, 2024	$	578.0	$	626.1	$	—	$	1,204.1

(1) Amount is net of accumulated goodwill impairment charges of $210.7 million as of June 29, 2024, July 1, 2023 and July 2, 2022.

Schedule of Indefinite-Lived Intangible Assets

Intangible assets consist of the following:


	Fiscal Year Ended
	June 29, 2024						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	$	(56.5)	$	43.8	$	100.3	$	(50.0)	$	50.3

Total intangible assets subject to amortization	100.3		(56.5)		43.8		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	$	(56.5)	$	1,353.6	$	1,410.1	$	(50.0)	$	1,360.1

Schedule of Finite-Lived Intangible Assets

Intangible assets consist of the following:


	Fiscal Year Ended
	June 29, 2024						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	$	(56.5)	$	43.8	$	100.3	$	(50.0)	$	50.3

Total intangible assets subject to amortization	100.3		(56.5)		43.8		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	$	(56.5)	$	1,353.6	$	1,410.1	$	(50.0)	$	1,360.1

Schedule of Expected Amortization Expense for Intangible Assets

As of June 29, 2024, the expected amortization expense for intangible assets is as follows:


	Amortization Expense
	(millions)
Fiscal Year
Fiscal 2025	$	6.5
Fiscal 2026	6.5
Fiscal 2027	6.5
Fiscal 2028	6.5
Fiscal 2029	6.5
Fiscal 2030 and thereafter	11.3
Total	$	43.8

- Definition

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

+ References

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+ Details

REVENUE (Summary of Disaggregation of Revenue) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 6,671.2	$ 6,660.9	$ 6,684.5
North America
Disaggregation of Revenue [Line Items]
Net sales	4,314.0	4,360.3	4,449.4
Greater China
Disaggregation of Revenue [Line Items]
Net sales	1,012.6	1,015.8	1,026.6
Other Asia
Disaggregation of Revenue [Line Items]
Net sales	902.9	895.1	830.7
Other
Disaggregation of Revenue [Line Items]
Net sales	441.7	389.7	377.8
Coach
Disaggregation of Revenue [Line Items]
Net sales	5,095.3	4,960.4	4,921.3
Coach \| North America
Disaggregation of Revenue [Line Items]
Net sales	3,078.7	3,037.5	3,102.8
Coach \| Greater China
Disaggregation of Revenue [Line Items]
Net sales	902.1	896.7	892.2
Coach \| Other Asia
Disaggregation of Revenue [Line Items]
Net sales	771.4	752.9	691.3
Coach \| Other
Disaggregation of Revenue [Line Items]
Net sales	343.1	273.3	235.0
Kate Spade
Disaggregation of Revenue [Line Items]
Net sales	1,334.4	1,418.9	1,445.5
Kate Spade \| North America
Disaggregation of Revenue [Line Items]
Net sales	1,074.4	1,142.8	1,156.7
Kate Spade \| Greater China
Disaggregation of Revenue [Line Items]
Net sales	45.3	47.9	41.7
Kate Spade \| Other Asia
Disaggregation of Revenue [Line Items]
Net sales	130.1	140.4	139.0
Kate Spade \| Other
Disaggregation of Revenue [Line Items]
Net sales	84.6	87.8	108.1
Stuart Weitzman
Disaggregation of Revenue [Line Items]
Net sales	241.5	281.6	317.7
Stuart Weitzman \| North America
Disaggregation of Revenue [Line Items]
Net sales	160.9	180.0	189.9
Stuart Weitzman \| Greater China
Disaggregation of Revenue [Line Items]
Net sales	65.2	71.2	92.7
Stuart Weitzman \| Other Asia
Disaggregation of Revenue [Line Items]
Net sales	1.4	1.8	0.4
Stuart Weitzman \| Other
Disaggregation of Revenue [Line Items]
Net sales	$ 14.0	$ 28.6	$ 34.7

- 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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+ Details

BASIS OF PRESENTATION AND ORGANIZATION (Policies)	12 Months Ended
BASIS OF PRESENTATION AND ORGANIZATION (Policies)	Jun. 29, 2024
Accounting Policies [Abstract]
Fiscal Year	Fiscal Year The Company’s fiscal year ends on the Saturday closest to June 30. Unless otherwise stated, references to years in the financial statements relate to fiscal years. The fiscal year ended June 29, 2024 (“fiscal 2024”) was a 52-week period. The fiscal year ended July 1, 2023 (“fiscal 2023”) was a 52-week period and the fiscal year ended July 2, 2022 (“fiscal 2022”) was a 52-week period. The fiscal year ending June 28, 2025 (“fiscal 2025”) will be a 52-week period.
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 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 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 The 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 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.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash balances and highly liquid investments with a maturity of three months or less at the date of purchase.
Investments	Investments Short-term investments consist primarily of high-credit quality U.S. and non-U.S. issued corporate debt securities and U.S. Treasuries and government agency securities with original maturities greater than three months and with maturities within one year of balance sheet date, classified as available-for-sale. Long-term investments typically consist of high-credit quality U.S. and non-U.S. issued corporate debt securities, U.S. Treasuries and government agency securities, classified as available-for-sale, and recorded at fair value, with unrealized gains and losses recorded in other comprehensive income. Dividend and interest income are recognized when earned. Additionally, GAAP requires the consolidation of all entities for which a Company has a controlling voting interest and all variable interest entities (“VIEs”) for which a Company is deemed to be the primary beneficiary. An entity is generally a VIE if it meets any of the following criteria: (i) the entity has insufficient equity to finance its activities without additional subordinated financial support from other parties, (ii) the equity investors cannot make significant decisions about the entity’s operations or (iii) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity or receive the expected returns of the entity and substantially all of the entity’s activities involve or are conducted on behalf of the investor with disproportionately few voting rights.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially expose the Company to concentration of credit risk consist primarily of Cash and cash equivalents, investments and accounts receivable. The Company places its cash investments with high-credit quality financial institutions and generally invests primarily in corporate debt securities, money market instruments, U.S. government and agency debt securities, commercial paper and bank deposits placed with major banks and financial institutions. Accounts receivable is generally diversified due to the number of entities comprising the Company's customer base and their dispersion across many geographical regions. The Company believes no significant concentration of credit risk exists with respect to these investments and accounts receivable.
Inventories	Inventories The Company holds inventory that is sold through retail, including e-commerce, and wholesale distribution channels. Substantially all of the Company's inventories are comprised of finished goods and are reported at the lower of cost or net realizable value. Inventory costs include material, conversion costs, freight and duties and are primarily determined on a weighted-average cost basis. The Company reserves for inventory, including slow-moving and aged inventory, based on current product demand, expected future demand and historical experience. A decrease in product demand due to changing customer tastes, buying patterns or increased competition could impact the Company's evaluation of its inventory and additional reserves might be required.
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net is stated at cost less accumulated depreciation including the impact of long-lived asset impairment and disposals. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets. Buildings are depreciated over 40 years and building improvements are depreciated over ten to 40 years. Machinery and equipment are depreciated over lives of five to seven years, furniture and fixtures are depreciated over lives of three to ten years and software and computer equipment is generally depreciated over lives of three to seven years. Implementation costs eligible for capitalization related to cloud computing arrangements that are a service contract are recorded within Prepaid expenses and Other assets in the Consolidated Balance Sheets and amortized as Selling, general and administrative ("SG&A") expense in the Consolidated Statement of Operations over the term of the associated hosting arrangement. Leasehold improvements are amortized over the shorter of their estimated useful lives or the related lease terms. Maintenance and repair costs are charged to earnings as incurred while expenditures for major renewals and improvements are capitalized.
Valuation of Long-Lived Assets	Valuation of Long-Lived Assets Long-lived assets, such as Property and equipment and Operating lease right-of-use ("ROU") assets are evaluated for impairment whenever events or circumstances indicate that the carrying value of the assets may not be recoverable. In evaluating long-lived assets for recoverability, the Company uses its best estimate of future cash flows expected to result from the use of the related asset group and its eventual disposition. To the extent that estimated future undiscounted net cash flows attributable to the asset are less than its carrying value, an impairment loss is recognized equal to the difference between the carrying value of such asset and its fair value, considering external market participant assumptions. The Company recorded $6.3 million and $7.2 million of impairment charges within SG&A expense in the Consolidated Statement of Operations in fiscal 2024 and fiscal 2023, respectively. In determining future cash flows, the Company takes various factors into account, including the effects of macroeconomic trends such as consumer spending, in-store capital investments, promotional cadence, the level of advertising and changes in merchandising strategy. Since the determination of future cash flows is an estimate of future performance, there may be future impairments in the event that future cash flows do not meet expectations.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Upon acquisition, the Company estimates and records the fair value of purchased intangible assets, which primarily consists of brands, customer relationships, right-of-use assets and order backlog. Goodwill and certain other intangible assets deemed to have indefinite useful lives, including brand intangible assets, are not amortized, but are assessed for impairment at least annually. Finite-lived intangible assets are amortized over their respective estimated useful lives and, along with other long-lived assets as noted above, are evaluated for impairment periodically whenever events or changes in circumstances indicate that their related carrying values may not be fully recoverable. Estimates of fair value for finite-lived and indefinite-lived intangible assets are primarily determined using discounted cash flows and the multi-period excess earnings method, respectively, with consideration of market comparisons when appropriate. This approach uses significant estimates and assumptions, including projected future cash flows, discount rates and growth rates. The Company generally performs its annual goodwill and indefinite-lived intangible assets impairment analysis using a quantitative approach. The quantitative goodwill impairment test identifies the existence of potential impairment by comparing the fair value of each reporting unit with its carrying value, including goodwill. If the fair value of a reporting unit exceeds its carrying value, the reporting unit's goodwill is considered not to be impaired. If the carrying value of a reporting unit exceeds its fair value, an impairment charge is recognized in an amount equal to that excess. The impairment charge recognized is limited to the amount of goodwill allocated to that reporting unit. Determination of the fair value of a reporting unit and intangible asset is based on management's assessment, considering independent third-party appraisals when necessary. Furthermore, this determination is judgmental in nature and often involves the use of significant estimates and assumptions, which may include projected future cash flows, discount rates, growth rates and determination of appropriate market comparables and recent transactions. These estimates and assumptions could have a significant impact on whether or not an impairment charge is recognized and the amount of any such charge. The Company performs its annual impairment assessment of goodwill as well as brand intangibles during the fourth quarter of each fiscal year or if an event occurs that would more likely than not reduce the fair value below its carrying amount.
Operating Leases	Operating Leases The Company leases retail space, office space, warehouse facilities, fulfillment centers, storage space, machinery, equipment and certain other items under operating leases. These leases may also include rent escalation clauses or lease incentives in the form of construction allowances and rent reduction. In determining the lease term used in the lease right-of-use ("ROU") asset and lease liability calculations, the Company considers various factors such as market conditions and the terms of any renewal or termination options that may exist. When deemed reasonably certain, the renewal and termination options are included in the determination of the lease term and calculation of the lease ROU asset and lease liability. The Company is typically required to make fixed minimum rent payments, variable rent payments primarily based on performance (i.e., percentage-of-sales-based payments), or a combination thereof, directly related to its ROU asset. The Company is also often required, by the lease, to pay for certain other costs including real estate taxes, insurance, common area maintenance fees and/or certain other costs, which may be fixed or variable, depending upon the terms of the respective lease agreement. To the extent these payments are fixed, the Company has included them in calculating the lease ROU assets and lease liabilities. The Company calculates lease ROU assets and lease liabilities as the present value of fixed lease payments over the reasonably certain lease term beginning at the commencement date. Per the guidance, the use of the implicit rate to determine the present value of lease payments is required. As the rate implicit in the Company's leases is not readily determinable, the Company uses its incremental borrowing rate based on the information available at the lease commencement date, including the Company's credit rating, credit spread and adjustments for the impact of collateral, lease tenors, economic environment and currency. For operating leases, fixed lease payments are recognized as operating lease cost on a straight-line basis over the lease term. For finance leases and impaired operating leases, the ROU asset is depreciated on a straight-line basis over the remaining lease term, along with recognition of interest expense associated with accretion of the lease liability. For leases with a lease term of 12 months or less ("short-term lease"), any fixed lease payments are recognized on a straight-line basis over such term and are not recognized on the Consolidated Balance Sheets. Variable lease cost for both operating and finance leases, if any, is recognized as incurred. Asset retirement obligations represent legal obligations associated with the retirement of a tangible long-lived asset. The Company’s asset retirement obligations are primarily associated with leasehold improvements in which the Company is contractually obligated to remove at the end of a lease to comply with the lease agreement. When such an obligation exists, the Company recognizes an asset retirement obligation at the inception of a lease at its estimated fair value. The asset retirement obligation is recorded in current liabilities or non-current liabilities (based on the expected timing of payment of the related costs) and is subsequently adjusted for any changes in estimates. The associated estimated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset and depreciated over its useful life.
Revenue Recognition	Revenue Recognition Revenue is recognized when the Company satisfies its performance obligations by transferring control of promised products or services to its customers, which may be at a point of 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. Retail store and concession shop-in-shop revenues are recognized 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. The Company recognizes revenue within the wholesale business 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. Wholesale revenue is recorded net of estimates for returns, discounts, end-of-season markdowns, cooperative advertising allowances and other consideration provided to the customer. 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. Gift cards issued by the Company are recorded as a liability until they are redeemed, 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. The Company accounts for sales taxes and other related taxes on a net basis, excluding such taxes from revenue.
Cost of Sales	Cost of Sales Cost of sales consists of inventory costs and other related costs such as reserves for inventory realizability and shrinkage, damages and replacements.
Selling, General and Administrative (SG&A) Expenses	Selling, General and Administrative ("SG&A") Expenses Selling expenses include store employee compensation, occupancy costs, depreciation, supply costs, wholesale and retail account administration compensation globally. These expenses are affected by the number of stores open during any fiscal period and store performance, as compensation and rent expenses can vary with sales. Advertising, marketing and design expenses include employee compensation, media space and production, advertising agency fees, new product design costs, public relations and market research expenses. Distribution and customer service expenses include warehousing, order fulfillment, shipping and handling, customer service, employee compensation and bag repair costs. SG&A expenses also include compensation costs for corporate functions, including the executive, finance, human resources, legal and information systems departments, as well as corporate headquarters occupancy costs, consulting fees and software expenses.
Shipping and Handling	Shipping and Handling Shipping and handling costs for delivery of products to consumers were $221.1 million, $217.0 million and $230.8 million in fiscal 2024, fiscal 2023 and fiscal 2022, respectively, and are included in SG&A expenses. The Company includes inbound product-related transportation costs from manufacturers within Cost of sales. The balance of the Company's transportation-related costs related to its distribution network is included in SG&A expenses rather than in Cost of sales.
Advertising	Advertising Advertising costs include expenses related to direct marketing activities, such as digital and other media and production costs.
Share-Based Compensation	Share-Based Compensation The Company recognizes the cost of equity awards to employees and the non-employee Directors based on the grant-date fair value of those awards. The grant-date fair values of share unit awards are based on the fair value of the Company's common stock on the date of grant. The grant-date fair value of stock option awards is determined using the Black-Scholes option pricing model and involves several assumptions, including the expected term of the option, expected volatility and dividend yield. The expected term of options represents the period of time that the options granted are expected to be outstanding and is based on historical experience. Expected volatility is based on historical volatility of the Company’s stock as well as the implied volatility from publicly traded options on the Company's stock. Dividend yield is based on the current expected annual dividend per share and the Company’s stock price. Changes in the assumptions used to determine the Black-Scholes value could result in significant changes in the Black-Scholes value. The Company recognizes share-based compensation net of estimated forfeitures and revises the estimates in subsequent periods if actual forfeitures differ from the estimates. The Company estimates the forfeiture rate based on historical experience as well as expected future behavior. The Company grants performance-based share awards to key executives, the vesting of which is subject to the executive’s continuing employment and the Company's or individual's achievement of certain performance goals. On a quarterly basis, the Company assesses actual performance versus the predetermined performance goals and adjusts the share-based compensation expense to reflect the relative performance achievement. Actual distributed shares are calculated upon conclusion of the service and performance periods and include dividend equivalent shares. If the performance-based award incorporates a market condition, the grant-date fair value of such award is determined using a pricing model, such as a Monte Carlo Simulation.
Income Taxes	Income Taxes The Company’s effective tax rate is based on pre-tax income, statutory tax rates, tax laws and regulations and tax planning strategies available in the various jurisdictions in which the Company operates. The Company classifies interest and penalties on uncertain tax positions in the Provision for income taxes. The Company records net deferred tax assets to the extent it believes that it is more likely than not that these assets will be realized. In making such determination, the Company considers all available evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent and expected future results of operation. The Company reduces deferred tax assets by a valuation allowance if, based upon the weight of available evidence, it is more likely than not that some amount of deferred tax assets is not expected to be realized. The Company is not permanently reinvested with respect to earnings of a limited number of foreign entities and has recorded the tax consequences of remitting earnings from these entities. The Company is permanently reinvested with respect to all other earnings. The Company recognizes the impact of tax positions in the financial statements if those positions will more likely than not be sustained on audit, based on the technical merits of the position. Although the Company believes that the estimates and assumptions used are reasonable and legally supportable, the final determination of tax audits could be different than that which is reflected in historical tax provisions and recorded assets and liabilities. Tax authorities periodically audit the Company’s income tax returns, these tax authorities may take a contrary position that could result in a significant impact on the Company's results of operations. Significant management judgment is required in determining the effective tax rate, in evaluating tax positions and in determining the net realizable value of deferred tax assets.
Derivative Instruments	Derivative Instruments 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 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 cash flow derivative instruments that qualify for hedge accounting, the changes in the fair value of these instruments are recognized as a component of Accumulated other comprehensive income (loss) ("AOCI") until the hedged item is recognized in earnings. 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) or interest income (expense). 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) or interest income (expense). For foreign currency derivative instruments which are not designated as hedges, the changes in fair value of the instruments are recorded through earnings. These changes generally offset the revaluation of certain underlying assets and liabilities. As a result of the use of derivative instruments, the Company may be exposed to the risk that the counterparties to such contracts 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 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. This primarily includes exposure to exchange rate fluctuations in the Japanese Yen, the Chinese Renminbi and the Euro. 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 July 2024 to March 2026. Forward foreign currency exchange contracts which are not designated as hedges of intercompany and other contractual obligations are recognized within Other expense (income) on the Company's Consolidated Statement of Operations. The maturity date of most instruments held as of June 29, 2024 are in August 2024, and such contracts are typically renewed upon maturity if the related balance has not been settled. During fiscal 2024, the Company also entered into interest rate derivative contracts to reduce its risks related to changes in the benchmark interest rates on its debt obligations. Any premiums related to these instruments were excluded from the Company's measurement of hedge effectiveness and were amortized over the period between the hedge execution and the contract maturity. The related gains (losses) were initially deferred in AOCI and are subsequently recognized in the Consolidated Statements of Operations as interest income (expense) in the same periods during which the hedged interest payments associated with the Company’s borrowings are recorded in earnings. As of June 29, 2024, there were no interest rate derivative contracts outstanding. The Company also enters into cross-currency swaps to reduce its risks related to exchange rate fluctuations on net investments in foreign subsidiaries, including our net investment in Euro-denominated subsidiaries and Japanese Yen-denominated subsidiaries against future volatility in the exchange rates between the United States dollar and their local currencies. The related gains (losses) are deferred in AOCI until the net investment is sold or liquidated, and current maturity dates range from November 2027 to March 2032.
Foreign Currency	Foreign Currency The functional currency of the Company's foreign operations is generally the applicable local currency. Assets and liabilities are translated into U.S. dollars using the current exchange rates in effect at the balance sheet date, while revenues and expenses are translated at the weighted-average exchange rates for the period. The resulting translation adjustments are included in the Consolidated Statements of Comprehensive Income as a component of Other comprehensive income (loss) (“OCI”) and in the Consolidated Statements of Equity within AOCI. The Company recognizes gains and losses on transactions that are denominated in a currency other than the respective entity's functional currency in earnings. Foreign currency transaction gains and losses also include amounts realized on the settlement of certain intercompany loans with foreign subsidiaries.
Reclassification	Reclassification A reclassification has been made to the prior period's financial information to conform to the current period's presentation.
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 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 In November 2023, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures", which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments will require public entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker and included within segment profit and loss. The amendments will be effective for the Company's annual reporting periods beginning in fiscal year 2025 and for interim periods beginning in fiscal year 2026, with early adoption permitted, and will be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures. In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures", which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company's annual periods beginning in fiscal year 2026, with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.

DEFINED CONTRIBUTION PLAN (Details) - USD ($) $ in Millions	12 Months Ended
DEFINED CONTRIBUTION PLAN (Details) - USD ($) $ in Millions	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Retirement Benefits [Abstract]
Defined contribution plan expense	$ 12.7	$ 13.4	$ 11.8

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Jun. 29, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Total Compensation Cost Charged Against Income and Related Tax Benefits

The following table shows the total compensation cost charged against income for these plans and the related tax benefits recognized in the Consolidated Statements of Operations:


	June 29, 2024		July 1, 2023		July 2, 2022
	(millions)
Share-based compensation expense(1)	$	85.9	$	78.8	$	89.4
Income tax benefit related to share-based compensation expense	17.5		12.9		15.2

(1) There was no share-based compensation expense under the Acceleration program during fiscal years ended June 29, 2024 and July 1, 2023. During the fiscal year ended July 2, 2022, the Company incurred $17.2 million of share-based compensation expense related to Acceleration Program.

Schedule of Stock Option Activity

A summary of stock option activity during the fiscal year ended June 29, 2024 is as follows:


	Number of Options Outstanding	Weighted- Average Exercise Price per Option		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
	(millions)				(millions)
Outstanding at July 1, 2023	8.7	$	34.02
Granted	1.3	33.36
Exercised	(0.9)	29.11
Forfeited or expired	(0.9)	50.25
Outstanding at June 29, 2024	8.2	32.59		5.6	$	87.0
Vested and expected to vest at June 29, 2024	8.2	32.60		5.6	86.6
Exercisable at June 29, 2024	5.7	32.32		4.4	62.6

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:


	June 29, 2024		July 1, 2023		July 2, 2022
Expected term (years)	5.0		4.9		5.0
Expected volatility	44.8	%	48.6	%	46.9	%
Risk-free interest rate	4.5	%	3.3	%	0.8	%
Dividend yield	4.2	%	3.4	%	2.4	%

Schedule of Nonvested Share Activity

A summary of service-based RSU activity during the year ended June 29, 2024 is as follows:


	Number of Non-vested RSUs	Weighted- Average Grant- Date Fair Value per RSU
	(millions)
Non-vested at July 1, 2023	5.9	$	28.69
Granted	2.5	34.19

Vested	(2.8)	24.59
Forfeited	(0.4)	32.79
Non-vested at June 29, 2024	5.2	32.96

A summary of PRSU activity during the fiscal year ended June 29, 2024 is as follows:


	Number of Non-vested PRSUs	Weighted- Average Grant- Date Fair Value per PRSU
	(millions)
Non-vested at July 1, 2023	0.7	$	38.27
Granted	0.5	33.99
Change due to performance condition achievement	0.1	41.24
Vested	—	—
Forfeited	(0.1)	36.00
Non-vested at June 29, 2024	1.2	$	36.74

Schedule of Employee Purchase Rights Weighted Average Assumptions

Compensation expense is calculated for the fair value of employees’ purchase rights using the Black-Scholes model and the following weighted-average assumptions:


	Fiscal Year Ended
	June 29, 2024		July 1, 2023		July 2, 2022
Expected term (years)	0.5		0.5		0.5
Expected volatility	32.5	%	38.2	%	38.2	%
Risk-free interest rate	5.4	%	3.3	%	0.1	%
Dividend yield	3.9	%	3.1	%	1.5	%

NATURE OF OPERATIONS (Details)	12 Months Ended
NATURE OF OPERATIONS (Details)	Jun. 29, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	3

REVENUE

12 Months Ended

Jun. 29, 2024

Revenue from Contract with Customer [Abstract]

REVENUE

The Company recognizes revenue primarily from sales of the products of its brands through our Direct-to-consumer ("DTC") business which includes our retail stores and e-commerce sites, along with our wholesale business. The Company also generates revenue from royalties related to licensing its trademarks, as well as sales in ancillary business 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 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 below, 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.

Direct-to-Consumer

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.

Wholesale

The Company recognizes revenue within the wholesale business 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.

Licensing

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 fiscal year ended June 29, 2024.

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 business 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)
Fiscal 2024
Coach	$	3,078.7	$	902.1	$	771.4	$	343.1	$	5,095.3
Kate Spade	1,074.4		45.3		130.1		84.6		1,334.4
Stuart Weitzman	160.9		65.2		1.4		14.0		241.5
Total	$	4,314.0	$	1,012.6	$	902.9	$	441.7	$	6,671.2

Fiscal 2023
Coach	$	3,037.5	$	896.7	$	752.9	$	273.3	$	4,960.4
Kate Spade	1,142.8		47.9		140.4		87.8		1,418.9
Stuart Weitzman	180.0		71.2		1.8		28.6		281.6
Total	$	4,360.3	$	1,015.8	$	895.1	$	389.7	$	6,660.9

Fiscal 2022
Coach	$	3,102.8	$	892.2	$	691.3	$	235.0	$	4,921.3
Kate Spade	1,156.7		41.7		139.0		108.1		1,445.5
Stuart Weitzman	189.9		92.7		0.4		34.7		317.7
Total	$	4,449.4	$	1,026.6	$	830.7	$	377.8	$	6,684.5

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

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

(3) Other sales primarily represents sales in Europe and the Middle East as well as 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 primarily related to unredeemed gift cards, net of breakage, which have 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 June 29, 2024 and July 1, 2023 was $45.5 million and $43.0 million, respectively, which were primarily recorded within Accrued liabilities on the Company's Consolidated Balance Sheets and are generally expected to be recognized as revenue within a year. For the fiscal year ended June 29, 2024, net sales of $27.7 million were recognized from amounts recorded as deferred revenue as of July 1, 2023. For the fiscal year ended July 1, 2023, net sales of $23.5 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 15
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS (Summary of Expected Amortization Expense for Intangible Assets) (Details) - USD ($) $ in Millions	Jun. 29, 2024	Jul. 01, 2023
Expected Amortization Expense for Intangible Assets
Fiscal 2025	$ 6.5
Fiscal 2026	6.5
Fiscal 2027	6.5
Fiscal 2028	6.5
Fiscal 2029	6.5
Fiscal 2030 and thereafter	11.3
Total	$ 43.8	$ 50.3

SEGMENT INFORMATION (Narrative) (Details)	12 Months Ended
SEGMENT INFORMATION (Narrative) (Details)	Jun. 29, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	3

GOODWILL AND OTHER INTANGIBLE ASSETS (Narrative) (Details) - USD ($)	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Finite-Lived Intangible Assets [Line Items]
Impairment of goodwill and intangible assets	$ 0	$ 0
Amortization of intangible assets	$ 6,500,000	$ 6,500,000
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	5 years 9 months 18 days
Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	8 years

- 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

INCOME TAXES (Summary of Components of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions	Jun. 29, 2024	Jul. 01, 2023
Deferred Tax Assets, Gross [Abstract]
Share-based compensation	$ 20.6	$ 21.8
Reserves not deductible until paid	46.7	45.9
Employee benefits	30.1	23.1
Net operating loss	45.5	47.7
Other	44.8	67.2
Inventory	17.6	23.4
Lease liability	316.2	348.6
Gross deferred tax assets	521.5	577.7
Valuation allowance	32.1	34.3
Deferred tax assets after valuation allowance	489.4	543.4
Deferred Tax Liabilities, Gross [Abstract]
Goodwill	48.6	64.4
Other intangibles	308.6	306.0
Property and equipment	15.1	24.8
Foreign investments	43.3	44.8
Right-of-use	279.3	302.1
Prepaid expenses	1.7	0.9
Gross deferred tax liabilities	696.6	743.0
Net deferred tax (liabilities) assets	(207.2)	(199.6)
Consolidated Balance Sheets Classification
Deferred income taxes – non-current asset	44.1	40.4
Deferred income taxes – non-current liability	$ (251.3)	$ (240.0)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 816.0	$ 936.0	$ 856.3
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on cash flow hedging derivatives, net	22.2	37.2	(1.6)
Unrealized gains (losses) on available-for-sale investments, net	(0.2)	0.5	(0.5)
Foreign currency translation adjustments	22.0	(56.7)	(96.8)
Other comprehensive income (loss), net of tax	44.0	(19.0)	(98.9)
Comprehensive income (loss)	$ 860.0	$ 917.0	$ 757.4

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

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+ Details

LEASES (Summary of Cash Flow) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 420.4	$ 387.8
Operating cash flows from finance leases	0.2	0.3
Financing cash flows from finance leases	1.2	1.1
Non-cash transactions:
Right-of-use assets obtained in exchange for operating lease liabilities	246.2	390.7
Right-of-use assets obtained in exchange for finance lease liabilities	$ 0.0	$ 0.0

BASIS OF PRESENTATION AND ORGANIZATION (Tables)

12 Months Ended

Jun. 29, 2024

Accounting Policies [Abstract]

Schedule of Supplier Finance Program

A rollforward of the outstanding obligations confirmed as valid under the SCF program, which are presented within Accounts payable on the Consolidated Balance Sheets, is presented below:


	June 29, 2024		July 1, 2023
	(millions)
Obligations outstanding, beginning of year	$	305.4	$	393.2
Invoices added during the year	1,349.8		1,397.5
Invoices settled during the year	(1,360.3)		(1,485.3)
Obligations outstanding, end of year	$	294.9	$	305.4

SEGMENT INFORMATION

12 Months Ended

Jun. 29, 2024

Segment Reporting [Abstract]

SEGMENT INFORMATION

The Company has three reportable segments:

•Coach - Includes global sales primarily of Coach brand products to customers through our DTC, wholesale and licensing businesses.

•Kate Spade - Includes global sales primarily of kate spade new york brand products to customers through our DTC, wholesale and licensing businesses.

•Stuart Weitzman - Includes global sales of Stuart Weitzman brand products primarily through our DTC and wholesale businesses.

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. Total expenditures for additions to long-lived assets are not disclosed as this information is not regularly provided to the chief operating decision maker at the segment level.

In addition to these reportable segments, the Company has certain corporate costs that are not directly attributable to its brands; therefore, they are not allocated to its segments. Such costs primarily include certain overhead expenses related to corporate functions as well as certain administration, corporate occupancy, information technology, and depreciation costs.

The following table summarizes net sales of each of the company's segments for fiscal 2024, fiscal 2023, and fiscal 2022:


	Fiscal Year Ended
	June 29, 2024		July 1, 2023		July 2, 2022
	(millions)
Segment net sales:
Coach	$	5,095.3	$	4,960.4	$	4,921.3
Kate Spade	1,334.4		1,418.9		1,445.5
Stuart Weitzman	241.5		281.6		317.7
Total Net sales:	$	6,671.2	$	6,660.9	$	6,684.5


	Fiscal Year Ended
	June 29, 2024		July 1, 2023		July 2, 2022
	(millions)
Segment operating profit (loss):
Coach	$	1,651.1	$	1,529.9	$	1,473.9
Kate Spade	132.6		115.0		157.4
Stuart Weitzman	(21.2)		(6.7)		1.8
Total segment operating profit (loss):	$	1,762.5	$	1,638.2	$	1,633.1
Unallocated corporate expenses(1)	622.4		465.8		457.3
Loss on extinguishment of debt	—		—		53.7
Unallocated other charges, net(2)	128.2		29.3		75.1
Income (loss) before provision for income taxes	$	1,011.9	$	1,143.1	$	1,047.0

The following table summarizes depreciation and amortization expense of each of the company's segments for fiscal 2024, fiscal 2023, and fiscal 2022:


	Fiscal Year Ended
	June 29, 2024		July 1, 2023		July 2, 2022
	(millions)
Depreciation and amortization expense(3):
Coach	$	88.0	$	94.7	$	110.1
Kate Spade	41.6		44.2		48.5
Stuart Weitzman	10.6		10.5		10.3
Unallocated corporate(1)	33.8		32.8		26.4
Total Depreciation and amortization expense:	$	174.0	$	182.2	$	195.3

(1) Corporate, which is not a reportable segment, represents certain costs that are not directly attributable to a segment.

(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.

The following table summarizes total assets of each of the company's segments for fiscal 2024, fiscal 2023, and fiscal 2022:


	Fiscal Year Ended
	June 29, 2024		July 1, 2023		July 2, 2022
	(millions)
Segment total assets:
Coach	$	2,238.4	$	2,272.3	$	2,392.2
Kate Spade	2,469.2		2,597.3		2,641.3
Stuart Weitzman	232.6		235.8		269.3
Corporate	8,456.1		2,011.4		1,962.5
Total Assets:	$	13,396.3	$	7,116.8	$	7,265.3

The following table disaggregates Net sales for each of our product categories by segment in fiscal 2024, fiscal 2023, and fiscal 2022.


	Fiscal Year Ended
	June 29, 2024				July 1, 2023				July 2, 2022
	Amount		% of total net sales		Amount		% of total net sales		Amount		% of total net sales
	(millions)
Coach
Women's Handbags	$	2,495.7	37.5	%	$	2,450.7	36.8	%	$	2,574.8	38.5	%
Women's Accessories	1,079.6		16.2		1,024.8		15.4		942.5		14.1
Men's	983.9		14.7		947.1		14.2		904.8		13.5
Other Products	536.1		8.0		537.8		8.1		499.2		7.5
Total Coach	$	5,095.3	76.4	%	$	4,960.4	74.5	%	$	4,921.3	73.6	%
Kate Spade
Women's Handbags	$	721.0	10.9	%	$	779.6	11.7	%	$	819.5	12.2	%
Women's Accessories	316.8		4.7		306.9		4.6		307.0		4.6
Other Products	296.6		4.4		332.4		5.0		319.0		4.8
Total Kate Spade	$	1,334.4	20.0	%	$	1,418.9	21.3	%	$	1,445.5	21.6	%
Stuart Weitzman(1)	$	241.5	3.6	%	$	281.6	4.2	%	$	317.7	4.8	%
Total Net sales	$	6,671.2	100.0	%	$	6,660.9	100.0	%	$	6,684.5	100.0	%

(1)The significant majority of sales for Stuart Weitzman is attributable to women's footwear.

Geographic Area Information

Geographic revenue information is based on the location of our customer sale. Geographic long-lived asset information is based on the physical location of the assets at the end of each fiscal year and includes property and equipment, net, right of use assets and other assets.


	United States		Greater China(2)		Japan		Other(3)		Total
	(millions)
Fiscal 2024
Net sales(1)	$	3,949.7	$	1,012.6	$	554.4	$	1,154.5	$	6,671.2
Long-lived assets	1,533.7		151.8		94.0		210.0		1,989.5
Fiscal 2023
Net sales(1)	$	4,040.2	$	1,015.8	$	569.0	$	1,035.9	$	6,660.9
Long-lived assets	1,662.5		160.3		87.7		213.5		2,124.0
Fiscal 2022
Net sales(1)	$	4,174.3	$	1,026.6	$	578.8	$	904.8	$	6,684.5
Long-lived assets	1,578.9		131.0		94.0		231.6		2,035.5

(1)Includes net sales from our global travel retail business in locations within the specified geographic area.

(2)Greater China includes sales in mainland China, Hong Kong SAR and Macao SAR, and Taiwan.

(3)Other includes sales in Europe, Canada, Malaysia, Australia and New Zealand, South Korea, Singapore and other countries in Asia as well as royalties earned from the Company's licensing partners.

- 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.

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+ Details

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 29, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Capri Holdings Limited Acquisition On August 10, 2023, the Company entered into a Merger Agreement. Refer to Note 5, "Acquisitions" for further information. Letters of Credit The Company had standby letters of credit, surety bonds and bank guarantees totaling $28.4 million and $37.1 million outstanding at June 29, 2024 and July 1, 2023, respectively. The agreements, which expire at various dates through calendar 2039, 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 letters of credit that are issued. Tax Legislation The Tax Legislation requires the Company to pay a one-time tax, or Transition Tax, on previously unremitted earnings of certain non-U.S. subsidiaries. The Company expects to pay approximately $14.9 million related to the remaining obligation on the Transition Tax. Refer to Note 15, "Income Taxes," for more information related to the impact of the Tax Legislation. Other The Company had other contractual cash obligations as of June 29, 2024, including $485.4 million related to inventory purchase obligations, $14.8 million related to capital expenditure and cloud computing implementation commitments, $253.5 million of other purchase obligations, $7.31 billion of debt repayments, $1.3 million of finance lease obligations and $2.56 billion of interest payments on the outstanding debt. Refer to Note 9, "Leases," for a summary of the Company's future minimum rental payments under non-cancelable leases. 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 consolidated financial statements.

SHARE-BASED COMPENSATION (Summary of Service-Based Restricted Stock Unit Activity) (Details) - Service-based Restricted Stock Unit Awards (RSUs) - $ / shares shares in Millions	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Number of Non-vested RSUs
Non-vested, beginning of period (shares)	5.9
Granted (shares)	2.5
Vested (shares)	(2.8)
Forfeited (shares)	(0.4)
Non-vested, end of period (shares)	5.2	5.9
Weighted- Average Grant- Date Fair Value per RSU
Non-vested, beginning of period (USD per share)	$ 28.69
Granted (USD per share)	34.19	$ 35.53	$ 41.70
Vested (USD per share)	24.59
Forfeited (USD per share)	32.79
Non-vested, end of period (USD per share)	$ 32.96	$ 28.69

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

12 Months Ended

Jun. 29, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

The following tables provide information related to the Company's derivative instruments recorded on the Company's Consolidated Balance Sheets as of June 29, 2024 and July 1, 2023:


	Notional Value				Derivative Assets					Derivative Liabilities
						Fair Value					Fair Value
	June 29, 2024		July 1, 2023		Consolidated Balance Sheet Classification	June 29, 2024		July 1, 2023		Consolidated Balance Sheet Classification	June 29, 2024		July 1, 2023
	(millions)
Designated Derivative Hedging Instruments:
FC - Inventory purchases(1)	$	764.6	$	842.3	Other Current Assets	$	58.2	$	38.6	Accrued Liabilities	$	2.2	$	0.1
Net investment hedges(2)	1,450.0		1,200.0		Other Current Assets & Other Assets(4)	32.2		13.1		Accrued Liabilities & Other Liabilities(5)	139.4		90.5
Total designated hedge instruments	$	2,214.6	$	2,042.3		$	90.4	$	51.7		$	141.6	$	90.6
Undesignated hedging instruments:
FC - Intercompany liabilities and loans(3)	348.2		272.3		Other Current Assets	0.1		0.4		Accrued Liabilities	2.6		0.2
Total Hedges	$	2,562.8	$	2,314.6		$	90.5	$	52.1		$	144.2	$	90.8

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

(2)Represents cross currency swap foreign exchange contracts ("CCS") and forward foreign exchange contracts ("FC") designated as derivative instruments in net investment hedging relationships.

(3)Represents forward foreign currency exchange contracts ("FC") not designated as hedges.

(4)As of June 29, 2024, the Company recorded $11.6 million within Other Current Assets and $20.6 million within Other Assets. As of July 1, 2023, the Company recorded $13.1 million within Other Assets.

(5)As of June 29, 2024, the Company recorded $2.2 million within Accrued Liabilities and $137.2 million within Other Liabilities. As of July 1, 2023, the Company recorded $90.5 million within Other Liabilities.

The following tables provides the pretax impact of gains and losses from the Company's designated derivative instruments on its Consolidated Financial Statements for the fiscal years ended June 29, 2024, July 1, 2023 and July 2, 2022:


	Amount of Gain (Loss) Recognized in OCI on Derivatives
	Fiscal Year Ended
	June 29, 2024		July 1, 2023		July 2, 2022
	(millions)
Cash flow hedges:
Inventory purchases(1)	$	59.6	$	34.7	$	(5.6)
Interest rates(2)	(10.4)		—		—
Total cash flow hedges	$	49.2	$	34.7	$	(5.6)



Other:
Net investment hedges(3)	74.3		(58.7)		3.8
Total other	74.3		(58.7)		3.8
Total hedges	$	123.5	$	(24.0)	$	(1.8)


	Amount of Gain (Loss) Reclassified from Accumulated OCI into Income
	Statement of Operations Classification	Fiscal Year Ended
		June 29, 2024		July 1, 2023		July 2, 2022
		(millions)
Cash flow hedges:
Inventory purchases(1)	Cost of Sales	$	36.7	$	(6.3)	$	(3.4)
Interest rates(2)	Other income (expense)	(9.5)		—		—
Total cash flow hedges		$	27.2	$	(6.3)	$	(3.4)
Other:
Net investment hedges(3)	Interest income (expense)	2.8		—		—
Total other		2.8		0.0		0.0
Total hedges		$	30.0	$	(6.3)	$	(3.4)

(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") and forward foreign exchange contracts ("FC") designated as derivative instruments in net investment hedging relationships, for which the difference between changes in fair value and periodic amortization of excluded components is recorded within AOCI.

The Company expects that $49.8 million of net derivative gain related to inventory purchases and interest rates included in Accumulated other comprehensive income at June 29, 2024 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 and forward exchange contracts used as net investment hedges under the spot method. This results in the cross-currency basis spread on the cross-currency swaps and the difference between the spot rate and the forward rate of the forward exchange contract 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 $28.7 million and $28.5 million during fiscal 2024 and fiscal 2023, respectively.

BASIS OF PRESENTATION AND ORGANIZATION

12 Months Ended

Jun. 29, 2024

Accounting Policies [Abstract]

BASIS OF PRESENTATION AND ORGANIZATION

Fiscal Year

The Company’s fiscal year ends on the Saturday closest to June 30. Unless otherwise stated, references to years in the financial statements relate to fiscal years. The fiscal year ended June 29, 2024 (“fiscal 2024”) was a 52-week period. The fiscal year ended July 1, 2023 (“fiscal 2023”) was a 52-week period and the fiscal year ended July 2, 2022 (“fiscal 2022”) was a 52-week period. The fiscal year ending June 28, 2025 (“fiscal 2025”) will be a 52-week period.

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 persisted into the beginning of fiscal 2023, and the Company's results in Greater China were adversely impacted as a result of the Covid-19 pandemic. Towards the end of the first half of fiscal 2023, certain government restrictions were lifted in the region and business trends improved. During 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 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 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

The 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 June 29, 2024 and July 1, 2023, $294.9 million and $305.4 million, respectively, was related to suppliers eligible to participate in the Company's SCF program. A rollforward of the outstanding obligations confirmed as valid under the SCF program, which are presented within Accounts payable on the Consolidated Balance Sheets, is presented below:


	June 29, 2024		July 1, 2023
	(millions)
Obligations outstanding, beginning of year	$	305.4	$	393.2
Invoices added during the year	1,349.8		1,397.5
Invoices settled during the year	(1,360.3)		(1,485.3)
Obligations outstanding, end of year	$	294.9	$	305.4

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gain in AOCI reclassified into earnings within next 12 months	$ 49.8
Interest income	(125.0)	$ (27.6)	$ (58.7)
Foreign Exchange Contract \| Net investment hedges \| Designated Derivative Hedging Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Interest income	$ 28.7	$ 28.5

DEBT (Summary of Debt Maturities) (Details) $ in Millions	Jun. 29, 2024 USD ($)
Debt Disclosure [Abstract]
2025	$ 303.4
2026	1,035.6
2027	750.0
2028	932.2
2029	1,000.0
2030 and thereafter	3,285.6
Total	$ 7,306.8

EARNINGS PER SHARE

12 Months Ended

Jun. 29, 2024

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:


	Fiscal Year Ended
	June 29, 2024		July 1, 2023		July 2, 2022
	(millions, except per share data)
Net income (loss)	$	816.0	$	936.0	$	856.3

Weighted-average basic shares	229.2		236.4		264.3
Dilutive securities:
Effect of dilutive securities	4.0		4.9		5.8
Weighted-average diluted shares	233.2		241.3		270.1

Net income (loss) per share:
Basic	$	3.56	$	3.96	$	3.24
Diluted	$	3.50	$	3.88	$	3.17

At June 29, 2024, options to purchase 1.3 million shares of common stock were outstanding but not included in the computation of diluted earnings per share, as these options’ exercise prices, ranging from $41.82 to $51.38, were greater than the average market price of the common shares.

At July 1, 2023, options to purchase 2.1 million shares of common stock were outstanding but not included in the computation of diluted earnings per share, as these options’ exercise prices, ranging from $41.65 to $56.39, were greater than the average market price of the common shares.

At July 2, 2022, options to purchase 5.4 million shares of common stock were outstanding but not included in the computation of diluted earnings per share, as these options’ exercise prices, ranging from $33.46 to $58.54, were greater than the average market price of the common shares.

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 June 29, 2024, July 1, 2023 and July 2, 2022, there were approximately 0.8 million, 2.7 million and 6.9 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.

RELATED PARTIES	12 Months Ended
RELATED PARTIES	Jun. 29, 2024
Related Party Transactions [Abstract]
RELATED PARTIES	RELATED PARTIES The Stuart Weitzman brand owns approximately 50% of a factory located in Spain, which is involved in the production of Stuart Weitzman inventory. Payments to this factory represented $12.3 million and $15.2 million in fiscal 2024 and fiscal 2023, respectively. Amounts payable to this factory were not material at June 29, 2024 or July 1, 2023.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

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+ Details

SHARE-BASED COMPENSATION (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price of stock option as percentage of market price of stock to date of grant	100.00%
Expected term	5 years	4 years 10 months 24 days	5 years
Stock option vesting period	4 years
Weighted-average grant-date fair value of options granted (USD per share)	$ 10.35	$ 12.04	$ 13.94
Total intrinsic value of options exercised	$ 11.1	$ 19.5	$ 17.5
Total cash received from option exercises	23.0	34.9	71.3
Tax benefit from option exercises	2.0	3.9	3.7
Total unrecognized compensation cost related to non-vested awards	$ 18.9
Total unrecognized compensation cost related to non-vested awards, recognized over a weighted-average period	1 year 3 months 18 days
Stock Options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	10 years
Stock option vesting period	4 years
Stock Options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting period	1 year
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax benefit from option exercises	$ 15.3	$ 29.5	$ 17.4
Service-based Restricted Stock Unit Awards (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost related to non-vested awards	$ 95.9
Total unrecognized compensation cost related to non-vested awards, recognized over a weighted-average period	1 year 3 months 18 days
Weighted-average grant-date fair value of equity instruments other than options granted (USD per share)	$ 34.19	$ 35.53	$ 41.70
Total fair value of shares vested	$ 95.3	$ 88.0	$ 92.5
Performance-based Restricted Stock Unit Awards (PRSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost related to non-vested awards	$ 16.6
Total unrecognized compensation cost related to non-vested awards, recognized over a weighted-average period	1 year
Weighted-average grant-date fair value of equity instruments other than options granted (USD per share)	$ 33.99	$ 35.46	$ 41.86
Total fair value of shares vested	$ 0.0	$ 60.4	$ 0.0
Performance-based Restricted Stock Unit Awards (PRSU) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting period	3 years
Performance-based Restricted Stock Unit Awards (PRSU) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting period	2 years
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	6 months	6 months	6 months
Weighted-average grant-date fair value of equity instruments other than options granted (USD per share)	$ 8.45	$ 9.30	$ 10.71
Employee stock purchase plan, percentage of market value	85.00%
New common shares sold to employees under the employee stock purchase plan (shares)	0.2	0.1	0.1

SEGMENT INFORMATION (Summary of Segment Total Assets) (Details) - USD ($) $ in Millions	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Segment Reporting Information [Line Items]
Total assets	$ 13,396.3	$ 7,116.8	$ 7,265.3
Operating Segments \| Coach
Segment Reporting Information [Line Items]
Total assets	2,238.4	2,272.3	2,392.2
Operating Segments \| Kate Spade
Segment Reporting Information [Line Items]
Total assets	2,469.2	2,597.3	2,641.3
Operating Segments \| Stuart Weitzman
Segment Reporting Information [Line Items]
Total assets	232.6	235.8	269.3
Corporate
Segment Reporting Information [Line Items]
Total assets	$ 8,456.1	$ 2,011.4	$ 1,962.5

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

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+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 29, 2024	Jul. 01, 2023
Current Assets:
Cash and cash equivalents	$ 6,142.0	$ 726.1
Short-term investments	1,061.8	15.4
Trade accounts receivable, less allowances for credit losses of $6.9 and $5.8, respectively	228.2	211.5
Inventories	824.8	919.5
Income tax receivable	236.2	231.1
Prepaid expenses	170.9	126.3
Other current assets	139.8	133.6
Total current assets	8,803.7	2,363.5
Property and equipment, net	514.7	564.5
Operating lease right-of-use assets	1,314.4	1,378.7
Goodwill	1,204.1	1,227.5
Intangible assets	1,353.6	1,360.1
Deferred income taxes	44.1	40.4
Other assets	161.7	182.1
Total assets	13,396.3	7,116.8
Current Liabilities:
Accounts payable	452.2	416.9
Accrued liabilities	656.3	547.1
Current portion of operating lease liabilities	299.7	297.5
Current debt	303.4	25.0
Total current liabilities	1,711.6	1,286.5
Long-term debt	6,937.2	1,635.8
Long-term operating lease liabilities	1,224.2	1,333.7
Deferred income taxes	251.3	240.0
Long-term income taxes payable	0.0	43.5
Other liabilities	375.1	299.5
Total liabilities	10,499.4	4,839.0
See Note 13 on commitments and contingencies
Stockholders’ Equity:
Preferred stock: (authorized 25.0 million shares; $0.01 par value) none issued	0.0	0.0
Common stock: (authorized 1.00 billion shares; $0.01 par value) issued and outstanding – 230.2 million and 227.4 million shares, respectively	2.3	2.3
Additional paid-in-capital	3,762.7	3,682.2
Retained earnings (accumulated deficit)	(722.2)	(1,216.8)
Accumulated other comprehensive income (loss)	(145.9)	(189.9)
Total stockholders’ equity	2,896.9	2,277.8
Total liabilities and stockholders’ equity	$ 13,396.3	$ 7,116.8

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Jun. 29, 2024

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 Consolidated Balance Sheets as of June 29, 2024 and July 1, 2023:


	Notional Value				Derivative Assets					Derivative Liabilities
						Fair Value					Fair Value
	June 29, 2024		July 1, 2023		Consolidated Balance Sheet Classification	June 29, 2024		July 1, 2023		Consolidated Balance Sheet Classification	June 29, 2024		July 1, 2023
	(millions)
Designated Derivative Hedging Instruments:
FC - Inventory purchases(1)	$	764.6	$	842.3	Other Current Assets	$	58.2	$	38.6	Accrued Liabilities	$	2.2	$	0.1
Net investment hedges(2)	1,450.0		1,200.0		Other Current Assets & Other Assets(4)	32.2		13.1		Accrued Liabilities & Other Liabilities(5)	139.4		90.5
Total designated hedge instruments	$	2,214.6	$	2,042.3		$	90.4	$	51.7		$	141.6	$	90.6
Undesignated hedging instruments:
FC - Intercompany liabilities and loans(3)	348.2		272.3		Other Current Assets	0.1		0.4		Accrued Liabilities	2.6		0.2
Total Hedges	$	2,562.8	$	2,314.6		$	90.5	$	52.1		$	144.2	$	90.8

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

(2)Represents cross currency swap foreign exchange contracts ("CCS") and forward foreign exchange contracts ("FC") designated as derivative instruments in net investment hedging relationships.

(3)Represents forward foreign currency exchange contracts ("FC") not designated as hedges.

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


	Amount of Gain (Loss) Recognized in OCI on Derivatives
	Fiscal Year Ended
	June 29, 2024		July 1, 2023		July 2, 2022
	(millions)
Cash flow hedges:
Inventory purchases(1)	$	59.6	$	34.7	$	(5.6)
Interest rates(2)	(10.4)		—		—
Total cash flow hedges	$	49.2	$	34.7	$	(5.6)



Other:
Net investment hedges(3)	74.3		(58.7)		3.8
Total other	74.3		(58.7)		3.8
Total hedges	$	123.5	$	(24.0)	$	(1.8)


	Amount of Gain (Loss) Reclassified from Accumulated OCI into Income
	Statement of Operations Classification	Fiscal Year Ended
		June 29, 2024		July 1, 2023		July 2, 2022
		(millions)
Cash flow hedges:
Inventory purchases(1)	Cost of Sales	$	36.7	$	(6.3)	$	(3.4)
Interest rates(2)	Other income (expense)	(9.5)		—		—
Total cash flow hedges		$	27.2	$	(6.3)	$	(3.4)
Other:
Net investment hedges(3)	Interest income (expense)	2.8		—		—
Total other		2.8		0.0		0.0
Total hedges		$	30.0	$	(6.3)	$	(3.4)

(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.

- 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

EARNINGS PER SHARE (Tables)

12 Months Ended

Jun. 29, 2024

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:


	Fiscal Year Ended
	June 29, 2024		July 1, 2023		July 2, 2022
	(millions, except per share data)
Net income (loss)	$	816.0	$	936.0	$	856.3

Weighted-average basic shares	229.2		236.4		264.3
Dilutive securities:
Effect of dilutive securities	4.0		4.9		5.8
Weighted-average diluted shares	233.2		241.3		270.1

Net income (loss) per share:
Basic	$	3.56	$	3.96	$	3.24
Diluted	$	3.50	$	3.88	$	3.17

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Pay vs Performance Disclosure
Net income (loss)	$ 816.0	$ 936.0	$ 856.3

- Definition

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

+ References

+ Details

REVENUE (Tables)

12 Months Ended

Jun. 29, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Each geography presented includes net sales related to the Company's directly operated business 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)
Fiscal 2024
Coach	$	3,078.7	$	902.1	$	771.4	$	343.1	$	5,095.3
Kate Spade	1,074.4		45.3		130.1		84.6		1,334.4
Stuart Weitzman	160.9		65.2		1.4		14.0		241.5
Total	$	4,314.0	$	1,012.6	$	902.9	$	441.7	$	6,671.2

Fiscal 2023
Coach	$	3,037.5	$	896.7	$	752.9	$	273.3	$	4,960.4
Kate Spade	1,142.8		47.9		140.4		87.8		1,418.9
Stuart Weitzman	180.0		71.2		1.8		28.6		281.6
Total	$	4,360.3	$	1,015.8	$	895.1	$	389.7	$	6,660.9

Fiscal 2022
Coach	$	3,102.8	$	892.2	$	691.3	$	235.0	$	4,921.3
Kate Spade	1,156.7		41.7		139.0		108.1		1,445.5
Stuart Weitzman	189.9		92.7		0.4		34.7		317.7
Total	$	4,449.4	$	1,026.6	$	830.7	$	377.8	$	6,684.5

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

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

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

SEGMENT INFORMATION (Summary of Segment Depreciation and Amortization Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Segment Reporting Information [Line Items]
Depreciation and amortization expense	$ 174.0	$ 182.2	$ 195.3
Operating Segments \| Coach
Segment Reporting Information [Line Items]
Depreciation and amortization expense	88.0	94.7	110.1
Operating Segments \| Kate Spade
Segment Reporting Information [Line Items]
Depreciation and amortization expense	41.6	44.2	48.5
Operating Segments \| Stuart Weitzman
Segment Reporting Information [Line Items]
Depreciation and amortization expense	10.6	10.5	10.3
Corporate
Segment Reporting Information [Line Items]
Depreciation and amortization expense	$ 33.8	$ 32.8	$ 26.4

SEGMENT INFORMATION (Summary of Geographical Area Information) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 6,671.2	$ 6,660.9	$ 6,684.5
Long-lived assets	1,989.5	2,124.0	2,035.5
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	3,949.7	4,040.2	4,174.3
Long-lived assets	1,533.7	1,662.5	1,578.9
Greater China
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	1,012.6	1,015.8	1,026.6
Long-lived assets	151.8	160.3	131.0
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	554.4	569.0	578.8
Long-lived assets	94.0	87.7	94.0
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	1,154.5	1,035.9	904.8
Long-lived assets	$ 210.0	$ 213.5	$ 231.6

- Definition

+ References

+ Details

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	Jun. 29, 2024	Jul. 01, 2023
Commitments and Contingencies Disclosure [Line Items]
Letters of credit amount outstanding	$ 28.4	$ 37.1
Transition tax for accumulated foreign earnings, payable	14.9
Total	7,306.8
Finance lease obligations	1.3
Senior Notes
Commitments and Contingencies Disclosure [Line Items]
Interest payment obligation	2,560.0
Inventories
Commitments and Contingencies Disclosure [Line Items]
Contractual cash obligations	485.4
Capital Expenditures And Cloud Computing Implementation Commitments
Commitments and Contingencies Disclosure [Line Items]
Contractual cash obligations	14.8
Other Commitments
Commitments and Contingencies Disclosure [Line Items]
Contractual cash obligations	$ 253.5

SHARE-BASED COMPENSATION (Summary of Stock Option Grant Weighted Average Assumptions) (Details) - Stock Options	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	5 years	4 years 10 months 24 days	5 years
Expected volatility	44.80%	48.60%	46.90%
Risk-free interest rate	4.50%	3.30%	0.80%
Dividend yield	4.20%	3.40%	2.40%

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES
Net income (loss)	$ 816.0	$ 936.0	$ 856.3
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	174.0	182.2	195.3
Provision for bad debt	4.3	5.7	19.9
Loss on extinguishment of debt	0.0	0.0	53.7
Share-based compensation	85.9	78.8	72.2
Amortization of cloud computing arrangements	55.0	42.0	10.7
Acceleration program charges	0.0	0.0	14.8
Deferred income taxes	2.5	41.2	29.9
Changes to lease related balances, net	(42.6)	(36.0)	(53.4)
Other non-cash charges, net	(7.4)	(15.8)	31.3
Changes in operating assets and liabilities:
Trade accounts receivable	(37.3)	44.1	(96.0)
Inventories	85.8	49.9	(311.7)
Accounts payable	49.1	(98.1)	86.4
Accrued liabilities	91.6	(93.0)	(16.1)
Other liabilities	(21.2)	(61.1)	(9.2)
Other assets	(0.1)	(100.7)	(30.9)
Net cash provided by (used in) operating activities	1,255.6	975.2	853.2
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES
Purchases of investments	(2,713.0)	(6.7)	(540.4)
Proceeds from maturities and sales of investments	1,676.3	154.7	380.7
Purchases of property and equipment	(108.9)	(184.2)	(93.9)
Settlement of net investment hedge	103.7	41.9	0.0
Net cash provided by (used in) investing activities	(1,041.9)	5.7	(253.6)
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES
Payment of dividends	(321.4)	(283.3)	(264.4)
Repurchase of common stock	0.0	(703.5)	(1,600.0)
Proceeds from issuance of debt, net of discount	6,089.5	0.0	998.5
Payment of debt issuance costs	(78.3)	0.0	(4.6)
Payment of debt extinguishment costs	0.0	0.0	(50.7)
Proceeds from share-based awards	27.3	38.8	74.7
Repayment of debt	(468.8)	(31.2)	(900.0)
Taxes paid to net settle share-based awards	(32.7)	(55.6)	(30.6)
Other financing activity	(1.2)	(1.1)	(1.0)
Net cash provided by (used in) financing activities	5,214.4	(1,035.9)	(1,778.1)
Effect of exchange rate changes on cash and cash equivalents	(12.2)	(8.7)	(39.4)
Net (decrease) increase in cash and cash equivalents	5,415.9	(63.7)	(1,217.9)
Cash and cash equivalents at beginning of year	726.1	789.8	2,007.7
Cash and cash equivalents at end of year	6,142.0	726.1	789.8
Supplemental information:
Cash paid for income taxes, net	200.1	231.9	179.7
Cash paid for interest	262.8	82.6	67.8
Non-cash investing activity – property and equipment obligations	$ 15.1	$ 11.0	$ 6.7

BASIS OF PRESENTATION AND ORGANIZATION (Narrative) (Details) - USD ($) $ in Millions	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Significant Accounting Policies [Line Items]
Supplier finance program, obligation	$ 294.9	$ 305.4	$ 393.2
Supplier finance program, obligation [Extensible Enumeration]	Accounts payable	Accounts payable
Maximum
Significant Accounting Policies [Line Items]
Supplier finance program, payment timing, period	90 days

FAIR VALUE MEASUREMENTS

12 Months Ended

Jun. 29, 2024

Fair Value Disclosures [Abstract]

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 June 29, 2024 and July 1, 2023:


	Level 1				Level 2
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
	(millions)
Assets:
Cash equivalents(1)	$	437.4	$	155.7	$	29.7	$	11.9
Short-term investments:
Time deposits(2)	—		—		0.6		0.6
Commercial paper(2)	—		—		865.2		—
Government securities - U.S.(2)	178.2		—		—		—


Other	—		—		17.8		14.8
Long-term investments:




Other	—		—		1.3		1.3
Derivative Assets:
Inventory-related instruments(3)	—		—		58.2		38.6

Net investment hedges(3)	—		—		32.2		13.1
Intercompany loans and payables(3)	—		—		0.1		0.4

Liabilities:

Derivative liabilities:
Inventory-related instruments(3)	$	—	$	—	$	2.2	$	0.1
Net investment hedges(3)	—		—		139.4		90.5
Intercompany loans and payables(3)	—		—		2.6		0.2

(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 12, "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.

During the fiscal year ended June 29, 2024, the Company recorded $6.3 million of impairment charges to reduce the carrying amount of certain store assets within property and equipment, net to their estimated fair values. During the fiscal year ended July 1, 2023, the Company recorded $5.9 million of impairment charges to reduce the carrying amount of certain store assets within property and equipment, net to their estimated fair values.

During the fiscal year ended June 29, 2024, the Company did not have any impairment charges to reduce the carrying amount of certain operating lease right-of-use assets to their estimated fair values. During the fiscal year ended July 1, 2023, the Company recorded $1.3 million of impairment charges to reduce the carrying amount of certain operating lease right-of-use assets to their estimated fair values.

The fair value of store assets were determined based on Level 3 measurements. Inputs to these fair value measurements included estimates of the amounts and the timing of the stores' net future discounted cash flows based on historical experience, current trends and market conditions.

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

DEBT

12 Months Ended

Jun. 29, 2024

Debt Disclosure [Abstract]

DEBT

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


	June 29, 2024		July 1, 2023
	(millions)
Current Debt:


Term Loan due 2027	$	—	$	25.0
4.250% Senior Notes due 2025	303.4		—
Total Current Debt	$	303.4	$	25.0

Long-Term Debt:
Term Loan due 2027	$	—	$	443.8
USD Senior Notes:
4.250% Senior Notes due 2025	—		303.4
7.050% Senior Notes due 2025	500.0		—
7.000% Senior Notes due 2026	750.0		—
4.125% Senior Notes due 2027	396.6		396.6
7.350% Senior Notes due 2028	1,000.0		—
7.700% Senior Notes due 2030	1,000.0		—
3.050% Senior Notes due 2032	500.0		500.0
7.850% Senior Notes due 2033	1,250.0		—
EUR Senior Notes:
5.350% EUR Senior Notes due 2025(1)	535.6		—
5.375% EUR Senior Notes due 2027(1)	535.6		—
5.875% EUR Senior Notes due 2031(1)	535.6		—
Total long-term debt	7,003.4		1,643.8
Less: Unamortized discount and debt issuance costs on senior notes	(66.2)		(8.0)
Total long-term debt, net	$	6,937.2	$	1,635.8

(1)The carrying amounts of the Capri Acquisition EUR Senior Notes (as defined above) include the impact of changes in the exchange rate of the United States Dollar against the Euro.

During fiscal 2024, 2023 and 2022 the Company recognized interest expense related to the outstanding debt of $369.6 million, $72.8 million and $68.8 million, respectively. During fiscal 2024, interest expense was inclusive of $28.5 million related to Bridge Facility (as defined below) financing fees.

Capri Holdings Limited Acquisition

In order to finance the Capri Acquisition, on November 27, 2023, the Company issued $4.50 billion Capri Acquisition USD Senior Notes and €1.50 billion Capri Acquisition EUR Senior Notes which, together with the $1.40 billion of delayed draw Capri Acquisition Term Loan Facilities executed on August 30, 2023, complete the expected financing for the Capri Acquisition. 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 $8.00 billion (the "Bridge Facility") to fund the purchase price of the Capri Acquisition and to pay related fees and expenses. Upon entering into the Capri Acquisition Term Loan Credit Agreement (as defined below) and, as a result of the commitments thereunder with respect to the Capri Acquisition Term Loan Facilities (as defined below), the Bridge Facility commitments were reduced to $6.60 billion. In November 2023, the Bridge Facility was terminated upon the issuance of approximately $6.10 billion of the Capri Acquisition Senior Notes by the Company. Refer to the "Capri Acquisition USD Senior Notes" and "Capri Acquisition EUR Senior Notes" paragraphs below.

Capri Acquisition Term Loan Facilities

On August 30, 2023, the Company entered into a definitive credit agreement (such agreement, the "Capri Acquisition 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 Capri Acquisition Term Loan Credit Agreement, the Capri Acquisition Term Loan Facilities consisting of 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 $350.0 million term loan facility maturing five years after the term loans thereunder are borrowed (the “Five-Year Term Loan Facility”). The Company plans to use borrowings under the Capri Acquisition Term Loan Facilities to pay a portion of the consideration for the Capri Acquisition and to pay related fees and expenses.

Borrowings under the Capri Acquisition 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 Capri Acquisition Term Loan Facilities. There were no outstanding borrowings on the Capri Acquisition Term Loan Facilities as of June 29, 2024.

$2.00 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 $2.00 billion (the “Revolving Credit Facility”). The Revolving Credit Facility will mature on May 11, 2027.

Borrowings under the Revolving Credit 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 Credit Facility, payable quarterly in arrears, and certain fees with respect to letters of credit that are issued. The Revolving Credit 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 Credit 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 Credit Facility as of June 29, 2024.

Capri Acquisition USD Senior Notes

On November 27, 2023, the Company issued $4.50 billion aggregate principal amount of the Capri Acquisition USD Senior Notes, consisting of $500.0 million aggregate principal amount of 7.050% senior unsecured notes due November 27, 2025 at 99.890% of par (the “7.050% Senior Notes due 2025”), $750.0 million aggregate principal amount of 7.000% senior unsecured notes due November 27, 2026 at 99.803% of par (the “7.000% Senior Notes due 2026”), $1.00 billion aggregate principal amount of 7.350% senior unsecured notes due November 27, 2028 at 99.724% (the “7.350% Senior Notes due 2028”), $1.00 billion aggregate principal amount of 7.700% Senior Notes due November 27, 2030 at 99.712% of par (the “7.700% Senior Notes due 2030”) and $1.25 billion aggregate principal amount of our 7.850% Senior Notes due November 27, 2033 at 99.475% (the “7.850% Senior Notes due 2033”). The Company will pay interest semi-annually on the Capri Acquisition USD Senior Notes on May 27 and November 27 of each year, commencing on May 27, 2024.

If (i) the Capri Acquisition has not been completed by February 10, 2025 (or such later date mutually agreed between the Company and Capri) (such date, the “special mandatory redemption end date”), (ii) prior to the special mandatory redemption end date, the Merger Agreement is terminated in accordance with its terms or (iii) the Company otherwise notifies the trustee that it will not pursue the consummation of the Capri Acquisition, all of the Capri Acquisition USD Senior Notes will be redeemed at a redemption price equal to 101% of their principal amount, plus accrued and unpaid interest to, but excluding, the special mandatory redemption date.

Capri Acquisition EUR Senior Notes

On November 27, 2023, the Company issued €1.50 billion aggregate principal amount of Capri Acquisition Senior Notes, consisting of €500.0 million aggregate principal amount of 5.350% senior unsecured notes due November 27, 2025 at 99.878% of par (the “5.350% EUR Senior Notes due 2025”), €500.0 million aggregate principal amount of 5.375% senior unsecured notes due November 27, 2027 at 99.723% of par (the 5.375% EUR Senior Notes due 2027”) and €500.0 million aggregate principal amount of our 5.875% senior unsecured notes due November 27, 2031 at 99.248% of par (the “5.875% EUR Senior Notes due 2031"). The Company will pay interest annually on the Capri Acquisition EUR Senior Notes on November 27 of each year, commencing on November 27, 2024. As of June 29, 2024, the carrying amount for each of the Capri Acquisition EUR Senior Notes was $535.6 million.

If (i) the Capri Acquisition has not been completed by the special mandatory redemption end date, (ii) prior to the special mandatory redemption end date, the Merger Agreement is terminated in accordance with its terms or (iii) the Company otherwise notifies the trustee that it will not pursue the consummation of the Capri Acquisition, all of the Capri Acquisition EUR Senior Notes will be redeemed at a redemption price equal to 101% of their principal amount, plus accrued and unpaid interest to, but excluding, the special mandatory redemption date.

Term Loan due 2027

On May 11, 2022, pursuant to the Existing Credit Agreement, the Company entered into an unsecured $500.0 million Term Loan (the “Term Loan due 2027”) with a maturity date on May 11, 2027. The Term Loan due 2027 amortizes in an amount equal to 5.000% per annum, with payments made quarterly. Borrowings under the Term Loan due 2027 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. The Company repaid its outstanding borrowings under the Term Loan due 2027 on May 31, 2024.

2025, 2027, 2032 Senior Notes

In March 2015, the Company issued $600.0 million aggregate principal amount of 4.250% senior unsecured notes due April 1, 2025 at 99.445% of par (the "4.250% Senior Notes due 2025"). 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 4.125% Senior Notes due 2027"). In December 2021, the Company completed a cash tender offer for $296.6 million and $203.4 million of the outstanding aggregate principal amount under its 4.250% Senior Notes due 2025 and 4.125% Senior Notes due 2027, 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 "3.050% Senior Notes due 2032").

China Credit Facility

On May 20, 2024, the Company entered into a short-term credit facility (“China Credit Facility”) with Citibank, which may be used to fund general working capital needs, not to exceed 12 months, and is subject to annual renewal. The China Credit Facility provides the Company with a maximum facility amount of up to RMB 250.0 million (approximately $34.4 million), which includes a loan of up to RMB 85.0 million (approximately $11.7 million), a bank guarantee facility of up to RMB 15.0 million (approximately $2.1 million) and Accounts payable financing of up to RMB 150.0 million (approximately $20.6 million). As of June 29, 2024, there were no borrowings, bank guarantees or Accounts Payable financing outstanding under the China Credit Facility.

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 is will be required under the Amended Credit Agreement and the Capri Acquisition Term Loan Credit 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 June 29, 2024, we were in compliance with these restrictions and covenants, have met such financial ratios and have met all debt payment obligations.

Fair Value Considerations

The following table shows the estimated fair values of the senior unsecured notes at June 29, 2024 and July 1, 2023 based on external pricing data, including available quoted market prices of the instruments, and consideration of comparable debt instruments with similar interest rates and trading frequency, among other factors, and are classified as Level 2 measurements within the fair value hierarchy:


	June 29, 2024		July 1, 2023
	(millions)
USD Senior Notes:
4.250% Senior Notes due 2025	$	300.2	$	295.1
7.050% Senior Notes due 2025	508.1		—
7.000% Senior Notes due 2026	770.7		—
4.125% Senior Notes due 2027	378.2		371.7
7.350% Senior Notes due 2028	1,036.5		—
7.700% Senior Notes due 2030	1,042.9		—
3.050% Senior Notes due 2032	402.9		399.5
7.850% Senior Notes due 2033	1,311.3		—
EUR Senior Notes:
5.350% EUR Senior Notes due 2025(1)	543.8		—
5.375% EUR Senior Notes due 2027(1)	550.8		—
5.875% EUR Senior Notes due 2031(1)	556.4		—

(1)The fair values of the Capri Acquisition EUR Senior Notes include the impact of changes in the exchange rate of the United States Dollar against the Euro.

Debt Maturities

As of June 29, 2024 the debt maturities for the next five fiscal years and thereafter are as follows:


	Principal(1)
	(millions)
Fiscal Year
2025	$	303.4
2026	1,035.6
2027	750.0
2028	932.2
2029	1,000.0
2030 and thereafter	3,285.6
Total	$	7,306.8

(1)The principal amounts of the Capri Acquisition EUR Senior Notes include the impact of changes in the exchange rate of the United States Dollar against the Euro as of June 29, 2024.

- 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
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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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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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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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

EARNINGS PER SHARE (Narrative) (Details) - $ / shares shares in Millions	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase shares of common stock excluded from the computation of diluted earnings per share (shares)	0.8	2.7	6.9
Options to Purchase Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase shares of common stock excluded from the computation of diluted earnings per share (shares)	1.3	2.1	5.4
Options' exercise prices, lower limit (USD per share)	$ 41.82	$ 41.65	$ 33.46
Options' exercise prices, upper limit (USD per share)	$ 51.38	$ 56.39	$ 58.54

INCOME TAXES (Summary of Unrecognized Tax Benefits Reconciliation) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of fiscal year	$ 91.8	$ 96.1	$ 111.4
Gross increase due to tax positions related to prior periods	20.5	4.3	1.6
Gross decrease due to tax positions related to prior periods	(0.9)	(7.7)	(11.7)
Gross increase due to tax positions related to current period	6.5	5.2	7.4
Decrease due to lapse of statutes of limitations	(2.1)	(6.1)	(10.9)
Decrease due to settlements with taxing authorities	0.0	0.0	(1.7)
Balance at end of fiscal year	$ 115.8	$ 91.8	$ 96.1

INVESTMENTS (Narrative) (Details) - USD ($)	12 Months Ended
INVESTMENTS (Narrative) (Details) - USD ($)	Jun. 29, 2024	Jul. 01, 2023
Investments, Debt and Equity Securities [Abstract]
Available-for-sale investments, accumulated gross unrealized gain (loss)	$ 0	$ 0
Available-for-sale investments, gross realized gain (loss)	$ 0	$ 0

SHARE-BASED COMPENSATION

12 Months Ended

Jun. 29, 2024

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

The Company maintains several share-based compensation plans which are more fully described below. The following table shows the total compensation cost charged against income for these plans and the related tax benefits recognized in the Consolidated Statements of Operations:


	June 29, 2024		July 1, 2023		July 2, 2022
	(millions)
Share-based compensation expense(1)	$	85.9	$	78.8	$	89.4
Income tax benefit related to share-based compensation expense	17.5		12.9		15.2

Stock-Based Plans

The Company maintains the Amended and Restated Tapestry, Inc. 2018 Stock Incentive Plan to award stock options and shares to certain members of management and the outside members of its Board of Directors (“Board”). The Company maintains the 2010 Stock Incentive Plan for awards granted prior to the establishment of the 2018 Stock Incentive Plan. These plans were approved by the Company's stockholders. The exercise price of each stock option equals 100% of the market price of the Company's stock on the date of grant and generally has a maximum term of 10 years. Stock options and service-based share awards that are granted as part of the annual compensation process generally vest ratably over four years. Stock option and share awards are subject to forfeiture until completion of the vesting period, which ranges from one to four years. The Company issues new shares upon the exercise of stock options or vesting of share awards.

Stock Options

A summary of stock option activity during the fiscal year ended June 29, 2024 is as follows:


	Number of Options Outstanding	Weighted- Average Exercise Price per Option		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
	(millions)				(millions)
Outstanding at July 1, 2023	8.7	$	34.02
Granted	1.3	33.36
Exercised	(0.9)	29.11
Forfeited or expired	(0.9)	50.25
Outstanding at June 29, 2024	8.2	32.59		5.6	$	87.0
Vested and expected to vest at June 29, 2024	8.2	32.60		5.6	86.6
Exercisable at June 29, 2024	5.7	32.32		4.4	62.6

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:


	June 29, 2024		July 1, 2023		July 2, 2022
Expected term (years)	5.0		4.9		5.0
Expected volatility	44.8	%	48.6	%	46.9	%
Risk-free interest rate	4.5	%	3.3	%	0.8	%
Dividend yield	4.2	%	3.4	%	2.4	%

The expected term of options represents the period of time that the options granted are expected to be outstanding and is based on historical experience. Expected volatility is based on historical volatility of the Company’s stock as well as the implied volatility from publicly traded options on the Company's stock. The risk-free interest rate is based on the zero-coupon U.S. Treasury issue as of the date of the grant. Dividend yield is based on the expected annual dividend per share and the Company’s stock price as of the grant date.

The weighted-average grant-date fair value of options granted during fiscal 2024, fiscal 2023 and fiscal 2022 was $10.35, $12.04 and $13.94, respectively. The total intrinsic value of options exercised during fiscal 2024, fiscal 2023 and fiscal 2022 was $11.1 million, $19.5 million and $17.5 million, respectively. The total cash received from option exercises was $23.0 million, $34.9 million and $71.3 million in fiscal 2024, fiscal 2023 and fiscal 2022, respectively, and the cash tax benefit realized for the tax deductions from these option exercises was $2.0 million, $3.9 million and $3.7 million, respectively.

At June 29, 2024, $18.9 million of total unrecognized compensation cost related to non-vested stock option awards is expected to be recognized over a weighted-average period of 1.3 years.

Service-based Restricted Stock Unit Awards (“RSUs”)

A summary of service-based RSU activity during the year ended June 29, 2024 is as follows:


	Number of Non-vested RSUs	Weighted- Average Grant- Date Fair Value per RSU
	(millions)
Non-vested at July 1, 2023	5.9	$	28.69
Granted	2.5	34.19

Vested	(2.8)	24.59
Forfeited	(0.4)	32.79
Non-vested at June 29, 2024	5.2	32.96

At June 29, 2024, $95.9 million of total unrecognized compensation cost related to non-vested share awards is expected to be recognized over a weighted-average period of 1.3 years.

The weighted-average grant-date fair value of share awards granted during fiscal 2024, fiscal 2023 and fiscal 2022 was $34.19, $35.53 and $41.70, respectively. The total fair value of shares vested during fiscal 2024, fiscal 2023 and fiscal 2022 was $95.3 million, $88.0 million and $92.5 million, respectively.

Performance-based Restricted Stock Unit Awards (“PRSU”)

The Company grants PRSUs to key executives, the vesting of which is subject to the executive’s continuing employment and the Company's achievement of certain performance goals. A summary of PRSU activity during the fiscal year ended June 29, 2024 is as follows:


	Number of Non-vested PRSUs	Weighted- Average Grant- Date Fair Value per PRSU
	(millions)
Non-vested at July 1, 2023	0.7	$	38.27
Granted	0.5	33.99
Change due to performance condition achievement	0.1	41.24
Vested	—	—
Forfeited	(0.1)	36.00
Non-vested at June 29, 2024	1.2	$	36.74

At June 29, 2024, 16.6 million of total unrecognized compensation cost related to non-vested share awards is expected to be recognized over a weighted-average period of 1.0 year.

The weighted-average grant-date fair value per share of PRSU awards granted during fiscal 2024, fiscal 2023 and fiscal 2022 was $33.99, $35.46 and $41.86, respectively. The total fair value of awards that vested during fiscal 2024, fiscal 2023 and fiscal 2022 was $0.0 million, $60.4 million and $0.0 million, respectively.

PRSUs are subject to a two-year and three-year cliff vesting contingent on the employee's continuing employment and the Company's achievement of the performance goals established at the beginning of the performance period. The fair value of the PRSU's is based on the price of the Company's common stock on the date of grant.

In fiscal 2024, fiscal 2023 and fiscal 2022, the cash tax benefit realized for the tax deductions from all RSUs (service and performance-based) was $15.3 million, $29.5 million and $17.4 million, respectively.

Employee Stock Purchase Plan

Under the 2001 Employee Stock Purchase Plan, eligible employees are permitted to purchase a limited number of Company common shares at 85% of market value. Under this plan, the Company sold 0.2 million, 0.1 million and 0.1 million shares to employees in fiscal 2024, fiscal 2023 and fiscal 2022, respectively. Compensation expense is calculated for the fair value of employees’ purchase rights using the Black-Scholes model and the following weighted-average assumptions:


	Fiscal Year Ended
	June 29, 2024		July 1, 2023		July 2, 2022
Expected term (years)	0.5		0.5		0.5
Expected volatility	32.5	%	38.2	%	38.2	%
Risk-free interest rate	5.4	%	3.3	%	0.1	%
Dividend yield	3.9	%	3.1	%	1.5	%

The weighted-average fair value of the purchase rights granted during fiscal 2024, fiscal 2023 and fiscal 2022 was $8.45, $9.30 and $10.71, respectively. The Company issues new shares for employee stock purchases.

SHARE-BASED COMPENSATION (Summary of Employee Purchase Rights Weighted Average Assumptions) (Details) - Employee Stock Purchase Plan	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	6 months	6 months	6 months
Expected volatility	32.50%	38.20%	38.20%
Risk-free interest rate	5.40%	3.30%	0.10%
Dividend yield	3.90%	3.10%	1.50%

- 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

LEASES (Summary of Costs) (Details) - USD ($) $ in Millions	12 Months Ended
LEASES (Summary of Costs) (Details) - USD ($) $ in Millions	Jun. 29, 2024	Jul. 01, 2023
Leases [Abstract]
Amortization of right-of-use assets	$ 1.2	$ 1.1
Interest on lease liabilities	0.2	0.3
Total finance lease cost	1.4	1.4
Operating lease cost	360.7	323.1
Short-term lease cost	19.5	29.8
Variable lease cost	205.3	209.6
Operating lease right-of-use impairment	0.0	1.3
Less: sublease income	(17.8)	(18.1)
Total net lease cost	$ 569.1	$ 547.1

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Income Statement [Abstract]
Net sales	$ 6,671.2	$ 6,660.9	$ 6,684.5
Cost of sales	1,781.7	1,946.0	2,034.1
Gross profit	4,889.5	4,714.9	4,650.4
Selling, general and administrative expenses	3,749.4	3,542.5	3,474.6
Operating income (loss)	1,140.1	1,172.4	1,175.8
Loss on extinguishment of debt	0.0	0.0	53.7
Interest expense, net	125.0	27.6	58.7
Other expense (income)	3.2	1.7	16.4
Income (loss) before provision for income taxes	1,011.9	1,143.1	1,047.0
Provision for income taxes	195.9	207.1	190.7
Net income (loss)	$ 816.0	$ 936.0	$ 856.3
Net income (loss) per share:
Basic (USD per share)	$ 3.56	$ 3.96	$ 3.24
Diluted (USD per share)	$ 3.50	$ 3.88	$ 3.17
Shares used in computing net income (loss) per share:
Basic (shares)	229.2	236.4	264.3
Diluted (shares)	233.2	241.3	270.1

SHARE-BASED COMPENSATION (Summary of Performance-Based Restricted Stock Unit Activity) (Details) - Performance-based Restricted Stock Unit Awards (PRSU) - $ / shares shares in Millions	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Number of Non-vested PRSUs
Non-vested, beginning of period (shares)	0.7
Granted (shares)	0.5
Change due to performance condition achievement (shares)	0.1
Vested (shares)	0.0
Forfeited (shares)	(0.1)
Non-vested, end of period (shares)	1.2	0.7
Weighted- Average Grant- Date Fair Value per PRSU
Non-vested, beginning of period (USD per share)	$ 38.27
Granted (USD per share)	33.99	$ 35.46	$ 41.86
Change due to performance condition achievement (USD per share)	41.24
Vested (USD per share)	0
Forfeited (USD per share)	36.00
Non-vested, end of period (USD per share)	$ 36.74	$ 38.27

REVENUE (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
REVENUE (Narrative) (Details) - USD ($) $ in Millions	Jun. 29, 2024	Jul. 01, 2023
Disaggregation of Revenue [Line Items]
Deferred revenue, current	$ 45.5	$ 43.0
Deferred revenue, revenue recognized	$ 27.7	$ 23.5
Net Sales \| Licensing Business \| Revenue from Rights Concentration Risk
Disaggregation of Revenue [Line Items]
Percent of total sales	1.00%
Minimum
Disaggregation of Revenue [Line Items]
Revenue, payment terms	30 days
Maximum
Disaggregation of Revenue [Line Items]
Revenue, payment terms	90 days

SEGMENT INFORMATION (Summary of Segment Net Sales) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Segment Reporting Information [Line Items]
Net sales	$ 6,671.2	$ 6,660.9	$ 6,684.5
Operating Income (Loss)	1,140.1	1,172.4	1,175.8
Coach
Segment Reporting Information [Line Items]
Net sales	5,095.3	4,960.4	4,921.3
Kate Spade
Segment Reporting Information [Line Items]
Net sales	1,334.4	1,418.9	1,445.5
Stuart Weitzman
Segment Reporting Information [Line Items]
Net sales	$ 241.5	$ 281.6	$ 317.7

- Definition

+ References

+ Details

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Roll Forward]
Beginning balance	$ 2,277.8	$ 2,285.5	$ 3,259.3
Other comprehensive income (loss) before reclassifications	71.3	(24.2)
Less: amounts reclassified from accumulated other comprehensive income to earnings	27.3	(5.2)
Other comprehensive income (loss), net of tax	44.0	(19.0)	(98.9)
Ending balance	2,896.9	2,277.8	2,285.5
Gain (loss) on foreign currency translation adjustments	9.9	(55.7)
Net loss on foreign currency translation adjustments, tax	(6.7)	(0.8)
Unrealized Gains (Losses) on Cash Flow Hedges Derivatives
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Roll Forward]
Beginning balance	34.9	(2.3)
Other comprehensive income (loss) before reclassifications	49.2	32.0
Less: amounts reclassified from accumulated other comprehensive income to earnings	27.0	(5.2)
Other comprehensive income (loss), net of tax	22.2	37.2
Ending balance	57.1	34.9	(2.3)
Accumulated other comprehensive income, accumulated tax	(2.7)	(2.9)
Amounts reclassified from AOCI, tax	(0.2)	1.1
Unrealized Gains (Losses) on Available-for-Sale Investments
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Roll Forward]
Beginning balance	0.0	(0.5)
Other comprehensive income (loss) before reclassifications	0.1	0.5
Less: amounts reclassified from accumulated other comprehensive income to earnings	0.3	0.0
Other comprehensive income (loss), net of tax	(0.2)	0.5
Ending balance	(0.2)	0.0	(0.5)
Cumulative Translation Adjustment
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Roll Forward]
Beginning balance	(224.8)	(168.1)
Other comprehensive income (loss) before reclassifications	22.0	(56.7)
Less: amounts reclassified from accumulated other comprehensive income to earnings	0.0	0.0
Other comprehensive income (loss), net of tax	22.0	(56.7)
Ending balance	(202.8)	(224.8)	(168.1)
Total
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Roll Forward]
Beginning balance	(189.9)	(170.9)	(72.0)
Other comprehensive income (loss), net of tax	44.0	(19.0)	(98.9)
Ending balance	$ (145.9)	$ (189.9)	$ (170.9)

DEBT (Tables)

12 Months Ended

Jun. 29, 2024

Debt Disclosure [Abstract]

Schedule of Debt

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


	June 29, 2024		July 1, 2023
	(millions)
Current Debt:


Term Loan due 2027	$	—	$	25.0
4.250% Senior Notes due 2025	303.4		—
Total Current Debt	$	303.4	$	25.0

Long-Term Debt:
Term Loan due 2027	$	—	$	443.8
USD Senior Notes:
4.250% Senior Notes due 2025	—		303.4
7.050% Senior Notes due 2025	500.0		—
7.000% Senior Notes due 2026	750.0		—
4.125% Senior Notes due 2027	396.6		396.6
7.350% Senior Notes due 2028	1,000.0		—
7.700% Senior Notes due 2030	1,000.0		—
3.050% Senior Notes due 2032	500.0		500.0
7.850% Senior Notes due 2033	1,250.0		—
EUR Senior Notes:
5.350% EUR Senior Notes due 2025(1)	535.6		—
5.375% EUR Senior Notes due 2027(1)	535.6		—
5.875% EUR Senior Notes due 2031(1)	535.6		—
Total long-term debt	7,003.4		1,643.8
Less: Unamortized discount and debt issuance costs on senior notes	(66.2)		(8.0)
Total long-term debt, net	$	6,937.2	$	1,635.8

(1)The carrying amounts of the Capri Acquisition EUR Senior Notes (as defined above) include the impact of changes in the exchange rate of the United States Dollar against the Euro.

Schedule of Estimated Fair Values of Debt Instruments


	June 29, 2024		July 1, 2023
	(millions)
USD Senior Notes:
4.250% Senior Notes due 2025	$	300.2	$	295.1
7.050% Senior Notes due 2025	508.1		—
7.000% Senior Notes due 2026	770.7		—
4.125% Senior Notes due 2027	378.2		371.7
7.350% Senior Notes due 2028	1,036.5		—
7.700% Senior Notes due 2030	1,042.9		—
3.050% Senior Notes due 2032	402.9		399.5
7.850% Senior Notes due 2033	1,311.3		—
EUR Senior Notes:
5.350% EUR Senior Notes due 2025(1)	543.8		—
5.375% EUR Senior Notes due 2027(1)	550.8		—
5.875% EUR Senior Notes due 2031(1)	556.4		—

(1)The fair values of the Capri Acquisition EUR Senior Notes include the impact of changes in the exchange rate of the United States Dollar against the Euro.

Schedule of Debt Maturities

As of June 29, 2024 the debt maturities for the next five fiscal years and thereafter are as follows:


	Principal(1)
	(millions)
Fiscal Year
2025	$	303.4
2026	1,035.6
2027	750.0
2028	932.2
2029	1,000.0
2030 and thereafter	3,285.6
Total	$	7,306.8

(1)The principal amounts of the Capri Acquisition EUR Senior Notes include the impact of changes in the exchange rate of the United States Dollar against the Euro as of June 29, 2024.

ACQUISITIONS (Details)		12 Months Ended
ACQUISITIONS (Details)	Aug. 10, 2023 USD ($) $ / shares	Jun. 29, 2024 USD ($)	Nov. 30, 2023 USD ($)	Nov. 27, 2023 USD ($)	Nov. 27, 2023 EUR (€)
Capri Acquisition USD Senior Notes \| Senior Notes
Business Acquisition [Line Items]
Debt instrument, face amount			$ 6,100,000,000	$ 4,500,000,000
Capri Acquisition EUR Senior Notes \| Senior Notes
Business Acquisition [Line Items]
Debt instrument, face amount \| €					€ 1,500,000,000
Capri Acquisition Term Loan Facilities \| Line of Credit \| Letter of Credit
Business Acquisition [Line Items]
Maximum borrowing capacity				$ 1,400,000,000
Capri Holdings Limited
Business Acquisition [Line Items]
Business acquisition, share price (USD per share) \| $ / shares	$ 57.00
Business acquisition, purchase price	$ 8,500,000,000
Acquisition-related expenses		$ 226,600,000

LEASES (Summary of Right Of Use Assets and Lease Liability) (Details) - USD ($) $ in Millions	Jun. 29, 2024	Jul. 01, 2023
Assets:
Operating leases	$ 1,314.4	$ 1,378.7
Finance leases	$ 0.6	$ 1.2
Finance leases [Extensible Enumeration]	Property and equipment, net	Property and equipment, net
Total lease assets	$ 1,315.0	$ 1,379.9
Operating leases:
Current lease liabilities	299.7	297.5
Long-term operating lease liabilities	1,224.2	1,333.7
Total operating lease liabilities	1,523.9	1,631.2
Finance leases:
Current lease liabilities	$ 1.2	$ 1.2
Current lease liabilities [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Long-term lease liabilities	$ 0.0	$ 1.2
Long-term lease liabilities [Extensible Enumeration]	Other liabilities	Other liabilities
Total finance lease liabilities	$ 1.2	$ 2.4
Total lease liabilities	$ 1,525.1	$ 1,633.6

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 66.7	$ 78.1	$ 100.2
Additions Charged to Costs and Expenses	29.6	37.5	42.3
Write-offs/ Allowances Taken	(36.5)	(48.9)	(64.4)
Balance at End of Year	59.8	66.7	78.1
Allowance for credit losses
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	5.8	3.7	4.2
Additions Charged to Costs and Expenses	4.3	5.7	19.9
Write-offs/ Allowances Taken	(3.2)	(3.6)	(20.4)
Balance at End of Year	6.9	5.8	3.7
Allowance for returns
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	15.3	11.2	18.7
Additions Charged to Costs and Expenses	10.4	14.2	8.8
Write-offs/ Allowances Taken	(14.5)	(10.1)	(16.3)
Balance at End of Year	11.2	15.3	11.2
Allowance for markdowns
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	11.3	11.6	11.4
Additions Charged to Costs and Expenses	14.9	17.6	13.6
Write-offs/ Allowances Taken	(16.6)	(17.9)	(13.4)
Balance at End of Year	9.6	11.3	11.6
Valuation allowance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	34.3	51.6	65.9
Additions Charged to Costs and Expenses	0.0	0.0	0.0
Write-offs/ Allowances Taken	(2.2)	(17.3)	(14.3)
Balance at End of Year	$ 32.1	$ 34.3	$ 51.6

INCOME TAXES (Narrative) (Details) $ in Millions	12 Months Ended
INCOME TAXES (Narrative) (Details) $ in Millions	Jun. 29, 2024 USD ($) audit	Jul. 01, 2023 USD ($)	Jul. 02, 2022 USD ($)	Jul. 03, 2021 USD ($)
Income Tax Contingency [Line Items]
Gross unrecognized tax benefit	$ 115.8	$ 91.8	$ 96.1	$ 111.4
Unrecognized tax benefit that would impact effective tax rate	112.1	87.1
Gross interest and penalties payable	19.7	10.3
Interest and penalty expense (income)	9.5	2.3	$ (1.5)
Net operating loss	45.5	47.7
Valuation allowance	32.1	34.3
Undistributed earnings of foreign subsidiaries	750.0	835.1
Deferred income taxes	251.3	240.0
Transition tax for accumulated foreign earnings, payable	14.9
State
Income Tax Contingency [Line Items]
Net operating loss	534.5	547.2
Pending distribution of accumulated earnings of foreign subsidiary	525.8
Deferred income taxes	1.3
Foreign
Income Tax Contingency [Line Items]
Net operating loss	$ 78.7	$ 80.6
Minimum
Income Tax Contingency [Line Items]
Number of audits anticipated to be finalized \| audit	1
Deferred tax liability not recognized, amount of unrecognized deferred tax liability, undistributed earnings of foreign subsidiaries	$ 3.0
Maximum
Income Tax Contingency [Line Items]
Deferred tax liability not recognized, amount of unrecognized deferred tax liability, undistributed earnings of foreign subsidiaries	$ 5.0

EARNINGS PER SHARE (Summary of Calculation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Earnings Per Share [Abstract]
Net income (loss)	$ 816.0	$ 936.0	$ 856.3
Weighted-average basic shares (shares)	229.2	236.4	264.3
Effect of dilutive securities (shares)	4.0	4.9	5.8
Weighted-average diluted shares (shares)	233.2	241.3	270.1
Net income (loss) per share:
Basic (USD per share)	$ 3.56	$ 3.96	$ 3.24
Diluted (USD per share)	$ 3.50	$ 3.88	$ 3.17

- Definition

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

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

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

+ References

+ Details

LEASES (Tables)

12 Months Ended

Jun. 29, 2024

Leases [Abstract]

Schedule of Assets And Liabilities, Lessee

The following table summarizes the ROU assets and lease liabilities recorded on the Company's Consolidated Balance Sheets as of June 29, 2024 and July 1, 2023:


	June 29, 2024		July 1, 2023		Location Recorded on the Consolidated Balance Sheets
	(millions)
Assets:
Operating leases	$	1,314.4	$	1,378.7	Operating lease right-of-use assets
Finance leases	0.6		1.2		Property and equipment, net
Total lease assets	$	1,315.0	$	1,379.9
Liabilities:
Operating leases:
Current lease liabilities	$	299.7	$	297.5	Current portion of operating lease liabilities
Long-term lease liabilities	1,224.2		1,333.7		Long-term operating lease liabilities
Total operating lease liabilities	$	1,523.9	$	1,631.2
Finance leases:
Current lease liabilities	$	1.2	$	1.2	Accrued liabilities
Long-term lease liabilities	—		1.2		Other liabilities
Total finance lease liabilities	$	1.2	$	2.4

Total lease liabilities	$	1,525.1	$	1,633.6

Schedule of Lease Cost


	Fiscal Year Ended
	June 29, 2024		July 1, 2023
	(millions)
Finance lease cost:
Amortization of right-of-use assets	$	1.2	$	1.1
Interest on lease liabilities(1)	0.2		0.3
Total finance lease cost	1.4		1.4
Operating lease cost	360.7		323.1
Short-term lease cost	19.5		29.8
Variable lease cost	205.3		209.6
Operating lease right-of-use impairment	—		1.3
Less: sublease income	(17.8)		(18.1)
Total net lease cost	$	569.1	$	547.1

(1) Interest on lease liabilities is recorded within Interest expense, net on the Company's Consolidated Statement of Operations.

The following table summarizes certain cash flow information related to the Company's leases for the fiscal year ended June 29, 2024 and July 1, 2023:


	Fiscal Year Ended
	June 29, 2024		July 1, 2023
	(millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	420.4	$	387.8
Operating cash flows from finance leases	0.2		0.3
Financing cash flows from finance leases	1.2		1.1
Non-cash transactions:
Right-of-use assets obtained in exchange for operating lease liabilities	246.2		390.7
Right-of-use assets obtained in exchange for finance lease liabilities	—		—


	June 29, 2024		July 1, 2023
Weighted average remaining lease term (years):
Operating leases	7.8		8.3
Finance leases	0.9		1.9
Weighted average discount rate:
Operating leases	4.4	%	4.2	%
Finance leases	11.3	%	11.3	%

Schedule of Lessee, Operating Lease, Liability, Maturity

The following table provides a maturity analysis of the Company's lease liabilities recorded on the Consolidated Balance Sheets as of June 29, 2024:


	June 29, 2024
	Operating Leases		Finance Leases		Total
	(millions)
Fiscal 2025	$	374.5	$	1.3	$	375.8
Fiscal 2026	306.7		—		306.7
Fiscal 2027	250.6		—		250.6
Fiscal 2028	171.4		—		171.4
Fiscal 2029	120.3		—		120.3
Fiscal 2030 and thereafter	601.0		—		601.0
Total lease payments	1,824.5		1.3		1,825.8
Less: imputed interest	(300.6)		(0.1)		(300.7)
Total lease liabilities	$	1,523.9	$	1.2	$	1,525.1

Schedule of Finance Lease, Liability, Maturity

The following table provides a maturity analysis of the Company's lease liabilities recorded on the Consolidated Balance Sheets as of June 29, 2024:


	June 29, 2024
	Operating Leases		Finance Leases		Total
	(millions)
Fiscal 2025	$	374.5	$	1.3	$	375.8
Fiscal 2026	306.7		—		306.7
Fiscal 2027	250.6		—		250.6
Fiscal 2028	171.4		—		171.4
Fiscal 2029	120.3		—		120.3
Fiscal 2030 and thereafter	601.0		—		601.0
Total lease payments	1,824.5		1.3		1,825.8
Less: imputed interest	(300.6)		(0.1)		(300.7)
Total lease liabilities	$	1,523.9	$	1.2	$	1,525.1

Schedule of Lessor, Operating Lease, Payments to be Received, Maturity

The future minimum fixed sublease receipts under non-cancelable operating lease agreements as of June 29, 2024 are as follows:


	June 29, 2024
	(millions)
Fiscal 2025	$	17.3
Fiscal 2026	14.8
Fiscal 2027	14.8
Fiscal 2028	14.8
Fiscal 2029	15.3
Fiscal 2030 and thereafter	112.2
Total sublease income	$	189.2

ACQUISITIONS	12 Months Ended
ACQUISITIONS	Jun. 29, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
ACQUISITIONS	ACQUISITIONS 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 ("Merger Sub"), 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 $8.50 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 has received regulatory approval from all applicable jurisdictions except for the United States. On April 22, 2024, the FTC filed a complaint against the Company and Capri in the United States District Court for the Southern District of New York seeking to enjoin the consummation of the Capri Acquisition. The FTC’s complaint alleges that the Capri Acquisition, if consummated, would violate Section 7 of the Clayton Act and that the Merger Agreement and the Capri Acquisition constitute unfair methods of competition in violation of Section 5 of the Federal Trade Commission Act and should be enjoined. The Company believes the FTC’s claims are without merit and intends to defend the lawsuit vigorously. In order to finance the Capri Acquisition, on November 27, 2023, the Company issued $4.50 billion of senior unsecured notes (the "Capri Acquisition USD Senior Notes") and €1.50 billion of Euro-denominated senior unsecured notes (the "Capri Acquisition EUR Senior Notes" and, together with the Capri Acquisition USD Senior Notes, the "Capri Acquisition Senior Notes") which, together with the $1.40 billion of delayed draw unsecured term loan facilities (the "Capri Acquisition Term Loan Facilities") executed on August 30, 2023, complete the expected financing for the Capri Acquisition. Until the close of the transaction, the Company will maintain the proceeds from the issuance of the Capri Acquisition Senior Notes in Cash and cash equivalents and Short-term investments. Refer to Note 8, "Investments," and Note 11, "Fair Value Measurements," for further detail on our cash equivalents and Short-term investments, and Note 12, "Debt," for further information on our existing debt instruments related to the acquisition. In conjunction with the Capri Acquisition, in fiscal 2024, the Company incurred $226.6 million in pre-tax expenses, primarily related to financing-related expenses and professional fees.

INVESTMENTS (Summary of Investments) (Details) - USD ($) $ in Millions	Jun. 29, 2024	Jul. 01, 2023
Schedule of Investments [Line Items]
Short-term investments	$ 1,043.4	$ 0.0
Long-term investments	0.0	0.0
Investments	1,043.4	0.0
Time deposit, current	0.6	0.6
Time deposit, noncurrent	0.0	0.0
Time deposit, net	0.6	0.6
Other short-term investments	17.8	14.8
Other long-term investments	1.3	1.3
Other investments	19.1	16.1
Short-term investments	1,061.8	15.4
Long-term investments	1.3	1.3
Investments	1,063.1	16.7
Commercial paper
Schedule of Investments [Line Items]
Short-term investments	865.2	0.0
Long-term investments	0.0	0.0
Investments	865.2	0.0
Government securities - U.S.
Schedule of Investments [Line Items]
Short-term investments	178.2	0.0
Long-term investments	0.0	0.0
Investments	$ 178.2	$ 0.0

DEBT (Summary of Debt) (Details) - USD ($) $ in Millions	Jun. 29, 2024	Nov. 27, 2023	Jul. 01, 2023	Dec. 31, 2021	Jun. 30, 2017	Mar. 31, 2015
Current Debt:
Current debt	$ 303.4		$ 25.0
Long-Term Debt:
Total long-term debt	7,003.4		1,643.8
Less: Unamortized discount and debt issuance costs on senior notes	(66.2)		(8.0)
Total long-term debt, net	6,937.2		1,635.8
Term Loan due 2027
Current Debt:
Current debt	0.0		25.0
Long-Term Debt:
Total long-term debt	0.0		443.8
4.250% Senior Notes due 2025 \| Senior Notes
Current Debt:
Current debt	$ 303.4		0.0
Long-Term Debt:
Interest rate, stated percentage	425.00%
4.250% Senior Notes due 2025 \| Senior Notes
Long-Term Debt:
Total long-term debt	$ 0.0		303.4
Interest rate, stated percentage	4.25%					4.25%
7.050% Senior Notes due 2025 \| Senior Notes
Long-Term Debt:
Total long-term debt	$ 500.0		0.0
Interest rate, stated percentage	7.05%	7.05%
7.000% Senior Notes due 2026 \| Senior Notes
Long-Term Debt:
Total long-term debt	$ 750.0		0.0
Interest rate, stated percentage	7.00%	7.00%
4.125% Senior Notes due 2027 \| Senior Notes
Long-Term Debt:
Total long-term debt	$ 396.6		396.6
Interest rate, stated percentage	4.125%				4.125%
7.350% Senior Notes due 2028 \| Senior Notes
Long-Term Debt:
Total long-term debt	$ 1,000.0		0.0
Interest rate, stated percentage	7.35%	7.35%
7.700% Senior Notes due 2030 \| Senior Notes
Long-Term Debt:
Total long-term debt	$ 1,000.0		0.0
Interest rate, stated percentage	7.70%	7.70%
3.050% Senior Notes due 2032 \| Senior Notes
Long-Term Debt:
Total long-term debt	$ 500.0		500.0
Interest rate, stated percentage	3.05%			3.05%
7.850% Senior Notes due 2033 \| Senior Notes
Long-Term Debt:
Total long-term debt	$ 1,250.0		0.0
Interest rate, stated percentage	7.85%	7.85%
5.350% EUR Senior Notes due 2025 \| Senior Notes
Long-Term Debt:
Total long-term debt	$ 535.6		0.0
Interest rate, stated percentage	5.35%	5.35%
5.375% EUR Senior Notes due 2027 \| Senior Notes
Long-Term Debt:
Total long-term debt	$ 535.6		0.0
Interest rate, stated percentage	5.375%	5.375%
5.875% EUR Senior Notes due 2031 \| Senior Notes
Long-Term Debt:
Total long-term debt	$ 535.6		$ 0.0
Interest rate, stated percentage	5.875%	5.875%

FAIR VALUE MEASUREMENTS (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charges	$ 6.3	$ 7.2
Store Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charges	$ 6.3	5.9
Operating Lease Right of Use Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charges		$ 1.3

LEASES (Summary of Weighted Averages) (Details)	Jun. 29, 2024	Jul. 01, 2023
Weighted average remaining lease term (years):
Operating leases	7 years 9 months 18 days	8 years 3 months 18 days
Finance leases	10 months 24 days	1 year 10 months 24 days
Weighted average discount rate:
Operating leases	4.40%	4.20%
Finance leases	11.30%	11.30%

SHARE-BASED COMPENSATION (Summary of Total Compensation Cost Charged Against Income and Related Tax Benefits) (Details) - USD ($)	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 85,900,000	$ 78,800,000	$ 89,400,000
Income tax benefit related to share-based compensation expense	17,500,000	12,900,000	15,200,000
Accelerated Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0	$ 0	$ 17,200,000

- 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

GOODWILL AND OTHER INTANGIBLE ASSETS (Summary of Change in Carrying Value of Goodwill) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Goodwill [Roll Forward]
Beginning balance	$ 1,227.5	$ 1,241.5
Foreign exchange impact	(23.4)	(14.0)
Ending balance	1,204.1	1,227.5
Coach
Goodwill [Roll Forward]
Beginning balance	597.5	609.1
Foreign exchange impact	(19.5)	(11.6)
Ending balance	578.0	597.5
Kate Spade
Goodwill [Roll Forward]
Beginning balance	630.0	632.4
Foreign exchange impact	(3.9)	(2.4)
Ending balance	626.1	630.0
Stuart Weitzman
Goodwill [Roll Forward]
Beginning balance	0.0	0.0
Foreign exchange impact	0.0	0.0
Ending balance	0.0	0.0
Net of accumulated goodwill impairment charges	$ 210.7	$ 210.7	$ 210.7

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Audit Information	12 Months Ended
Audit Information	Jun. 29, 2024
Auditor Information [Abstract]
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Firm ID	34
Auditor Location	New York, New York

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

12 Months Ended

Jun. 29, 2024

Equity [Abstract]

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The components of Accumulated other comprehensive income (loss), 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	32.0		0.5		(56.7)		(24.2)
Less: amounts reclassified from accumulated other comprehensive income to earnings	(5.2)		—		—		(5.2)
Net current-period other comprehensive income (loss)	37.2		0.5		(56.7)		(19.0)
Balances at July 1, 2023	$	34.9	$	—	$	(224.8)	$	(189.9)
Other comprehensive income (loss) before reclassifications	49.2		0.1		22.0		71.3
Less: amounts reclassified from accumulated other comprehensive income to earnings	27.0		0.3		—		27.3
Net current-period other comprehensive income (loss)	22.2		(0.2)		22.0		44.0
Balances at June 29, 2024	$	57.1	$	(0.2)	$	(202.8)	$	(145.9)

BASIS OF PRESENTATION AND ORGANIZATION (Summary of Supplier Finance Program) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Supplier Finance Program, Obligation [Roll Forward]
Obligations outstanding, beginning of year	$ 305.4	$ 393.2
Invoices added during the year	1,349.8	1,397.5
Invoices settled during the year	(1,360.3)	(1,485.3)
Obligations outstanding, end of year	$ 294.9	$ 305.4

SEGMENT INFORMATION (Summary of Segment Operating Profit (Loss)) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Segment Reporting Information [Line Items]
Segment operating profit	$ 1,140.1	$ 1,172.4	$ 1,175.8
Loss on extinguishment of debt	0.0	0.0	53.7
Unallocated other charges, net	(3.2)	(1.7)	(16.4)
Income (loss) before provision for income taxes	1,011.9	1,143.1	1,047.0
Operating Segments
Segment Reporting Information [Line Items]
Segment operating profit	1,762.5	1,638.2	1,633.1
Operating Segments \| Coach
Segment Reporting Information [Line Items]
Segment operating profit	1,651.1	1,529.9	1,473.9
Operating Segments \| Kate Spade
Segment Reporting Information [Line Items]
Segment operating profit	132.6	115.0	157.4
Operating Segments \| Stuart Weitzman
Segment Reporting Information [Line Items]
Segment operating profit	(21.2)	(6.7)	1.8
Corporate
Segment Reporting Information [Line Items]
Unallocated corporate expenses	622.4	465.8	457.3
Unallocated other charges, net	$ 128.2	$ 29.3	$ 75.1

INCOME TAXES (Summary of Provisions for Income Taxes) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Income before provision for income taxes, amount
United States	$ 139.0	$ 421.5	$ 392.0
Foreign	872.9	721.6	655.0
Income (loss) before provision for income taxes	1,011.9	1,143.1	1,047.0
Tax expense at U.S. statutory rate	212.5	240.0	219.9
State taxes, net of federal benefit	18.1	23.2	15.8
Effects of foreign operations	20.5	4.3	(3.5)
Effects of tax credits, acquisition costs and reorganization costs	(64.6)	(61.3)	(49.8)
Other, net	9.4	0.9	8.3
Taxes at effective worldwide rates	$ 195.9	$ 207.1	$ 190.7
Income before provision for income taxes, percentage
United States	13.70%	36.90%	37.40%
Foreign	86.30%	63.10%	62.60%
Total income before provision for income taxes	100.00%	100.00%	100.00%
Tax expense at U.S. statutory rate	21.00%	21.00%	21.00%
State taxes, net of federal benefit	1.80%	2.00%	1.50%
Effects of foreign operations	2.00%	0.40%	(0.30%)
Effects of tax credits, acquisition costs and reorganization costs	(6.40%)	(5.40%)	(4.80%)
Other, net	1.00%	0.10%	0.80%
Taxes at effective worldwide rates	19.40%	18.10%	18.20%

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	12 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	Jun. 29, 2024	Jul. 01, 2023	Jul. 02, 2022
Significant Accounting Policies [Line Items]
Impairment charges	$ 6,300,000	$ 7,200,000
Impairment charges [Extensible Enumeration]	Property and equipment, net	Property and equipment, net
Goodwill impairment	$ 0	$ 0
Asset retirement obligation	57,700,000	53,700,000
Advertising expenses	616,800,000	570,700,000	$ 551,600,000
Amortization of cloud computing arrangements	55,000,000.0	42,000,000.0	10,700,000
Shipping and Handling
Significant Accounting Policies [Line Items]
Costs	$ 221,100,000	$ 217,000,000.0	$ 230,800,000
Building
Significant Accounting Policies [Line Items]
Property and equipment, useful life	40 years
Building Improvements \| Minimum
Significant Accounting Policies [Line Items]
Property and equipment, useful life	10 years
Building Improvements \| Maximum
Significant Accounting Policies [Line Items]
Property and equipment, useful life	40 years
Machinery and Equipment \| Minimum
Significant Accounting Policies [Line Items]
Property and equipment, useful life	5 years
Machinery and Equipment \| Maximum
Significant Accounting Policies [Line Items]
Property and equipment, useful life	7 years
Furniture and Fixtures \| Minimum
Significant Accounting Policies [Line Items]
Property and equipment, useful life	3 years
Furniture and Fixtures \| Maximum
Significant Accounting Policies [Line Items]
Property and equipment, useful life	10 years
Computer Software \| Minimum
Significant Accounting Policies [Line Items]
Property and equipment, useful life	3 years
Computer Software \| Maximum
Significant Accounting Policies [Line Items]
Property and equipment, useful life	7 years

SHARE-BASED COMPENSATION (Summary of Stock Option Activity) (Details) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Jun. 29, 2024 USD ($) $ / shares shares
Number of Options Outstanding
Outstanding, beginning of period (shares) \| shares	8.7
Granted (shares) \| shares	1.3
Exercised (shares) \| shares	(0.9)
Forfeited or expired (shares) \| shares	(0.9)
Outstanding, end of period (shares) \| shares	8.2
Outstanding, vested and expected to vest (shares) \| shares	8.2
Outstanding, exercisable (shares) \| shares	5.7
Weighted- Average Exercise Price per Option
Outstanding, beginning of period (USD per share) \| $ / shares	$ 34.02
Granted (USD per share) \| $ / shares	33.36
Exercised (USD per share) \| $ / shares	29.11
Forfeited or expired (USD per share) \| $ / shares	50.25
Outstanding, end of period (USD per share) \| $ / shares	32.59
Weighted-average exercise price, shares vested or expected to vest (USD per share) \| $ / shares	32.60
Weighted-average exercise price, exercisable (USD per share) \| $ / shares	$ 32.32
Weighted- Average Remaining Contractual Term (in years)
Outstanding	5 years 7 months 6 days
Vested or expected to vest	5 years 7 months 6 days
Exercisable	4 years 4 months 24 days
Aggregate Intrinsic Value
Outstanding \| $	$ 87.0
Vested or expected to vest \| $	86.6
Exercisable \| $	$ 62.6

FAIR VALUE MEASUREMENTS (Summary of Fair Value Measurements of Assets and Liabilities) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 90.5	$ 52.1
Derivative liability	$ 144.2	90.8
Maturity of time deposits	3 months
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 437.4	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 liability	0.0	0.0
Level 1 \| Net investment hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0.0	0.0
Derivative liability	0.0	0.0
Level 1 \| Intercompany loans and payables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0.0	0.0
Derivative liability	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 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0.0	0.0
Level 1 \| Short-term Investments \| Government securities - U.S.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	178.2	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	29.7	11.9
Level 2 \| Inventory-related instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	58.2	38.6
Derivative liability	2.2	0.1
Level 2 \| Net investment hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	32.2	13.1
Derivative liability	139.4	90.5
Level 2 \| Intercompany loans and payables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0.1	0.4
Derivative liability	2.6	0.2
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 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	865.2	0.0
Level 2 \| Short-term Investments \| Government securities - U.S.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0.0	0.0
Level 2 \| Short-term Investments \| Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	17.8	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

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Jun. 29, 2024
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents Cash and cash equivalents consist of cash balances and highly liquid investments with a maturity of three months or less at the date of purchase. Investments Short-term investments consist primarily of high-credit quality U.S. and non-U.S. issued corporate debt securities and U.S. Treasuries and government agency securities with original maturities greater than three months and with maturities within one year of balance sheet date, classified as available-for-sale. Long-term investments typically consist of high-credit quality U.S. and non-U.S. issued corporate debt securities, U.S. Treasuries and government agency securities, classified as available-for-sale, and recorded at fair value, with unrealized gains and losses recorded in other comprehensive income. Dividend and interest income are recognized when earned. Additionally, GAAP requires the consolidation of all entities for which a Company has a controlling voting interest and all variable interest entities (“VIEs”) for which a Company is deemed to be the primary beneficiary. An entity is generally a VIE if it meets any of the following criteria: (i) the entity has insufficient equity to finance its activities without additional subordinated financial support from other parties, (ii) the equity investors cannot make significant decisions about the entity’s operations or (iii) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity or receive the expected returns of the entity and substantially all of the entity’s activities involve or are conducted on behalf of the investor with disproportionately few voting rights. Concentration of Credit Risk Financial instruments that potentially expose the Company to concentration of credit risk consist primarily of Cash and cash equivalents, investments and accounts receivable. The Company places its cash investments with high-credit quality financial institutions and generally invests primarily in corporate debt securities, money market instruments, U.S. government and agency debt securities, commercial paper and bank deposits placed with major banks and financial institutions. Accounts receivable is generally diversified due to the number of entities comprising the Company's customer base and their dispersion across many geographical regions. The Company believes no significant concentration of credit risk exists with respect to these investments and accounts receivable. Inventories The Company holds inventory that is sold through retail, including e-commerce, and wholesale distribution channels. Substantially all of the Company's inventories are comprised of finished goods and are reported at the lower of cost or net realizable value. Inventory costs include material, conversion costs, freight and duties and are primarily determined on a weighted-average cost basis. The Company reserves for inventory, including slow-moving and aged inventory, based on current product demand, expected future demand and historical experience. A decrease in product demand due to changing customer tastes, buying patterns or increased competition could impact the Company's evaluation of its inventory and additional reserves might be required. Property and Equipment, Net Property and equipment, net is stated at cost less accumulated depreciation including the impact of long-lived asset impairment and disposals. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets. Buildings are depreciated over 40 years and building improvements are depreciated over ten to 40 years. Machinery and equipment are depreciated over lives of five to seven years, furniture and fixtures are depreciated over lives of three to ten years and software and computer equipment is generally depreciated over lives of three to seven years. Implementation costs eligible for capitalization related to cloud computing arrangements that are a service contract are recorded within Prepaid expenses and Other assets in the Consolidated Balance Sheets and amortized as Selling, general and administrative ("SG&A") expense in the Consolidated Statement of Operations over the term of the associated hosting arrangement. Leasehold improvements are amortized over the shorter of their estimated useful lives or the related lease terms. Maintenance and repair costs are charged to earnings as incurred while expenditures for major renewals and improvements are capitalized. Valuation of Long-Lived Assets Long-lived assets, such as Property and equipment and Operating lease right-of-use ("ROU") assets are evaluated for impairment whenever events or circumstances indicate that the carrying value of the assets may not be recoverable. In evaluating long-lived assets for recoverability, the Company uses its best estimate of future cash flows expected to result from the use of the related asset group and its eventual disposition. To the extent that estimated future undiscounted net cash flows attributable to the asset are less than its carrying value, an impairment loss is recognized equal to the difference between the carrying value of such asset and its fair value, considering external market participant assumptions. The Company recorded $6.3 million and $7.2 million of impairment charges within SG&A expense in the Consolidated Statement of Operations in fiscal 2024 and fiscal 2023, respectively. In determining future cash flows, the Company takes various factors into account, including the effects of macroeconomic trends such as consumer spending, in-store capital investments, promotional cadence, the level of advertising and changes in merchandising strategy. Since the determination of future cash flows is an estimate of future performance, there may be future impairments in the event that future cash flows do not meet expectations. Goodwill and Other Intangible Assets Upon acquisition, the Company estimates and records the fair value of purchased intangible assets, which primarily consists of brands, customer relationships, right-of-use assets and order backlog. Goodwill and certain other intangible assets deemed to have indefinite useful lives, including brand intangible assets, are not amortized, but are assessed for impairment at least annually. Finite-lived intangible assets are amortized over their respective estimated useful lives and, along with other long-lived assets as noted above, are evaluated for impairment periodically whenever events or changes in circumstances indicate that their related carrying values may not be fully recoverable. Estimates of fair value for finite-lived and indefinite-lived intangible assets are primarily determined using discounted cash flows and the multi-period excess earnings method, respectively, with consideration of market comparisons when appropriate. This approach uses significant estimates and assumptions, including projected future cash flows, discount rates and growth rates. The Company generally performs its annual goodwill and indefinite-lived intangible assets impairment analysis using a quantitative approach. The quantitative goodwill impairment test identifies the existence of potential impairment by comparing the fair value of each reporting unit with its carrying value, including goodwill. If the fair value of a reporting unit exceeds its carrying value, the reporting unit's goodwill is considered not to be impaired. If the carrying value of a reporting unit exceeds its fair value, an impairment charge is recognized in an amount equal to that excess. The impairment charge recognized is limited to the amount of goodwill allocated to that reporting unit. Determination of the fair value of a reporting unit and intangible asset is based on management's assessment, considering independent third-party appraisals when necessary. Furthermore, this determination is judgmental in nature and often involves the use of significant estimates and assumptions, which may include projected future cash flows, discount rates, growth rates and determination of appropriate market comparables and recent transactions. These estimates and assumptions could have a significant impact on whether or not an impairment charge is recognized and the amount of any such charge. The Company performs its annual impairment assessment of goodwill as well as brand intangibles during the fourth quarter of each fiscal year or if an event occurs that would more likely than not reduce the fair value below its carrying amount. The Company determined that there was no impairment in fiscal 2024 or fiscal 2023. Operating Leases The Company leases retail space, office space, warehouse facilities, fulfillment centers, storage space, machinery, equipment and certain other items under operating leases. These leases may also include rent escalation clauses or lease incentives in the form of construction allowances and rent reduction. In determining the lease term used in the lease right-of-use ("ROU") asset and lease liability calculations, the Company considers various factors such as market conditions and the terms of any renewal or termination options that may exist. When deemed reasonably certain, the renewal and termination options are included in the determination of the lease term and calculation of the lease ROU asset and lease liability. The Company is typically required to make fixed minimum rent payments, variable rent payments primarily based on performance (i.e., percentage-of-sales-based payments), or a combination thereof, directly related to its ROU asset. The Company is also often required, by the lease, to pay for certain other costs including real estate taxes, insurance, common area maintenance fees and/or certain other costs, which may be fixed or variable, depending upon the terms of the respective lease agreement. To the extent these payments are fixed, the Company has included them in calculating the lease ROU assets and lease liabilities. The Company calculates lease ROU assets and lease liabilities as the present value of fixed lease payments over the reasonably certain lease term beginning at the commencement date. Per the guidance, the use of the implicit rate to determine the present value of lease payments is required. As the rate implicit in the Company's leases is not readily determinable, the Company uses its incremental borrowing rate based on the information available at the lease commencement date, including the Company's credit rating, credit spread and adjustments for the impact of collateral, lease tenors, economic environment and currency. For operating leases, fixed lease payments are recognized as operating lease cost on a straight-line basis over the lease term. For finance leases and impaired operating leases, the ROU asset is depreciated on a straight-line basis over the remaining lease term, along with recognition of interest expense associated with accretion of the lease liability. For leases with a lease term of 12 months or less ("short-term lease"), any fixed lease payments are recognized on a straight-line basis over such term and are not recognized on the Consolidated Balance Sheets. Variable lease cost for both operating and finance leases, if any, is recognized as incurred. Asset retirement obligations represent legal obligations associated with the retirement of a tangible long-lived asset. The Company’s asset retirement obligations are primarily associated with leasehold improvements in which the Company is contractually obligated to remove at the end of a lease to comply with the lease agreement. When such an obligation exists, the Company recognizes an asset retirement obligation at the inception of a lease at its estimated fair value. The asset retirement obligation is recorded in current liabilities or non-current liabilities (based on the expected timing of payment of the related costs) and is subsequently adjusted for any changes in estimates. The associated estimated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset and depreciated over its useful life. As of the end of fiscal 2024 and fiscal 2023, the Company had asset retirement obligations of $57.7 million and $53.7 million, respectively, primarily classified within Other non-current liabilities in the Company's Consolidated Balance Sheets. Revenue Recognition Revenue is recognized when the Company satisfies its performance obligations by transferring control of promised products or services to its customers, which may be at a point of 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. Retail store and concession shop-in-shop revenues are recognized 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. The Company recognizes revenue within the wholesale business 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. Wholesale revenue is recorded net of estimates for returns, discounts, end-of-season markdowns, cooperative advertising allowances and other consideration provided to the customer. 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. Gift cards issued by the Company are recorded as a liability until they are redeemed, 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. The Company accounts for sales taxes and other related taxes on a net basis, excluding such taxes from revenue. Refer to Note 4, "Revenue," for additional information. Cost of Sales Cost of sales consists of inventory costs and other related costs such as reserves for inventory realizability and shrinkage, damages and replacements. Selling, General and Administrative ("SG&A") Expenses Selling expenses include store employee compensation, occupancy costs, depreciation, supply costs, wholesale and retail account administration compensation globally. These expenses are affected by the number of stores open during any fiscal period and store performance, as compensation and rent expenses can vary with sales. Advertising, marketing and design expenses include employee compensation, media space and production, advertising agency fees, new product design costs, public relations and market research expenses. Distribution and customer service expenses include warehousing, order fulfillment, shipping and handling, customer service, employee compensation and bag repair costs. SG&A expenses also include compensation costs for corporate functions, including the executive, finance, human resources, legal and information systems departments, as well as corporate headquarters occupancy costs, consulting fees and software expenses. Shipping and Handling Shipping and handling costs for delivery of products to consumers were $221.1 million, $217.0 million and $230.8 million in fiscal 2024, fiscal 2023 and fiscal 2022, respectively, and are included in SG&A expenses. The Company includes inbound product-related transportation costs from manufacturers within Cost of sales. The balance of the Company's transportation-related costs related to its distribution network is included in SG&A expenses rather than in Cost of sales. Advertising Advertising costs include expenses related to direct marketing activities, such as digital and other media and production costs. In fiscal 2024, fiscal 2023 and fiscal 2022, advertising expenses for the Company totaled $616.8 million, $570.7 million and $551.6 million, respectively, and are included in SG&A expenses. Advertising costs are generally expensed when the advertising first appears. Share-Based Compensation The Company recognizes the cost of equity awards to employees and the non-employee Directors based on the grant-date fair value of those awards. The grant-date fair values of share unit awards are based on the fair value of the Company's common stock on the date of grant. The grant-date fair value of stock option awards is determined using the Black-Scholes option pricing model and involves several assumptions, including the expected term of the option, expected volatility and dividend yield. The expected term of options represents the period of time that the options granted are expected to be outstanding and is based on historical experience. Expected volatility is based on historical volatility of the Company’s stock as well as the implied volatility from publicly traded options on the Company's stock. Dividend yield is based on the current expected annual dividend per share and the Company’s stock price. Changes in the assumptions used to determine the Black-Scholes value could result in significant changes in the Black-Scholes value. The Company recognizes share-based compensation net of estimated forfeitures and revises the estimates in subsequent periods if actual forfeitures differ from the estimates. The Company estimates the forfeiture rate based on historical experience as well as expected future behavior. The Company grants performance-based share awards to key executives, the vesting of which is subject to the executive’s continuing employment and the Company's or individual's achievement of certain performance goals. On a quarterly basis, the Company assesses actual performance versus the predetermined performance goals and adjusts the share-based compensation expense to reflect the relative performance achievement. Actual distributed shares are calculated upon conclusion of the service and performance periods and include dividend equivalent shares. If the performance-based award incorporates a market condition, the grant-date fair value of such award is determined using a pricing model, such as a Monte Carlo Simulation. Income Taxes The Company’s effective tax rate is based on pre-tax income, statutory tax rates, tax laws and regulations and tax planning strategies available in the various jurisdictions in which the Company operates. The Company classifies interest and penalties on uncertain tax positions in the Provision for income taxes. The Company records net deferred tax assets to the extent it believes that it is more likely than not that these assets will be realized. In making such determination, the Company considers all available evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent and expected future results of operation. The Company reduces deferred tax assets by a valuation allowance if, based upon the weight of available evidence, it is more likely than not that some amount of deferred tax assets is not expected to be realized. The Company is not permanently reinvested with respect to earnings of a limited number of foreign entities and has recorded the tax consequences of remitting earnings from these entities. The Company is permanently reinvested with respect to all other earnings. The Company recognizes the impact of tax positions in the financial statements if those positions will more likely than not be sustained on audit, based on the technical merits of the position. Although the Company believes that the estimates and assumptions used are reasonable and legally supportable, the final determination of tax audits could be different than that which is reflected in historical tax provisions and recorded assets and liabilities. Tax authorities periodically audit the Company’s income tax returns, these tax authorities may take a contrary position that could result in a significant impact on the Company's results of operations. Significant management judgment is required in determining the effective tax rate, in evaluating tax positions and in determining the net realizable value of deferred tax assets. Refer to Note 15, "Income Taxes," herein for further discussion on the Company's income taxes. Derivative Instruments 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 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 cash flow derivative instruments that qualify for hedge accounting, the changes in the fair value of these instruments are recognized as a component of Accumulated other comprehensive income (loss) ("AOCI") until the hedged item is recognized in earnings. 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) or interest income (expense). 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) or interest income (expense). For foreign currency derivative instruments which are not designated as hedges, the changes in fair value of the instruments are recorded through earnings. These changes generally offset the revaluation of certain underlying assets and liabilities. As a result of the use of derivative instruments, the Company may be exposed to the risk that the counterparties to such contracts 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 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. This primarily includes exposure to exchange rate fluctuations in the Japanese Yen, the Chinese Renminbi and the Euro. 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 July 2024 to March 2026. Forward foreign currency exchange contracts which are not designated as hedges of intercompany and other contractual obligations are recognized within Other expense (income) on the Company's Consolidated Statement of Operations. The maturity date of most instruments held as of June 29, 2024 are in August 2024, and such contracts are typically renewed upon maturity if the related balance has not been settled. During fiscal 2024, the Company also entered into interest rate derivative contracts to reduce its risks related to changes in the benchmark interest rates on its debt obligations. Any premiums related to these instruments were excluded from the Company's measurement of hedge effectiveness and were amortized over the period between the hedge execution and the contract maturity. The related gains (losses) were initially deferred in AOCI and are subsequently recognized in the Consolidated Statements of Operations as interest income (expense) in the same periods during which the hedged interest payments associated with the Company’s borrowings are recorded in earnings. As of June 29, 2024, there were no interest rate derivative contracts outstanding. The Company also enters into cross-currency swaps to reduce its risks related to exchange rate fluctuations on net investments in foreign subsidiaries, including our net investment in Euro-denominated subsidiaries and Japanese Yen-denominated subsidiaries against future volatility in the exchange rates between the United States dollar and their local currencies. The related gains (losses) are deferred in AOCI until the net investment is sold or liquidated, and current maturity dates range from November 2027 to March 2032. Foreign Currency The functional currency of the Company's foreign operations is generally the applicable local currency. Assets and liabilities are translated into U.S. dollars using the current exchange rates in effect at the balance sheet date, while revenues and expenses are translated at the weighted-average exchange rates for the period. The resulting translation adjustments are included in the Consolidated Statements of Comprehensive Income as a component of Other comprehensive income (loss) (“OCI”) and in the Consolidated Statements of Equity within AOCI. The Company recognizes gains and losses on transactions that are denominated in a currency other than the respective entity's functional currency in earnings. Foreign currency transaction gains and losses also include amounts realized on the settlement of certain intercompany loans with foreign subsidiaries. Reclassification A reclassification has been made to the prior period's financial information to conform to the current period's presentation. Amortization expense, related to the Company’s cloud computing arrangements of $42.0 million in Fiscal 2023 and $10.7 million in Fiscal 2022, respectively, have been reclassified out of Other assets and into Amortization of cloud computing arrangements within the Company’s Consolidated Statements of Cash Flows. 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 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 In November 2023, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures", which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments will require public entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker and included within segment profit and loss. The amendments will be effective for the Company's annual reporting periods beginning in fiscal year 2025 and for interim periods beginning in fiscal year 2026, with early adoption permitted, and will be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures. In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures", which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company's annual periods beginning in fiscal year 2026, with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.

INVESTMENTS

12 Months Ended

Jun. 29, 2024

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

The following table summarizes the Company’s primarily U.S. dollar-denominated investments, recorded within the Consolidated Balance Sheets as of June 29, 2024 and July 1, 2023:


	June 29, 2024						July 1, 2023
	Short-term		Long-term(2)		Total		Short-term		Long-term(2)		Total
	(millions)
Available-for-sale investments:
Commercial paper(1)	$	865.2	$	—	$	865.2	$	—	$	—	$	—
Government securities – U.S.(1)	178.2		—		178.2		—		—		—



Total Available-for-sale investments	$	1,043.4	$	—	$	1,043.4	$	—	$	—	$	—





Other:
Time deposits(1)	0.6		—		0.6		0.6		—		0.6
Other	17.8		1.3		19.1		14.8		1.3		16.1
Total Investments	$	1,061.8	$	1.3	$	1,063.1	$	15.4	$	1.3	$	16.7

(1)These securities, as of period end, have maturity dates during their respective following fiscal years and are recorded at fair value.

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

There were no material gross realized and unrealized gains or losses on available-for-sale investments as of the periods ended June 29, 2024 and July 1, 2023.