0001116132-25-000013 | 10-Q | XBRL Viewer

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ACQUISITIONS AND DIVESTITURES - Stuart Weitzman Divestiture (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations - Stuart Weitzman - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Mar. 29, 2025	Mar. 29, 2025	Feb. 16, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase price			$ 105.0
Gain (loss) on disposition of business		$ 12.7
Loss on sale and professional fees	$ 18.6	$ 18.6

INVESTMENTS

9 Months Ended

Mar. 29, 2025

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

The following table summarizes the Company’s U.S. dollar-denominated investments, recorded within the Company's Condensed Consolidated Balance Sheets as of March 29, 2025 and June 29, 2024:


	March 29, 2025						June 29, 2024
	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



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


Other:
Time deposits(1)	$	0.2	$	—	$	0.2	$	0.6	$	—	$	0.6
Other	19.1		1.3		20.4		17.8		1.3		19.1
Total Investments	$	19.3	$	1.3	$	20.6	$	1,061.8	$	1.3	$	1,063.1

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

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

The Company recognized a pre-tax gain of $0.0 million and $2.6 million on available-for-sale investments during the three and nine months ended March 29, 2025, respectively. These gains are included within Other expense (income) on the Condensed Consolidated Statements of Operations. Additionally, the Company has no material unrealized gains on available-for-sale investments as of March 29, 2025 included within Comprehensive income (loss) on the Condensed Consolidated Statements of Comprehensive Income (Loss).

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

INCOME TAXES (Details)	3 Months Ended		9 Months Ended
INCOME TAXES (Details)	Mar. 29, 2025	Mar. 30, 2024	Mar. 29, 2025	Mar. 30, 2024
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent	14.90%	17.70%	13.60%	19.00%

EARNINGS PER SHARE

9 Months Ended

Mar. 29, 2025

Earnings Per Share [Abstract]

EARNINGS PER SHARE

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

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


	Three Months Ended				Nine Months Ended
	March 29, 2025		March 30, 2024		March 29, 2025		March 30, 2024
	(millions, except per share data)
Net income (loss)	$	203.3	$	139.4	$	700.3	$	656.7

Weighted-average basic shares	207.3		229.5		219.5		229.0
Dilutive securities:


Effect of dilutive securities	6.6		4.7		5.3		3.8
Weighted-average diluted shares	213.9		234.2		224.8		232.8

Net income (loss) per share:
Basic	$	0.98	$	0.61	$	3.19	$	2.87
Diluted	$	0.95	$	0.60	$	3.12	$	2.82

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 March 29, 2025 and March 30, 2024, there were 0.7 million and 0.2 million, respectively, of additional shares issuable upon exercise of anti-dilutive options and contingent vesting of performance-based restricted stock unit awards, which were excluded from the diluted share calculations.

INCOME TAXES	9 Months Ended
INCOME TAXES	Mar. 29, 2025
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company's effective tax rate for the three and nine months ended March 29, 2025, was 14.9% and 13.6%, respectively. The Company's effective tax rate for the three and nine months ended March 30, 2024, was 17.7% and 19.0%, respectively. The decrease in effective tax rate for the three and nine months ended March 29, 2025 as compared to the three and nine months ended March 30, 2024 was primarily due to discrete items recorded during the period, partially offset by geographic mix of earnings.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Hedging Activity Affecting Financial Statements (Details) - USD ($) $ in Millions	9 Months Ended
	Mar. 29, 2025	Mar. 30, 2024
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge	$ (7.9)	$ 25.5
Other	(16.1)	42.1
Amount of Gain (Loss) Recognized in OCI on Derivatives	(24.0)	67.6
Cash flow hedge	34.4	13.9
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income	47.9	13.9
Inventory purchases
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge	(7.9)	35.9
Inventory purchases \| Cost of Sales
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge	35.3	22.9
Interest rates
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge	0.0	(10.4)
Interest rates \| Other income (expense)
Derivative Instruments, Gain (Loss) [Line Items]
Cash flow hedge	(0.9)	(9.0)
Net investment hedging
Derivative Instruments, Gain (Loss) [Line Items]
Other	(16.1)	42.1
Other	$ 13.5	$ 0.0

INVESTMENTS - Schedule of Investments (Details) - USD ($) $ in Millions	Mar. 29, 2025	Jun. 29, 2024
Schedule of Investments [Line Items]
Short-term investments	$ 0.0	$ 1,043.4
Long-term investments	0.0	0.0
Debt securities, available-for-sale	0.0	1,043.4
Time deposits, short-term	0.2	0.6
Time deposits, long-term	0.0	0.0
Time deposits	0.2	0.6
Other short-term investments	19.1	17.8
Other long-term investments	1.3	1.3
Other investments	20.4	19.1
Short-term investments	19.3	1,061.8
Long-term Investments	1.3	1.3
Investments	20.6	1,063.1
Commercial paper
Schedule of Investments [Line Items]
Short-term investments	0.0	865.2
Long-term investments	0.0	0.0
Debt securities, available-for-sale	0.0	865.2
Government securities - U.S.
Schedule of Investments [Line Items]
Short-term investments	0.0	178.2
Long-term investments	0.0	0.0
Debt securities, available-for-sale	$ 0.0	$ 178.2

SHARE-BASED COMPENSATION (Tables)

9 Months Ended

Mar. 29, 2025

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

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

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


	Three Months Ended				Nine Months Ended
	March 29, 2025(1)		March 30, 2024		March 29, 2025(1)		March 30, 2024
	(millions)
Share-based compensation expense	$	25.2	$	23.6	$	66.1	$	65.8
Income tax benefit related to share-based compensation expense	4.4		4.1		12.1		12.0

(1)During the three and nine months ended March 29, 2025, the Company incurred $1.0 million of share-based compensation expense related to the modification of award terms in connection with the sale of the Stuart Weitzman Business. Refer to Note 5, "Acquisitions and Divestitures" for further information.

Schedule of Stock Option Activity

A summary of stock option activity during the nine months ended March 29, 2025 is as follows:


			Number of Options Outstanding
			(millions)
Outstanding at June 29, 2024			8.2
Granted			1.0
Exercised			(3.5)
Forfeited or expired			(0.2)
Outstanding at March 29, 2025			5.5

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:


	March 29, 2025		March 30, 2024
Expected term (years)	4.9		5.0
Expected volatility	40.9	%	44.8	%
Risk-free interest rate	3.8	%	4.5	%
Dividend yield	3.4	%	4.2	%

Service-based Restricted Stock Unit Awards (RSU)

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

Schedule of RSU Activity

A summary of service-based RSU activity during the nine months ended March 29, 2025 is as follows:


			Number of Non-vested RSUs
			(millions)
Non-vested at June 29, 2024			5.2
Granted			1.9
Vested			(2.2)
Forfeited			(0.2)
Non-vested at March 29, 2025			4.7

Performance-based Restricted Stock Unit Awards (PRSU)

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

Schedule of RSU Activity

A summary of PRSU activity during the nine months ended March 29, 2025 is as follows:


			Number of Non-vested PRSUs
			(millions)
Non-vested at June 29, 2024			1.2
Granted			0.3
Change due to performance condition achievement			—
Vested			(0.3)
Forfeited			(0.1)
Non-vested at March 29, 2025			1.1

- 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.

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+ Details

DEBT - Narrative (Details)							3 Months Ended			9 Months Ended
DEBT - Narrative (Details)	Dec. 11, 2024 USD ($)	Dec. 11, 2024 USD ($) tranche	Dec. 05, 2024 USD ($)	Nov. 26, 2024 USD ($)	Nov. 25, 2024 USD ($)	Aug. 30, 2023 USD ($)	Mar. 29, 2025 USD ($)	Dec. 28, 2024 USD ($)	Mar. 30, 2024 USD ($)	Mar. 29, 2025 USD ($)	Mar. 30, 2024 USD ($)	Apr. 01, 2025 USD ($)	Mar. 29, 2025 CNY (¥)	Jun. 29, 2024 USD ($)	May 20, 2024 USD ($)	May 20, 2024 CNY (¥)	Nov. 27, 2023 USD ($)	Nov. 27, 2023 EUR (€)	Aug. 29, 2023 USD ($)	May 11, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 2017 USD ($)	Mar. 31, 2015 USD ($)
Debt Instrument [Line Items]
Interest expense							$ 32,800,000		$ 130,100,000	$ 241,800,000	$ 241,000,000.0
Loss on extinguishment of debt							0		$ 0	120,100,000	0
Proceeds from revolving credit facility										1,016,500,000	0
Proceeds from issuance of debt, net of discount										2,248,100,000	6,089,500,000
Long-term debt							2,377,100,000			2,377,100,000				$ 6,937,200,000
Repayments of debt										6,859,900,000	$ 18,800,000
Current debt							319,900,000			$ 319,900,000				303,400,000
Debt instrument, covenant maximum net leverage ratio										4.00
Capri Acquisition Senior Notes
Debt Instrument [Line Items]
Loss on extinguishment of debt							$ 0			$ 120,100,000
Capri Acquisition Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Redemption price, percentage					101.00%
Senior Unsecured Notes \| Senior Notes
Debt Instrument [Line Items]
Issuance of debt																	$ 4,500,000,000
Redemption price, percentage					101.00%
Redemption premium paid					$ 45,000,000
Unamortized debt issuance costs and discount					$ 41,200,000
Euro-denominated Senior Unsecured Notes \| Senior Notes
Debt Instrument [Line Items]
Issuance of debt \| €																		€ 1,500,000,000
Redemption price, percentage					101.00%
Redemption premium paid					$ 16,200,000
Unamortized debt issuance costs and discount					$ 13,800,000
Capri Acquisition Term Loan Facilities \| Line of Credit \| Unsecured Debt
Debt Instrument [Line Items]
Maximum borrowing capacity																	1,400,000,000
Three-Year Term Loan Facility \| Line of Credit \| Unsecured Debt
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 1,050,000,000.00
Term (in years)						3 years
Five-Year Term Loan Facility \| Line of Credit \| Unsecured Debt
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 350,000,000
Term (in years)						5 years
7.050% Senior Notes due 2025 \| Senior Notes
Debt Instrument [Line Items]
Issuance of debt																	$ 500,000,000
Interest rate, stated percentage							7.05%			7.05%			7.05%				7.05%	7.05%
Debt instrument, issuance amount, percent of par																	99.89%	99.89%
7.000% Senior Notes due 2026 \| Senior Notes
Debt Instrument [Line Items]
Issuance of debt																	$ 750,000,000
Interest rate, stated percentage							7.00%			7.00%			7.00%				7.00%	7.00%
Debt instrument, issuance amount, percent of par																	99.803%	99.803%
7.350% Senior Notes due 2028 \| Senior Notes
Debt Instrument [Line Items]
Issuance of debt																	$ 1,000,000,000
Interest rate, stated percentage							7.35%			7.35%			7.35%				7.35%	7.35%
Debt instrument, issuance amount, percent of par																	99.724%	99.724%
7.700% Senior Notes due 2030 \| Senior Notes
Debt Instrument [Line Items]
Issuance of debt																	$ 1,000,000,000
Interest rate, stated percentage							7.70%			7.70%			7.70%				7.70%	7.70%
Debt instrument, issuance amount, percent of par																	99.712%	99.712%
7.850% Senior Notes due 2033 \| Senior Notes
Debt Instrument [Line Items]
Issuance of debt																	$ 1,250,000,000
Interest rate, stated percentage							7.85%			7.85%			7.85%				7.85%	7.85%
Debt instrument, issuance amount, percent of par																	99.475%	99.475%
5.350% EUR Senior Notes due 2025 \| Senior Notes
Debt Instrument [Line Items]
Issuance of debt \| €																		€ 500,000,000
Interest rate, stated percentage							5.35%			5.35%			5.35%				5.35%	5.35%
Debt instrument, issuance amount, percent of par																	99.878%	99.878%
5.375% EUR Senior Notes due 2027 \| Senior Notes
Debt Instrument [Line Items]
Issuance of debt \| €																		€ 500,000,000
Interest rate, stated percentage							5.375%			5.375%			5.375%				5.375%	5.375%
Debt instrument, issuance amount, percent of par																	99.723%	99.723%
5.875% EUR Senior Notes due 2031 \| Senior Notes
Debt Instrument [Line Items]
Issuance of debt \| €																		€ 500,000,000
Interest rate, stated percentage							5.875%			5.875%			5.875%				5.875%	5.875%
Debt instrument, issuance amount, percent of par																	99.248%	99.248%
$2.0 Billion Revolving Credit Facility \| Line of Credit \| Revolving Facility
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 2,000,000,000.00													$ 1,250,000,000
Proceeds from revolving credit facility								$ 1,000,000,000
Long-term debt							$ 0			$ 0
2030 and 2035 Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Issuance of debt	$ 1,500,000,000	$ 1,500,000,000
Proceeds from issuance of debt, net of discount	1,500,000,000
Term Loan Credit Agreement \| Line of Credit \| Unsecured Debt
Debt Instrument [Line Items]
Maximum borrowing capacity								$ 750,000,000
Term (in years)				6 months
Proceeds from issuance of notes				$ 750,000,000
Number of tranches paid \| tranche		2
Repayments of debt	500,000,000		$ 250,000,000
5.100% Senior Notes due 2030 \| Senior Notes
Debt Instrument [Line Items]
Issuance of debt	$ 750,000,000	$ 750,000,000
Interest rate, stated percentage	5.10%	5.10%					5.10%			5.10%			5.10%
Debt instrument, issuance amount, percent of par	99.876%	99.876%
5.500% Senior Notes due 2035 \| Senior Notes
Debt Instrument [Line Items]
Issuance of debt	$ 750,000,000	$ 750,000,000
Interest rate, stated percentage	5.50%	5.50%					5.50%			5.50%			5.50%
Debt instrument, issuance amount, percent of par	99.864%	99.864%
Term Loan Due 2027 \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity																				$ 500,000,000
Interest rate, stated percentage																				5.00%
4.250% Senior Notes due 2025 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage							4.25%			4.25%			4.25%										4.25%
Current debt														$ 303,400,000
4.250% Senior Notes due 2025 \| Senior Notes \| Subsequent Event
Debt Instrument [Line Items]
Current debt												$ 303,400,000
4.250% Senior Notes due 2025 \| Senior Notes
Debt Instrument [Line Items]
Issuance of debt																							$ 600,000,000
Interest rate, stated percentage							4.25%			4.25%			4.25%
Debt instrument, issuance amount, percent of par																							99.445%
Tender offer, outstanding debt																					$ 203,400,000
4.125% Senior Notes due 2027 \| Senior Notes
Debt Instrument [Line Items]
Issuance of debt																						$ 600,000,000
Interest rate, stated percentage							4.125%			4.125%			4.125%									4.125%
Debt instrument, issuance amount, percent of par																						99.858%
Tender offer, outstanding debt																					296,600,000
3.050% Senior Notes due 2032 \| Senior Notes
Debt Instrument [Line Items]
Issuance of debt																					$ 500,000,000
Interest rate, stated percentage							3.05%			3.05%			3.05%								3.05%
Debt instrument, issuance amount, percent of par																					99.705%
China Credit Facility \| Line of Credit \| Revolving Facility
Debt Instrument [Line Items]
Maximum borrowing capacity															$ 34,000,000	¥ 250,000,000
China Credit Facility, Loan \| Line of Credit \| Revolving Facility
Debt Instrument [Line Items]
Maximum borrowing capacity															12,000,000	85,000,000
China Credit Facility, Bank Guarantee Facility \| Line of Credit \| Revolving Facility
Debt Instrument [Line Items]
Maximum borrowing capacity															2,000,000	15,000,000
China Credit Facility, Accounts Payable Financing \| Line of Credit \| Revolving Facility
Debt Instrument [Line Items]
Maximum borrowing capacity													¥ 120,000,000		$ 20,000,000	¥ 150,000,000

ACQUISITIONS AND DIVESTITURES - Schedule of Major classes of Assets And Liabilities (Details) - USD ($) $ in Millions	Mar. 29, 2025	Jun. 29, 2024
Liabilities held for sale:
Total liabilities held for sale	$ 49.7	$ 0.0
Discontinued Operations, Held-for-Sale \| Stuart Weitzman
Assets held for sale:
Cash and cash equivalents	29.3
Trade accounts receivable, net	10.3
Inventories	86.5
Prepaid expenses	1.0
Other current assets	7.5
Property and equipment, net	7.1
Operating lease right-of-use assets	24.1
Intangible assets	18.2
Deferred income taxes	0.2
Other assets	2.2
Allowance for reduction of assets held for sale	(12.7)
Total assets held for sale	173.7
Liabilities held for sale:
Accounts payable	8.0
Accrued liabilities	12.2
Current portion of operating lease liabilities	9.0
Long-term operating lease liabilities	18.8
Other liabilities	1.7
Total liabilities held for sale	$ 49.7

BASIS OF PRESENTATION AND ORGANIZATION (Policies)	9 Months Ended
BASIS OF PRESENTATION AND ORGANIZATION (Policies)	Mar. 29, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Fiscal Periods	Fiscal Periods The Company utilizes a 52-53 week fiscal year ending on the Saturday closest to June 30. Fiscal 2025 will be a 52-week period. Fiscal 2024, ended on June 29, 2024, was also a 52-week period. The third quarter of fiscal 2025 ended on March 29, 2025 and the third quarter of fiscal 2024 ended on March 30, 2024, both of which were 13-week periods.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and footnotes thereto. Actual results could differ from estimates in amounts that may be material to the financial statements. Significant estimates inherent in the preparation of the condensed consolidated financial statements include reserves for the realizability of inventory; asset retirement obligations; customer returns, end-of-season markdowns and operational chargebacks; useful lives and impairments of long-lived tangible and intangible assets; accounting for income taxes and related uncertain tax positions; accounting for business combinations; the valuation of stock-based compensation awards and related expected forfeiture rates; reserves for restructuring; and reserves for litigation and other contingencies, amongst others.
Principles of Consolidation	Principles of Consolidation These unaudited interim condensed consolidated financial statements include the accounts of the Company and all 100% owned and controlled subsidiaries. All intercompany transactions and balances are eliminated in consolidation.
Share Repurchases	Share Repurchases The Company accounts for share 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; these shares may be issued in the future for general corporate and other purposes. The Company may terminate or limit the share repurchase programs 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 may be executed through open market purchases including through purchase agreements under Rule 10b5-1, in privately negotiated transactions or in other transactions, including accelerated share repurchase programs. Excise tax on net share repurchases are 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.
Reclassification	Reclassification A reclassification has been made to the prior period's financial information to conform to the current period's presentation.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures", which expands 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. In November 2024, the FASB issued ASU No. 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses", which is intended to improve the disclosures about expenses and address requests from investors for more detailed information about the types of costs and expenses included in certain expense captions presented on the income statement. The amendments will be effective for the Company's annual reporting periods beginning in fiscal year 2028 and for interim periods beginning in fiscal year 2029, with early adoption permitted. The amendments may be applied retrospectively to all prior periods presented in the financial statements or prospectively upon adoption. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.

- Definition

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

+ References

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

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

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 14.C.Q3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479830/718-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 14.D.1.Q5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479830/718-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 14.D.3.Q2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479830/718-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 14.D.2.Q6)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479830/718-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/718/tableOfContent

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

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

+ Details

ACQUISITIONS AND DIVESTITURES

9 Months Ended

Mar. 29, 2025

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

ACQUISITIONS AND DIVESTITURES

Stuart Weitzman Business Divestiture

On February 16, 2025, the Company entered into a sale and purchase agreement (the “Purchase Agreement”) with Caleres, Inc. (the “Purchaser”) pursuant to which the Company will sell the Stuart Weitzman Business (as defined below). The Purchaser will acquire certain assets and liabilities of the Company's global business of designing, manufacturing, promotion, marketing, production, distribution, sales and licensing of Stuart Weitzman branded products (the "Stuart Weitzman Business") for total cash consideration of $105.0 million (the "Purchase Price"). The Purchase Price will be subject to customary adjustments for cash, indebtedness, net working capital and transaction expenses. The transaction is expected to close in the summer of 2025, subject to customary closing conditions (the "Stuart Weitzman Business Divestiture").

During the third quarter of fiscal 2025, the Company determined that certain assets and liabilities related to the Company's Stuart Weitzman Business met the criteria for classification as held for sale. The planned sale of the Stuart Weitzman Business does not represent a strategic shift that will have a major effect on the Company's operations and financial results and therefore does not qualify for presentation as a discontinued operation. The assets and liabilities of the Stuart Weitzman Business are recorded at the lower of their carrying values or estimated fair values, less any costs to sell. In connection with the held for sale classification, the Company recognized a loss of $12.7 million during the quarter ended March 29, 2025 on the remeasurement of the business held for sale.

During the three and nine months ended March 29, 2025, the Company incurred total pre-tax charges related to the Stuart Weitzman Business Divestiture of $18.6 million primarily due to the loss on remeasurement of the business held for sale, store impairment, professional fees and share-based compensation expense which were recorded in selling, general and administrative ("SG&A") expenses mainly within the Corporate segment on the Company's Condensed Consolidated Statements of Operations.

As of March 29, 2025, the assets and liabilities relating to the Stuart Weitzman Business are presented in the Condensed Consolidated Balance Sheet as Assets held for sale and Liabilities held for sale. Long-lived assets classified as held for sale are not depreciated or amortized.

The following table presents the major classes of assets and liabilities that were classified as assets and liabilities held for sale, respectively, in the Condensed Consolidated Balance Sheets:


	March 29, 2025
	(millions)
Assets held for sale:
Cash and cash equivalents	$	29.3
Trade accounts receivable, net	10.3
Inventories	86.5
Prepaid expenses	1.0
Other current assets	7.5
Property and equipment, net	7.1
Operating lease right-of-use assets	24.1
Intangible assets	18.2
Deferred income taxes	0.2
Other assets	2.2
Allowance for reduction of assets held for sale(1)	(12.7)
Total assets held for sale	$	173.7

Liabilities held for sale:
Accounts payable	$	8.0
Accrued liabilities	12.2
Current portion of operating lease liabilities	9.0

Long-term operating lease liabilities	18.8
Other liabilities	1.7
Total liabilities held for sale	$	49.7

(1)In connection with the held for sale classification, the Company recognized a $12.7 million loss on the remeasurement of the assets and liabilities of the Stuart Weitzman Business. This impairment was charged to a contra asset account, Allowance for reduction of assets held for sale, within Total assets held for sale.

Capri Holdings Limited Acquisition

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" and, together with us and Merger Sub, the "Parties"), pursuant to which, among other things, Merger Sub would merge with and into Capri (the "Merger") with Capri surviving the Merger and continuing as a wholly owned subsidiary of the Company ("the Capri Acquisition"). 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, and on October 24, 2024, the Court issued its Opinion and Order granting the FTC's request for a preliminary injunction of the Merger, pending an administrative trial on the merits which was scheduled to begin on December 9, 2024. On October 28, 2024, the Company and Capri filed a Notice of Appeal with respect to the October 24, 2024 Opinion and Order. On November 6, 2024, the United States Court of Appeals for the Second Circuit entered an order setting an expedited briefing schedule for the appeal of the decision of the United States District Court of the Southern District of New York granting the preliminary injunction of the merger. On November 13, 2024, the Parties entered into a Termination Agreement (the “Termination Agreement”), pursuant to which the Parties agreed to terminate the Merger Agreement, including all schedules and exhibits thereto and all ancillary agreements contemplated thereby or entered pursuant thereto (the “Termination Date”), effective immediately. Pursuant to the Termination Agreement, the Company agreed to reimburse Capri for its expenses in an amount equal to $45.1 million in cash on November 14, 2024. The Parties also agreed to release each other from claims, demands, damages, actions, causes of action and liability relating to or arising out of the Merger Agreement and the transactions contemplated therein or thereby. Following termination of the Merger Agreement, the Parties and the FTC filed a stipulation withdrawing the appeal to the United States Court of Appeals for the Second Circuit on November 19, 2024 and the Second Circuit dismissed the appeal on November 20, 2024. The Parties and the FTC also filed a Joint Motion to dismiss the complaint in the administrative trial on November 15, 2024 and the FTC dismissed the complaint on December 4, 2024.

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. On November 25, 2024, due to the termination of the Merger Agreement and pursuant to the terms of the indenture governing the Capri Acquisition Senior Notes, as supplemented, the Company redeemed all outstanding Capri Acquisition Senior Notes at a redemption price of 101% of the aggregate principal amount of such Capri Acquisition Senior Notes, plus accrued and unpaid interest to, but excluding, the date of redemption (such redemption, the “Special Mandatory Redemption”). In addition, the Capri Acquisition Term Loan Facilities were terminated concurrently with the execution of the Termination Agreement on November 13, 2024. Refer to Note 11, "Debt," for further information on our debt instruments related to the Capri Acquisition.

During the nine months ended March 29, 2025, the Company incurred $268.4 million in pre-tax expenses primarily related to Loss on extinguishment of debt as a result of the redemption of the Capri Acquisition Senior Notes, financing-related expenses, expense reimbursement payment made to Capri and professional fees.

During the three months ended March 30, 2024, the Company incurred $67.9 million in pre-tax expenses primarily related to professional fees and financing-related expenses. During the nine months ended March 30, 2024, the Company incurred $166.6 million in pre-tax expenses primarily related to financing-related expenses and professional fees

DEBT - Schedule of Debt (Details) - USD ($) $ in Millions	Apr. 01, 2025	Mar. 29, 2025	Dec. 11, 2024	Jun. 29, 2024	Nov. 27, 2023	Dec. 31, 2021	Jun. 30, 2017	Mar. 31, 2015
Short-Term Debt [Abstract]
Current debt		$ 319.9		$ 303.4
Long-Term Debt, Unclassified [Abstract]
Total long-term debt		2,396.6		7,003.4
Less: Unamortized discount and debt issuance costs on Senior Notes		(19.5)		(66.2)
Total long-term debt, net		$ 2,377.1		6,937.2
4.250% Senior Notes due 2025 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage		4.25%
4.250% Senior Notes due 2025 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage		4.25%						4.25%
Short-Term Debt [Abstract]
Current debt				303.4
4.250% Senior Notes due 2025 \| Senior Notes \| Subsequent Event
Short-Term Debt [Abstract]
Current debt	$ 303.4
China Credit Facility \| Line of Credit
Short-Term Debt [Abstract]
Current debt		$ 16.5		0.0
7.050% Senior Notes due 2025 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage		7.05%			7.05%
Long-Term Debt, Unclassified [Abstract]
Total long-term debt		$ 0.0		500.0
7.000% Senior Notes due 2026 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage		7.00%			7.00%
Long-Term Debt, Unclassified [Abstract]
Total long-term debt		$ 0.0		750.0
4.125% Senior Notes due 2027 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage		4.125%					4.125%
Long-Term Debt, Unclassified [Abstract]
Total long-term debt		$ 396.6		396.6
7.350% Senior Notes due 2028 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage		7.35%			7.35%
Long-Term Debt, Unclassified [Abstract]
Total long-term debt		$ 0.0		1,000.0
5.100% Senior Notes due 2030 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage		5.10%	5.10%
Long-Term Debt, Unclassified [Abstract]
Total long-term debt		$ 750.0		0.0
7.700% Senior Notes due 2030 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage		7.70%			7.70%
Long-Term Debt, Unclassified [Abstract]
Total long-term debt		$ 0.0		1,000.0
3.050% Senior Notes due 2032 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage		3.05%				3.05%
Long-Term Debt, Unclassified [Abstract]
Total long-term debt		$ 500.0		500.0
7.850% Senior Notes due 2033 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage		7.85%			7.85%
Long-Term Debt, Unclassified [Abstract]
Total long-term debt		$ 0.0		1,250.0
5.500% Senior Notes due 2035 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage		5.50%	5.50%
Long-Term Debt, Unclassified [Abstract]
Total long-term debt		$ 750.0		0.0
5.350% EUR Senior Notes due 2025 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage		5.35%			5.35%
Long-Term Debt, Unclassified [Abstract]
Total long-term debt		$ 0.0		535.6
5.375% EUR Senior Notes due 2027 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage		5.375%			5.375%
Long-Term Debt, Unclassified [Abstract]
Total long-term debt		$ 0.0		535.6
5.875% EUR Senior Notes due 2031 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage		5.875%			5.875%
Long-Term Debt, Unclassified [Abstract]
Total long-term debt		$ 0.0		$ 535.6

ACQUISITIONS AND DIVESTITURES - Capri Holdings Limited Acquisition (Details)		3 Months Ended	9 Months Ended
	Nov. 25, 2024	Mar. 30, 2024 USD ($)	Mar. 29, 2025 USD ($)	Mar. 30, 2024 USD ($)	Nov. 14, 2024 USD ($)	Nov. 27, 2023 USD ($)	Nov. 27, 2023 EUR (€)
Senior Unsecured Notes \| Senior Notes
Business Acquisition [Line Items]
Issuance of debt						$ 4,500,000,000
Redemption price, percentage	101.00%
Euro-denominated Senior Unsecured Notes \| Senior Notes
Business Acquisition [Line Items]
Issuance of debt \| €							€ 1,500,000,000
Redemption price, percentage	101.00%
Capri Acquisition Term Loan Facilities \| Line of Credit \| Unsecured Debt
Business Acquisition [Line Items]
Maximum borrowing capacity						$ 1,400,000,000
Capri Acquisition Senior Notes \| Senior Notes
Business Acquisition [Line Items]
Redemption price, percentage	101.00%
Capri Holdings Limited
Business Acquisition [Line Items]
Termination costs					$ 45,100,000
Acquisition-related expenses		$ 67,900,000	$ 268,400,000	$ 166,600,000

DEBT (Tables)

9 Months Ended

Mar. 29, 2025

Debt Disclosure [Abstract]

Schedule of Debt

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


	March 29, 2025		June 29, 2024
	(millions)
Current Debt:
4.250% Senior Notes due 2025(1)	$	303.4	$	303.4
China Credit Facility(2)	16.5		—


Total Current Debt	$	319.9	$	303.4

Long-Term Debt:


USD Senior Notes:
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
5.100% Senior Notes due 2030	750.0		—
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
5.500% Senior Notes due 2035	750.0		—
EUR Senior Notes:
5.350% EUR Senior Notes due 2025(3)	—		535.6
5.375% EUR Senior Notes due 2027(3)	—		535.6
5.875% EUR Senior Notes due 2031(3)	—		535.6

Total long-term debt	$	2,396.6	$	7,003.4
Less: Unamortized discount and debt issuance costs on Senior Notes	(19.5)		(66.2)
Total long-term debt, net	$	2,377.1	$	6,937.2

(1)On April 1, 2025, the Company completed the redemption of $303.4 million remaining principal of the 4.250% Senior Notes due 2025. Refer to Note 17, "Subsequent Events" for further information.

(2)The amount outstanding under the China Credit Facility includes the impact of changes in the exchange rate of the United States Dollar against the Renminbi.

(3)The carrying 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.

Schedule of Estimated Fair Values of Debt Instruments

The following table shows the estimated fair values of the senior unsecured notes at March 29, 2025 and June 29, 2024 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 is classified as Level 2 measurements within the fair value hierarchy:


	March 29, 2025		June 29, 2024
	(millions)
USD Senior Notes:
4.250% Senior Notes due 2025(1)	$	303.4	$	300.2
7.050% Senior Notes due 2025	—		508.1
7.000% Senior Notes due 2026	—		770.7
4.125% Senior Notes due 2027	391.3		378.2
7.350% Senior Notes due 2028	—		1,036.5
5.100% Senior Notes due 2030	749.7		—
7.700% Senior Notes due 2030	—		1,042.9
3.050% Senior Notes due 2032	431.3		402.9
7.850% Senior Notes due 2033	—		1,311.3
5.500% Senior Notes due 2035	740.0		—
EUR Senior Notes:
5.350% EUR Senior Notes due 2025(2)	—		543.8
5.375% EUR Senior Notes due 2027(2)	—		550.8
5.875% EUR Senior Notes due 2031(2)	—		556.4

(1)On April 1, 2025, the Company completed the redemption of $303.4 million remaining principal of the 4.250% Senior Notes due 2025. Refer to Note 17, "Subsequent Events" for further information.

(2)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.

SHARE-BASED COMPENSATION - Schedule of Non-vested Performance-based Restricted Stock Unit (Details) - Performance-based Restricted Stock Unit Awards (PRSU) shares in Millions	9 Months Ended
	Mar. 29, 2025 shares
Number of Non-vested PRSUs
Beginning balance (shares)	1.2
Granted (shares)	0.3
Change due to performance condition achievement (shares)	0.0
Vested (shares)	(0.3)
Forfeited (shares)	(0.1)
Ending balance (shares)	1.1

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Mar. 29, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following tables provide information related to the Company's derivative instruments recorded on the Company's Condensed Consolidated Balance Sheets as of March 29, 2025 and June 29, 2024:


	Notional Value				Derivative Assets					Derivative Liabilities
						Fair Value					Fair Value
	March 29, 2025		June 29, 2024		Consolidated Balance Sheet Classification	March 29, 2025		June 29, 2024		Consolidated Balance Sheet Classification	March 29, 2025		June 29, 2024
	(millions)
Designated hedge instruments:
FC - Inventory purchases(1)	$	671.7	$	764.6	Other Current Assets	$	18.0	$	58.2	Accrued Liabilities	$	1.5	$	2.2
Net investment hedges(2)	1,590.0		1,450.0		Other Current Assets & Other Assets(4)	29.2		32.2		Accrued Liabilities & Other Liabilities(5)	152.2		139.4
Total designated hedge instruments	$	2,261.7	$	2,214.6		$	47.2	$	90.4		$	153.7	$	141.6
Undesignated hedging instruments:
FC - Intercompany liabilities and loans(3)	155.1		348.2		Other Current Assets	—		0.1		Accrued Liabilities	0.1		2.6

Total Hedges	$	2,416.8	$	2,562.8		$	47.2	$	90.5		$	153.8	$	144.2

(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 March 29, 2025, the Company recorded $10.1 million within Other Current Assets and $19.1 million within Other Assets. As of June 29, 2024, the Company recorded $11.6 million within Other Current Assets and $20.6 million within Other Assets.

(5)As of March 29, 2025, the Company recorded $2.9 million within Accrued Liabilities and $149.3 million within Other Liabilities. As of June 29, 2024, the Company recorded $2.2 million within Accrued Liabilities and $137.2 million within Other Liabilities.

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

The following tables provides the pretax impact of gains and losses from the Company's designated derivative instruments on its Condensed Consolidated Financial Statements as of March 29, 2025 and March 30, 2024:


	Amount of Gain (Loss) Recognized in OCI on Derivatives
	Nine Months Ended
	March 29, 2025		March 30, 2024
	(millions)
Cash flow hedges:
Inventory purchases(1)	$	(7.9)	$	35.9
Interest rates(2)	—		(10.4)
Total cash flow hedges	$	(7.9)	$	25.5



Other:
Net investment hedges(3)	(16.1)		42.1
Total other	$	(16.1)	$	42.1
Total hedges	$	(24.0)	$	67.6


	Amount of Gain (Loss) Reclassified from Accumulated OCI into Income
	Statement of Operations Classification	Nine Months Ended
		March 29, 2025		March 30, 2024
		(millions)
Cash flow hedges:
Inventory purchases(1)	Cost of Sales	$	35.3	$	22.9
Interest rates(2)	Other income (expense)	(0.9)		(9.0)
Total cash flow hedges		$	34.4	$	13.9
Other:
Net investment hedges(3)	Interest income (expense)	$	13.5	$	—
Total other
Total hedges		$	47.9	$	13.9

(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.

- 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

Cover Page - shares	9 Months Ended
Cover Page - shares	Mar. 29, 2025	Apr. 25, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 29, 2025
Document Transition Report	false
Entity File Number	1-16153
Entity Registrant Name	Tapestry, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	52-2242751
Entity Address, Address Line One	10 Hudson Yards
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10001
City Area Code	212
Local Phone Number	946-8400
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	TPR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		207,690,147
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001116132
Current Fiscal Year End Date	--06-28

INVESTMENTS (Tables)

9 Months Ended

Mar. 29, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments

The following table summarizes the Company’s U.S. dollar-denominated investments, recorded within the Company's Condensed Consolidated Balance Sheets as of March 29, 2025 and June 29, 2024:


	March 29, 2025						June 29, 2024
	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



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


Other:
Time deposits(1)	$	0.2	$	—	$	0.2	$	0.6	$	—	$	0.6
Other	19.1		1.3		20.4		17.8		1.3		19.1
Total Investments	$	19.3	$	1.3	$	20.6	$	1,061.8	$	1.3	$	1,063.1

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

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

RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Mar. 29, 2025
Accounting Policies [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures", which expands 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. In November 2024, the FASB issued ASU No. 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses", which is intended to improve the disclosures about expenses and address requests from investors for more detailed information about the types of costs and expenses included in certain expense captions presented on the income statement. The amendments will be effective for the Company's annual reporting periods beginning in fiscal year 2028 and for interim periods beginning in fiscal year 2029, with early adoption permitted. The amendments may be applied retrospectively to all prior periods presented in the financial statements or prospectively upon adoption. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures.

- Definition

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

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+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Change in Carrying Value of Goodwill (Details) $ in Millions	9 Months Ended
	Mar. 29, 2025 USD ($)
Goodwill [Roll Forward]
Beginning Balance	$ 1,204.1
Foreign exchange impact	11.7
Ending Balance	1,215.8
Coach
Goodwill [Roll Forward]
Beginning Balance	578.0
Foreign exchange impact	10.4
Ending Balance	588.4
Kate Spade
Goodwill [Roll Forward]
Beginning Balance	626.1
Foreign exchange impact	1.3
Ending Balance	627.4
Stuart Weitzman
Goodwill [Roll Forward]
Beginning Balance	0.0
Foreign exchange impact	0.0
Ending Balance	$ 0.0

- 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.

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+ Details

SHARE-BASED COMPENSATION - Schedule of Option Activity (Details) shares in Millions	9 Months Ended
	Mar. 29, 2025 shares
Number of Options Outstanding
Beginning balance (shares)	8.2
Granted (shares)	1.0
Exercised (shares)	(3.5)
Forfeited or expired (shares)	(0.2)
Ending balance (shares)	5.5

SHARE-BASED COMPENSATION - Schedule of Non-vested Service-Based Restricted Stock Unit Activity (Details) - Service-based Restricted Stock Unit Awards (RSU) shares in Millions	9 Months Ended
	Mar. 29, 2025 shares
Number of Non-vested RSUs
Beginning balance (shares)	5.2
Granted (shares)	1.9
Vested (shares)	(2.2)
Forfeited (shares)	(0.2)
Ending balance (shares)	4.7

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

9 Months Ended

Mar. 29, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Change in Carrying Amount of Goodwill by Segment

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


	Coach		Kate Spade		Stuart Weitzman		Total
	(millions)
Balance at June 29, 2024	$	578.0	$	626.1	$	—	$	1,204.1

Foreign exchange impact	10.4		1.3		—		11.7


Balance at March 29, 2025	$	588.4	$	627.4	$	—	$	1,215.8

Schedule of Indefinite-Lived Intangible Assets

Intangible assets consist of the following:


	March 29, 2025						June 29, 2024
	Gross Carrying Amount		Accum. Amort.		Net		Gross Carrying Amount		Accum. Amort.		Net
	(millions)
Intangible assets subject to amortization:
Customer relationships(1)	$	45.6	$	(24.3)	$	21.3	$	100.3	$	(56.5)	$	43.8


Total intangible assets subject to amortization	45.6		(24.3)		21.3		100.3		(56.5)		43.8
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	$	1,355.4	$	(24.3)	$	1,331.1	$	1,410.1	$	(56.5)	$	1,353.6

(1) As of March 29, 2025, $18.2 million related to the net carrying value of customer relationships of the Stuart Weitzman Business were reclassified to Assets held for sale in the Company's Condensed Consolidated Balance Sheet. Refer to Note 5, "Acquisitions and Divestitures," for further information.

Schedule of Finite-Lived Intangible Assets

Intangible assets consist of the following:


	March 29, 2025						June 29, 2024
	Gross Carrying Amount		Accum. Amort.		Net		Gross Carrying Amount		Accum. Amort.		Net
	(millions)
Intangible assets subject to amortization:
Customer relationships(1)	$	45.6	$	(24.3)	$	21.3	$	100.3	$	(56.5)	$	43.8


Total intangible assets subject to amortization	45.6		(24.3)		21.3		100.3		(56.5)		43.8
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	$	1,355.4	$	(24.3)	$	1,331.1	$	1,410.1	$	(56.5)	$	1,353.6

Schedule of Expected Amortization Expense

As of March 29, 2025, the expected amortization expense for intangible assets is as follows:


	Amortization Expense
	(millions)
Remainder of fiscal 2025	$	0.8
Fiscal 2026	3.0
Fiscal 2027	3.0
Fiscal 2028	3.0
Fiscal 2029	3.0
Fiscal 2030 and thereafter	8.5
Total	$	21.3

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

SEGMENT INFORMATION - Schedule of Segment Operating Profit (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 29, 2025	Mar. 30, 2024	Mar. 29, 2025	Mar. 30, 2024
Segment Reporting Information [Line Items]
Total segment operating profit	$ 253.7	$ 204.3	$ 998.5	$ 905.1
Income (loss) before provision for income taxes	239.1	169.5	810.1	811.1
Operating Segments
Segment Reporting Information [Line Items]
Total segment operating profit	414.5	368.0	1,508.6	1,359.1
Operating Segments \| Coach
Segment Reporting Information [Line Items]
Total segment operating profit	420.1	362.7	1,427.6	1,262.3
Operating Segments \| Kate Spade
Segment Reporting Information [Line Items]
Total segment operating profit	0.0	10.0	95.0	108.7
Operating Segments \| Stuart Weitzman
Segment Reporting Information [Line Items]
Total segment operating profit	(5.6)	(4.7)	(14.0)	(11.9)
Corporate
Segment Reporting Information [Line Items]
Unallocated corporate expenses	160.8	163.7	510.1	454.0
Unallocated other charges, net	$ 14.6	$ 34.8	$ 188.4	$ 94.0

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Mar. 29, 2025

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 March 29, 2025 and June 29, 2024:


	Level 1				Level 2
	March 29, 2025		June 29, 2024		March 29, 2025		June 29, 2024
	(millions)
Assets:
Cash equivalents(1)	$	208.6	$	437.4	$	11.3	$	29.7
Short-term investments:
Time deposits(2)	—		—		0.2		0.6
Commercial paper(2)	—		—		—		865.2
Government securities - U.S.(2)	—		178.2		—		—


Other	—		—		19.1		17.8
Long-term investments:
Other	—		—		1.3		1.3
Derivative assets:
Inventory-related instruments(3)	—		—		18.0		58.2
Net investment hedges(3)	—		—		29.2		32.2
Intercompany loans and payables(3)	—		—		—		0.1

Liabilities:

Derivative liabilities:
Inventory-related instruments(3)	—		—		1.5		2.2
Net investment hedges(3)	—		—		152.2		139.4
Intercompany loans and payables(3)	—		—		0.1		2.6

(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.

BASIS OF PRESENTATION AND ORGANIZATION (Details) - USD ($) $ in Millions	9 Months Ended
	Mar. 29, 2025	Mar. 30, 2024	Jun. 29, 2024
Supplier Finance Program [Line Items]
Supplier finance program, obligation	$ 246.4		$ 294.9
Amortization of cloud computing arrangements	$ 43.6	$ 41.1
Maximum
Supplier Finance Program [Line Items]
Supplier finance program, payment timing, period	90 days

STOCKHOLDERS' EQUITY (Tables)

9 Months Ended

Mar. 29, 2025

Stockholders' Equity Note [Abstract]

Schedule of Reconciliation of Stockholders Equity

A reconciliation of stockholders' equity is presented below:


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

Dividends declared ($0.35 per share)	—	—		—		(80.2)		—		(80.2)
Balance at September 30, 2023	229.2	$	2.3	$	3,670.7	$	(1,102.0)	$	(155.3)	$	2,415.7
Net income (loss)	—	—		—		322.3		—		322.3
Other comprehensive income (loss)	—	—		—		—		(23.1)		(23.1)
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes	0.2	—		2.6		—		—		2.6
Share-based compensation	—	—		22.5		—		—		22.5

Dividends declared ($0.35 per share)	—	—		—		(80.2)		—		(80.2)
Balance at December 30, 2023	229.4	$	2.3	$	3,695.8	$	(859.9)	$	(178.4)	$	2,659.8
Net income (loss)	—	—		—		139.4		—		139.4
Other comprehensive income (loss)	—	—		—		—		21.2		21.2
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes	0.4	—		11.6		—		—		11.6
Share-based compensation	—	—		23.6		—		—		23.6


Dividends declared ($0.35 per share)	—	—		—		(80.5)		—		(80.5)
Balance at March 30, 2024	229.8	$	2.3	$	3,731.0	$	(801.0)	$	(157.2)	$	2,775.1


	Shares of Common Stock	Common Stock		Additional Paid-in- Capital		Retained Earnings / (Accumulated Deficit)		Accumulated Other Comprehensive Income (Loss)		Total Stockholders' Equity
	(millions, except per share data)
Balance at June 29, 2024	230.2	$	2.3	$	3,762.7	$	(722.2)	$	(145.9)	$	2,896.9
Net income (loss)	—	—		—		186.6		—		186.6
Other comprehensive income (loss)	—	—		—		—		(46.5)		(46.5)
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes	2.8	—		7.2		—		—		7.2
Share-based compensation	—	—		19.1		—		—		19.1
Dividends declared ($0.35 per share)	—	—		—		(81.4)		—		(81.4)
Balance at September 28, 2024	233.0	$	2.3	$	3,789.0	$	(617.0)	$	(192.4)	$	2,981.9
Net income (loss)	—	—		—		310.4		—		310.4
Other comprehensive income (loss)	—	—		—		—		35.8		35.8
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes	2.3	—		72.0		—		—		72.0
Share-based compensation	—	—		21.8		—		—		21.8
Repurchase of common stock, including excise tax	(28.4)	(0.2)		(400.0)		(1,612.8)		—		(2,013.0)
Dividends declared ($0.35 per share)	—	—		—		(72.4)		—		(72.4)
Balance at December 28, 2024	206.9	$	2.1	$	3,482.8	$	(1,991.8)	$	(156.6)	$	1,336.5
Net income (loss)	—	—		—		203.3		—		203.3
Other comprehensive income (loss)	—	—		—		—		(23.6)		(23.6)
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes	0.8	—		27.4		—		—		27.4
Share-based compensation	—	—		25.2		—		—		25.2
Repurchase of common stock, including excise tax	—	—		50.0		(52.3)		—		(2.3)
Dividends declared ($0.35 per share)	—	—		—		(72.7)		—		(72.7)
Balance at March 29, 2025	207.7	$	2.1	$	3,585.4	$	(1,913.5)	$	(180.2)	$	1,493.8

Schedule of Components of Accumulated Other Comprehensive Income (Loss)

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


	Unrealized Gains (Losses) on Cash Flow Hedging Derivatives(1)		Unrealized Gains (Losses) on Available- for-Sale Investments		Cumulative Translation Adjustment(2)		Total
	(millions)
Balances at July 1, 2023	$	34.9	$	—	$	(224.8)	$	(189.9)
Other comprehensive income (loss) before reclassifications	26.6		0.2		20.5		47.3
Less: amounts reclassified from accumulated other comprehensive income to earnings	14.4		0.2		—		14.6
Net current-period other comprehensive income (loss)	12.2		—		20.5		32.7
Balances at March 30, 2024	$	47.1	$	—	$	(204.3)	$	(157.2)

Balances at June 29, 2024	$	57.1	$	(0.2)	$	(202.8)	$	(145.9)
Other comprehensive income (loss) before reclassifications	(7.3)		2.8		18.3		13.8
Less: amounts reclassified from accumulated other comprehensive income to earnings	32.8		2.6		12.7		48.1
Net current-period other comprehensive income (loss)	(40.1)		0.2		5.6		(34.3)
Balances at March 29, 2025	$	17.0	$	—	$	(197.2)	$	(180.2)

(1) The ending balances of AOCI related to cash flow hedges are net of tax of $(0.5) million and $(2.3) million as of March 29, 2025 and March 30, 2024, respectively. The amounts reclassified from AOCI are net of tax of $(1.6) million and $0.5 million as of March 29, 2025 and March 30, 2024, respectively.

(2) The ending balances of AOCI related to the fair values of instruments designated as hedges of the Company's net investment in certain foreign operations as included in foreign currency translation adjustments are a loss of $14.5 million, net of tax of $(1.5) million, and a loss of $11.5 million, net of tax of $1.3 million, as of March 29, 2025 and March 30, 2024, respectively

SUBSEQUENT EVENTS (Details) - USD ($) $ in Millions	Apr. 01, 2025	Mar. 29, 2025	Jun. 29, 2024	Mar. 31, 2015
Subsequent Event [Line Items]
Current debt		$ 319.9	$ 303.4
4.250% Senior Notes due 2025 \| Senior Notes
Subsequent Event [Line Items]
Interest rate, stated percentage		4.25%		4.25%
Current debt			$ 303.4
Subsequent Event \| 4.250% Senior Notes due 2025 \| Senior Notes
Subsequent Event [Line Items]
Current debt	$ 303.4

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 29, 2025	Jun. 29, 2024
Statement of Financial Position [Abstract]
Trade accounts receivable, allowances for credit losses	$ 5.6	$ 6.9
Property and equipment, accumulated depreciation	$ 1,186.2	$ 1,263.3
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)	207,700,000	230,200,000
Common stock, outstanding (shares)	207,700,000	230,200,000

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 29, 2025	Mar. 30, 2024	Mar. 29, 2025	Mar. 30, 2024
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gain in AOCI reclassified into earnings within next 12 months			$ 16.4
Interest income	$ (15.4)	$ (32.0)	(70.6)	$ (94.5)
Foreign exchange contract \| Net investment hedging \| Designated hedge instruments
Derivative Instruments, Gain (Loss) [Line Items]
Interest income			$ 23.1	$ 21.8

GOODWILL AND OTHER INTANGIBLE ASSETS

9 Months Ended

Mar. 29, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

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


	Coach		Kate Spade		Stuart Weitzman		Total
	(millions)
Balance at June 29, 2024	$	578.0	$	626.1	$	—	$	1,204.1

Foreign exchange impact	10.4		1.3		—		11.7


Balance at March 29, 2025	$	588.4	$	627.4	$	—	$	1,215.8

Intangible Assets

Intangible assets consist of the following:


	March 29, 2025						June 29, 2024
	Gross Carrying Amount		Accum. Amort.		Net		Gross Carrying Amount		Accum. Amort.		Net
	(millions)
Intangible assets subject to amortization:
Customer relationships(1)	$	45.6	$	(24.3)	$	21.3	$	100.3	$	(56.5)	$	43.8


Total intangible assets subject to amortization	45.6		(24.3)		21.3		100.3		(56.5)		43.8
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	$	1,355.4	$	(24.3)	$	1,331.1	$	1,410.1	$	(56.5)	$	1,353.6

Amortization expense for the Company’s definite-lived intangible assets for the three and nine months ended March 29, 2025 was $1.1 million and $4.4 million, respectively. Amortization expense for the Company’s definite-lived intangible assets for the three and nine months ended March 30, 2024 was $1.7 million and $4.9 million, respectively.

As of March 29, 2025, the expected amortization expense for intangible assets is as follows:


	Amortization Expense
	(millions)
Remainder of fiscal 2025	$	0.8
Fiscal 2026	3.0
Fiscal 2027	3.0
Fiscal 2028	3.0
Fiscal 2029	3.0
Fiscal 2030 and thereafter	8.5
Total	$	21.3

The expected amortization expense above reflects remaining useful life of approximately 7.3 years for customer relationships.

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Indefinite and Finite Lived Assets (Details) - USD ($) $ in Millions	Mar. 29, 2025	Jun. 29, 2024
Intangible assets subject to amortization:
Gross carrying amount, customer relationships	$ 45.6	$ 100.3
Accumulated amortization, , customer relationships	(24.3)	(56.5)
Total	21.3	43.8
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)	1,355.4	1,410.1
Intangible assets, net (excluding goodwill)	1,331.1	$ 1,353.6
Discontinued Operations, Held-for-Sale \| Stuart Weitzman
Intangible assets not subject to amortization:
Intangible assets	$ 18.2

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Schedule of Derivative Instruments (Details) - USD ($) $ in Millions	Mar. 29, 2025	Jun. 29, 2024
Derivatives, Fair Value [Line Items]
Notional Value	$ 2,416.8	$ 2,562.8
Derivative Assets	$ 47.2	$ 90.5
Derivative Asset [Extensible Enumeration]	Other current assets, Other assets	Other current assets, Other assets
Derivative Liabilities	$ 153.8	$ 144.2
Derivative Liability [Extensible Enumeration]	Accrued liabilities, Other liabilities	Accrued liabilities, Other liabilities
Designated hedge instruments
Derivatives, Fair Value [Line Items]
Notional Value	$ 2,261.7	$ 2,214.6
Derivative Assets	47.2	90.4
Derivative Liabilities	153.7	141.6
Foreign exchange contract \| Cash flow hedging, inventory purchases \| Designated hedge instruments
Derivatives, Fair Value [Line Items]
Notional Value	671.7	764.6
Derivative Assets	18.0	58.2
Derivative Liabilities	1.5	2.2
Foreign exchange contract \| Net investment hedges \| Designated hedge instruments
Derivatives, Fair Value [Line Items]
Notional Value	1,590.0	1,450.0
Derivative Assets	29.2	32.2
Derivative Liabilities	152.2	139.4
Foreign exchange contract \| Net investment hedges \| Designated hedge instruments \| Other Current Assets
Derivatives, Fair Value [Line Items]
Derivative Assets	10.1	11.6
Foreign exchange contract \| Net investment hedges \| Designated hedge instruments \| Other Noncurrent Assets
Derivatives, Fair Value [Line Items]
Derivative Assets	19.1	20.6
Foreign exchange contract \| Net investment hedges \| Designated hedge instruments \| Accrued Liabilities, Current
Derivatives, Fair Value [Line Items]
Derivative Liabilities	2.9	2.2
Foreign exchange contract \| Net investment hedges \| Designated hedge instruments \| Other Noncurrent Liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	149.3	137.2
Foreign exchange contract \| Fair value hedging, intercompany liabilities and loans \| Undesignated hedging instruments
Derivatives, Fair Value [Line Items]
Notional Value	155.1	348.2
Derivative Assets	0.0	0.1
Derivative Liabilities	$ 0.1	$ 2.6

SEGMENT INFORMATION - Schedule of Segment Depreciation and Amortization Expense (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 29, 2025	Mar. 30, 2024	Mar. 29, 2025	Mar. 30, 2024
Segment Reporting Information [Line Items]
Total Depreciation and amortization expense:	$ 41,400,000	$ 40,000,000.0	$ 123,200,000	$ 125,800,000
Asset Impairment Charges	2,700,000	0	2,700,000	0
Technology costs
Segment Reporting Information [Line Items]
Depreciation and amortization expense	700,000		700,000
Operating Segments \| Coach
Segment Reporting Information [Line Items]
Total Depreciation and amortization expense:	24,500,000	20,400,000	69,100,000	64,300,000
Operating Segments \| Kate Spade
Segment Reporting Information [Line Items]
Total Depreciation and amortization expense:	7,500,000	9,600,000	22,600,000	28,900,000
Operating Segments \| Stuart Weitzman
Segment Reporting Information [Line Items]
Total Depreciation and amortization expense:	1,400,000	2,600,000	5,900,000	7,900,000
Asset Impairment Charges			600,000
Corporate
Segment Reporting Information [Line Items]
Total Depreciation and amortization expense:	$ 8,000,000.0	$ 7,400,000	25,600,000	$ 24,700,000
Asset Impairment Charges			$ 2,100,000

SEGMENT INFORMATION

9 Months Ended

Mar. 29, 2025

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, wholesale and licensing businesses. On February 16, 2025, the Company entered into the Purchase Agreement pursuant to which the Company will sell the Stuart Weitzman Business. The transaction is expected to close in the summer of 2025, subject to customary closing conditions. Refer to Note 5, "Acquisitions and Divestitures," for further information.

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 expenses that are not directly attributable to its brands ("Corporate expenses"); 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 the three and nine months ended March 29, 2025 and March 30, 2024:


	Three Months Ended				Nine Months Ended
	March 29, 2025		March 30, 2024		March 29, 2025		March 30, 2024
	(millions)
Segment net sales:
Coach	$	1,293.5	$	1,145.6	$	4,173.4	$	3,844.9
Kate Spade	244.9		280.7		944.5		1,044.3
Stuart Weitzman	46.2		56.1		169.6		190.9
Total Net sales:	$	1,584.6	$	1,482.4	$	5,287.5	$	5,080.1

The following table summarizes segment operating profit of each of the Company's segments and reconciliation to Income (loss) before provision for income taxes for the three and nine months ended March 29, 2025 and March 30, 2024:


	Three Months Ended				Nine Months Ended
	March 29, 2025		March 30, 2024		March 29, 2025		March 30, 2024
	(millions)
Segment operating profit:
Coach	$	420.1	$	362.7	$	1,427.6	$	1,262.3
Kate Spade	—		10.0		95.0		108.7
Stuart Weitzman	(5.6)		(4.7)		(14.0)		(11.9)
Total segment operating profit:	$	414.5	$	368.0	$	1,508.6	$	1,359.1
Unallocated corporate expenses(1)	160.8		163.7		510.1		454.0
Unallocated other charges, net(2)	14.6		34.8		188.4		94.0
Income (loss) before provision for income taxes	$	239.1	$	169.5	$	810.1	$	811.1

The following table summarizes depreciation and amortization expense of each of the Company's segments for the three and nine months ended March 29, 2025 and March 30, 2024:


	Three Months Ended				Nine Months Ended
	March 29, 2025(3)		March 30, 2024		March 29, 2025(3)		March 30, 2024
	(millions)
Depreciation and amortization expense(4):
Coach	$	24.5	$	20.4	$	69.1	$	64.3
Kate Spade	7.5		9.6		22.6		28.9
Stuart Weitzman	1.4		2.6		5.9		7.9
Unallocated corporate(1)	8.0		7.4		25.6		24.7
Total Depreciation and amortization expense:	$	41.4	$	40.0	$	123.2	$	125.8

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

(2) Includes Loss on extinguishment of debt, Interest expense, net and Other expense (income).

(3) Depreciation and amortization expense includes $2.7 million of impairment charges in connection with the sale of the Stuart Weitzman Business for the three and nine months ended March 29, 2025 of which $2.1 million was recorded within Unallocated corporate and $0.6 million was recorded within the Stuart Weitzman segment. Depreciation and amortization expense includes $0.7 million of costs related to the Company's organizational efficiency efforts for the three and nine months ended March 29, 2025 recorded within Unallocated corporate.

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

- Definition

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

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+ Details

DEBT - Schedule of Estimated Fair Value of Debt (Details) - Senior Notes - USD ($) $ in Millions	Mar. 29, 2025	Dec. 11, 2024	Jun. 29, 2024	Nov. 27, 2023	Dec. 31, 2021	Jun. 30, 2017
4.250% Senior Notes due 2025
Debt Instrument [Line Items]
Interest rate, stated percentage	4.25%
4.250% Senior Notes due 2025 \| Level 2
Debt Instrument [Line Items]
Long-term debt, fair value	$ 303.4		$ 300.2
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	$ 0.0		508.1
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	$ 0.0		770.7
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	$ 391.3		378.2
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	$ 0.0		1,036.5
5.100% Senior Notes due 2030
Debt Instrument [Line Items]
Interest rate, stated percentage	5.10%	5.10%
5.100% Senior Notes due 2030 \| Level 2
Debt Instrument [Line Items]
Long-term debt, fair value	$ 749.7		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	$ 0.0		1,042.9
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	$ 431.3		402.9
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	$ 0.0		1,311.3
5.500% Senior Notes due 2035
Debt Instrument [Line Items]
Interest rate, stated percentage	5.50%	5.50%
5.500% Senior Notes due 2035 \| Level 2
Debt Instrument [Line Items]
Long-term debt, fair value	$ 740.0		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	$ 0.0		543.8
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	$ 0.0		550.8
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	$ 0.0		$ 556.4

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 29, 2025	Mar. 30, 2024	Mar. 29, 2025	Mar. 30, 2024
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 203.3	$ 139.4	$ 700.3	$ 656.7
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on cash flow hedging derivatives, net	(21.3)	21.9	(40.1)	12.2
Unrealized gains (losses) on available-for-sale investments, net	0.0	0.0	0.2	0.0
Foreign currency translation adjustments	(2.3)	(0.7)	5.6	20.5
Other comprehensive income (loss), net of tax	(23.6)	21.2	(34.3)	32.7
Comprehensive income (loss)	$ 179.7	$ 160.6	$ 666.0	$ 689.4

- 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.

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+ Details

REVENUE - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 29, 2025	Mar. 30, 2024	Mar. 29, 2025	Mar. 30, 2024
Disaggregation of Revenue [Line Items]
Net sales	$ 1,584.6	$ 1,482.4	$ 5,287.5	$ 5,080.1
North America
Disaggregation of Revenue [Line Items]
Net sales	951.7	874.0	3,413.3	3,293.6
Greater China
Disaggregation of Revenue [Line Items]
Net sales	278.9	270.9	785.8	780.2
Other Asia
Disaggregation of Revenue [Line Items]
Net sales	232.1	234.9	690.4	689.3
Other
Disaggregation of Revenue [Line Items]
Net sales	121.9	102.6	398.0	317.0
Coach
Disaggregation of Revenue [Line Items]
Net sales	1,293.5	1,145.6	4,173.4	3,844.9
Coach \| North America
Disaggregation of Revenue [Line Items]
Net sales	738.0	620.3	2,551.9	2,323.7
Coach \| Greater China
Disaggregation of Revenue [Line Items]
Net sales	258.2	243.3	714.8	692.8
Coach \| Other Asia
Disaggregation of Revenue [Line Items]
Net sales	198.3	201.0	591.0	585.9
Coach \| Other
Disaggregation of Revenue [Line Items]
Net sales	99.0	81.0	315.7	242.5
Kate Spade
Disaggregation of Revenue [Line Items]
Net sales	244.9	280.7	944.5	1,044.3
Kate Spade \| North America
Disaggregation of Revenue [Line Items]
Net sales	180.0	216.7	740.7	844.6
Kate Spade \| Greater China
Disaggregation of Revenue [Line Items]
Net sales	10.9	11.7	33.4	33.8
Kate Spade \| Other Asia
Disaggregation of Revenue [Line Items]
Net sales	33.8	33.9	99.1	102.1
Kate Spade \| Other
Disaggregation of Revenue [Line Items]
Net sales	20.2	18.4	71.3	63.8
Stuart Weitzman
Disaggregation of Revenue [Line Items]
Net sales	46.2	56.1	169.6	190.9
Stuart Weitzman \| North America
Disaggregation of Revenue [Line Items]
Net sales	33.7	37.0	120.7	125.3
Stuart Weitzman \| Greater China
Disaggregation of Revenue [Line Items]
Net sales	9.8	15.9	37.6	53.6
Stuart Weitzman \| Other Asia
Disaggregation of Revenue [Line Items]
Net sales	0.0	0.0	0.3	1.3
Stuart Weitzman \| Other
Disaggregation of Revenue [Line Items]
Net sales	$ 2.7	$ 3.2	$ 11.0	$ 10.7

- 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

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 29, 2025	Dec. 28, 2024	Sep. 28, 2024	Mar. 30, 2024	Dec. 30, 2023	Sep. 30, 2023	Mar. 29, 2025	Mar. 30, 2024
Pay vs Performance Disclosure
Net income (loss)	$ 203.3	$ 310.4	$ 186.6	$ 139.4	$ 322.3	$ 195.0	$ 700.3	$ 656.7

- Definition

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

+ References

+ Details

SHARE-BASED COMPENSATION - Narrative (Details) - $ / shares	9 Months Ended
	Mar. 29, 2025	Mar. 30, 2024
Stock Options
Compensation Related Costs Share Based Payments Disclosure [Line Items]
Weighted-average grant-date fair value of awards granted (USD per share)	$ 12.11	$ 10.35
Service-based Restricted Stock Unit Awards (RSU)
Compensation Related Costs Share Based Payments Disclosure [Line Items]
Weighted-average grant-date fair value of equity instruments other than options granted (USD per share)	41.97	33.14
Performance-based Restricted Stock Unit Awards (PRSU)
Compensation Related Costs Share Based Payments Disclosure [Line Items]
Weighted-average grant-date fair value of equity instruments other than options granted (USD per share)	$ 47.14	$ 33.83

EARNINGS PER SHARE - Schedule of Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended						9 Months Ended
	Mar. 29, 2025	Dec. 28, 2024	Sep. 28, 2024	Mar. 30, 2024	Dec. 30, 2023	Sep. 30, 2023	Mar. 29, 2025	Mar. 30, 2024
Earnings Per Share [Abstract]
Net income (loss)	$ 203.3	$ 310.4	$ 186.6	$ 139.4	$ 322.3	$ 195.0	$ 700.3	$ 656.7
Weighted-average basic shares (shares)	207.3			229.5			219.5	229.0
Effect of dilutive securities (shares)	6.6			4.7			5.3	3.8
Weighted-average diluted shares (shares)	213.9			234.2			224.8	232.8
Net income (loss) per share:
Basic (USD per share)	$ 0.98			$ 0.61			$ 3.19	$ 2.87
Diluted (USD per share)	$ 0.95			$ 0.60			$ 3.12	$ 2.82

- 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

REVENUE

9 Months Ended

Mar. 29, 2025

Revenue from Contract with Customer [Abstract]

REVENUE

The Company recognizes revenue primarily from sales of the products of its brands through our 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 above, which are not material.

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

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

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 nine months ended March 29, 2025.

Disaggregated Net Sales

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


	North America		Greater China(1)		Other Asia(2)		Other(3)		Total
	(millions)
Three Months Ended March 29, 2025
Coach	$	738.0	$	258.2	$	198.3	$	99.0	$	1,293.5
Kate Spade	180.0		10.9		33.8		20.2		244.9
Stuart Weitzman	33.7		9.8		—		2.7		46.2
Total	$	951.7	$	278.9	$	232.1	$	121.9	$	1,584.6

Three Months Ended March 30, 2024
Coach	$	620.3	$	243.3	$	201.0	$	81.0	$	1,145.6
Kate Spade	216.7		11.7		33.9		18.4		280.7
Stuart Weitzman	37.0		15.9		—		3.2		56.1
Total	$	874.0	$	270.9	$	234.9	$	102.6	$	1,482.4

Nine Months Ended March 29, 2025
Coach	$	2,551.9	$	714.8	$	591.0	$	315.7	$	4,173.4
Kate Spade	740.7		33.4		99.1		71.3		944.5
Stuart Weitzman	120.7		37.6		0.3		11.0		169.6
Total	$	3,413.3	$	785.8	$	690.4	$	398.0	$	5,287.5

Nine Months Ended March 30, 2024
Coach	$	2,323.7	$	692.8	$	585.9	$	242.5	$	3,844.9
Kate Spade	844.6		33.8		102.1		63.8		1,044.3
Stuart Weitzman	125.3		53.6		1.3		10.7		190.9
Total	$	3,293.6	$	780.2	$	689.3	$	317.0	$	5,080.1

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

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

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

Deferred Revenue

Deferred revenue results from cash payments received or receivable from customers prior to the transfer of the promised goods or services, and is generally comprised of unredeemed gift cards, net of breakage which has been recognized. Additional deferred revenue may result from sales-based royalty payments received or receivable which exceed the revenue recognized during the contractual period. The balance of such amounts as of March 29, 2025 and June 29, 2024 was $51.2 million and $45.5 million, respectively, which were primarily recorded within Accrued liabilities on the Company's Condensed Consolidated Balance Sheets and are generally expected to be recognized as revenue within a year. For the nine months ended March 29, 2025, net sales of $17.8 million were recognized from amounts recorded as deferred revenue as of June 29, 2024. For the nine months ended March 30, 2024, net sales of $25.3 million were recognized from amounts recorded as deferred revenue as of July 1, 2023.

- Definition

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

+ References

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+ Details

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($)	Mar. 29, 2025	Mar. 30, 2024	Mar. 29, 2025	Mar. 30, 2024
Fair Value Disclosures [Abstract]
Asset impairment charges	$ 2,700,000	$ 0	$ 2,700,000	$ 0

REVENUE (Tables)

9 Months Ended

Mar. 29, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue


	North America		Greater China(1)		Other Asia(2)		Other(3)		Total
	(millions)
Three Months Ended March 29, 2025
Coach	$	738.0	$	258.2	$	198.3	$	99.0	$	1,293.5
Kate Spade	180.0		10.9		33.8		20.2		244.9
Stuart Weitzman	33.7		9.8		—		2.7		46.2
Total	$	951.7	$	278.9	$	232.1	$	121.9	$	1,584.6

Three Months Ended March 30, 2024
Coach	$	620.3	$	243.3	$	201.0	$	81.0	$	1,145.6
Kate Spade	216.7		11.7		33.9		18.4		280.7
Stuart Weitzman	37.0		15.9		—		3.2		56.1
Total	$	874.0	$	270.9	$	234.9	$	102.6	$	1,482.4

Nine Months Ended March 29, 2025
Coach	$	2,551.9	$	714.8	$	591.0	$	315.7	$	4,173.4
Kate Spade	740.7		33.4		99.1		71.3		944.5
Stuart Weitzman	120.7		37.6		0.3		11.0		169.6
Total	$	3,413.3	$	785.8	$	690.4	$	398.0	$	5,287.5

Nine Months Ended March 30, 2024
Coach	$	2,323.7	$	692.8	$	585.9	$	242.5	$	3,844.9
Kate Spade	844.6		33.8		102.1		63.8		1,044.3
Stuart Weitzman	125.3		53.6		1.3		10.7		190.9
Total	$	3,293.6	$	780.2	$	689.3	$	317.0	$	5,080.1

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

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

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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 29, 2025
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

INVESTMENTS - Narrative (Details) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
INVESTMENTS - Narrative (Details) - USD ($)	Mar. 29, 2025	Mar. 29, 2025	Jun. 29, 2024
Investments, Debt and Equity Securities [Abstract]
Available-for-sale investments, gross realized gain (loss)	$ 0	$ 2,600,000	$ 0
Available-for-sale investments, unrealized gain (losses)		$ 0	$ 0

STOCKHOLDERS' EQUITY

9 Months Ended

Mar. 29, 2025

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY

Share Repurchase Program

On November 13, 2024, the Board of Directors of the Company (the "Board") authorized the Company to repurchase up to $2.00 billion of outstanding shares of its common stock (the "2025 Share Repurchase Program"). Under the 2025 Share Repurchase Program, the Company may repurchase shares on the open market, in privately negotiated transactions or in other transactions, including accelerated share repurchase programs. On November 21, 2024, the Company entered into accelerated share repurchase agreements (the “ASR Agreements”) with Bank of America, N.A. and Morgan Stanley & Co. LLC (the “Dealers”) to repurchase an aggregate of up to $2.00 billion of the Company’s shares of common stock. The $2.00 billion authorized for purchases under the 2025 Share Repurchase Program is supplemental to the $800.0 million remaining in authorized purchases under the share repurchase program authorized by the Board in May 2022 (the "2022 Share Repurchase Program").

Under the ASR Agreements, the Company paid $2.00 billion to the Dealers and received an initial delivery of 28,363,766 shares of the Company's common stock on November 26, 2024. The total number of shares purchased by the Company pursuant to the ASR Agreements will be based on the volume-weighted average price ("VWAP") of the Company's common stock on specified dates during the term of each of the ASR Agreements, less a discount, and subject to adjustments pursuant to the terms and conditions of the ASR Agreements. The difference between the initially delivered shares and the total number of shares purchased will be settled in four tranches, no later than the first quarter of fiscal 2026. The ASR Agreements are accounted for as a share purchase transaction and forward stock purchase agreement indexed to our common stock. Repurchased shares of common stock will become authorized but unissued shares.

During the quarter ended March 29, 2025, the Company owed 43,094 shares of common stock related to the settlement of one tranche as a result of the increase in the VWAP of the Company's common stock, which was cash settled for $3.0 million.

As of March 29, 2025 the Company had $800.0 million of additional shares available to be repurchased as authorized under the 2022 Share Repurchase Program and no remaining availability to repurchase shares under the 2025 Share Repurchase Program.

A reconciliation of stockholders' equity is presented below:


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

Dividends declared ($0.35 per share)	—	—		—		(80.2)		—		(80.2)
Balance at September 30, 2023	229.2	$	2.3	$	3,670.7	$	(1,102.0)	$	(155.3)	$	2,415.7
Net income (loss)	—	—		—		322.3		—		322.3
Other comprehensive income (loss)	—	—		—		—		(23.1)		(23.1)
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes	0.2	—		2.6		—		—		2.6
Share-based compensation	—	—		22.5		—		—		22.5

Dividends declared ($0.35 per share)	—	—		—		(80.2)		—		(80.2)
Balance at December 30, 2023	229.4	$	2.3	$	3,695.8	$	(859.9)	$	(178.4)	$	2,659.8
Net income (loss)	—	—		—		139.4		—		139.4
Other comprehensive income (loss)	—	—		—		—		21.2		21.2
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes	0.4	—		11.6		—		—		11.6
Share-based compensation	—	—		23.6		—		—		23.6


Dividends declared ($0.35 per share)	—	—		—		(80.5)		—		(80.5)
Balance at March 30, 2024	229.8	$	2.3	$	3,731.0	$	(801.0)	$	(157.2)	$	2,775.1


	Shares of Common Stock	Common Stock		Additional Paid-in- Capital		Retained Earnings / (Accumulated Deficit)		Accumulated Other Comprehensive Income (Loss)		Total Stockholders' Equity
	(millions, except per share data)
Balance at June 29, 2024	230.2	$	2.3	$	3,762.7	$	(722.2)	$	(145.9)	$	2,896.9
Net income (loss)	—	—		—		186.6		—		186.6
Other comprehensive income (loss)	—	—		—		—		(46.5)		(46.5)
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes	2.8	—		7.2		—		—		7.2
Share-based compensation	—	—		19.1		—		—		19.1
Dividends declared ($0.35 per share)	—	—		—		(81.4)		—		(81.4)
Balance at September 28, 2024	233.0	$	2.3	$	3,789.0	$	(617.0)	$	(192.4)	$	2,981.9
Net income (loss)	—	—		—		310.4		—		310.4
Other comprehensive income (loss)	—	—		—		—		35.8		35.8
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes	2.3	—		72.0		—		—		72.0
Share-based compensation	—	—		21.8		—		—		21.8
Repurchase of common stock, including excise tax	(28.4)	(0.2)		(400.0)		(1,612.8)		—		(2,013.0)
Dividends declared ($0.35 per share)	—	—		—		(72.4)		—		(72.4)
Balance at December 28, 2024	206.9	$	2.1	$	3,482.8	$	(1,991.8)	$	(156.6)	$	1,336.5
Net income (loss)	—	—		—		203.3		—		203.3
Other comprehensive income (loss)	—	—		—		—		(23.6)		(23.6)
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes	0.8	—		27.4		—		—		27.4
Share-based compensation	—	—		25.2		—		—		25.2
Repurchase of common stock, including excise tax	—	—		50.0		(52.3)		—		(2.3)
Dividends declared ($0.35 per share)	—	—		—		(72.7)		—		(72.7)
Balance at March 29, 2025	207.7	$	2.1	$	3,585.4	$	(1,913.5)	$	(180.2)	$	1,493.8

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


	Unrealized Gains (Losses) on Cash Flow Hedging Derivatives(1)		Unrealized Gains (Losses) on Available- for-Sale Investments		Cumulative Translation Adjustment(2)		Total
	(millions)
Balances at July 1, 2023	$	34.9	$	—	$	(224.8)	$	(189.9)
Other comprehensive income (loss) before reclassifications	26.6		0.2		20.5		47.3
Less: amounts reclassified from accumulated other comprehensive income to earnings	14.4		0.2		—		14.6
Net current-period other comprehensive income (loss)	12.2		—		20.5		32.7
Balances at March 30, 2024	$	47.1	$	—	$	(204.3)	$	(157.2)

Balances at June 29, 2024	$	57.1	$	(0.2)	$	(202.8)	$	(145.9)
Other comprehensive income (loss) before reclassifications	(7.3)		2.8		18.3		13.8
Less: amounts reclassified from accumulated other comprehensive income to earnings	32.8		2.6		12.7		48.1
Net current-period other comprehensive income (loss)	(40.1)		0.2		5.6		(34.3)
Balances at March 29, 2025	$	17.0	$	—	$	(197.2)	$	(180.2)

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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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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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: 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 19: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

REVENUE - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
REVENUE - Narrative (Details) - USD ($) $ in Millions	Mar. 29, 2025	Mar. 30, 2024	Jun. 29, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue	$ 51.2		$ 45.5
Deferred revenue recognized	$ 17.8	$ 25.3
Licensing business \| Net sales \| Revenue from rights concentration risk
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of revenue	1.00%
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Payment terms (in days)	30 days
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Payment terms (in days)	90 days

STOCKHOLDERS' EQUITY - Schedule of Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Mar. 29, 2025	Dec. 28, 2024	Sep. 28, 2024	Mar. 30, 2024	Dec. 30, 2023	Sep. 30, 2023	Mar. 29, 2025	Mar. 30, 2024
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Rollforward]
Beginning balance	$ 1,336.5	$ 2,981.9	$ 2,896.9	$ 2,659.8	$ 2,415.7	$ 2,277.8	$ 2,896.9	$ 2,277.8
Other comprehensive income (loss) before reclassifications							13.8	47.3
Less: amounts reclassified from accumulated other comprehensive income to earnings							48.1	14.6
Other comprehensive income (loss), net of tax	(23.6)	35.8	(46.5)	21.2	(23.1)	34.6	(34.3)	32.7
Ending balance	1,493.8	1,336.5	2,981.9	2,775.1	2,659.8	2,415.7	1,493.8	2,775.1
Net gain (loss) on foreign currency translation adjustments							(14.5)	(11.5)
Net gain (loss) on foreign currency translation adjustments, tax expense (benefit)							(1.5)	1.3
Unrealized Gains (Losses) on Cash Flow Hedging Derivatives
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Rollforward]
Beginning balance			57.1			34.9	57.1	34.9
Other comprehensive income (loss) before reclassifications							(7.3)	26.6
Less: amounts reclassified from accumulated other comprehensive income to earnings							32.8	14.4
Other comprehensive income (loss), net of tax							(40.1)	12.2
Ending balance	17.0			47.1			17.0	47.1
Accumulated other comprehensive income, accumulated tax	(0.5)			(2.3)			(0.5)	(2.3)
Amounts reclassified from AOCI, tax							(1.6)	0.5
Unrealized Gains (Losses) on Available- for-Sale Investments
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Rollforward]
Beginning balance			(0.2)			0.0	(0.2)	0.0
Other comprehensive income (loss) before reclassifications							2.8	0.2
Less: amounts reclassified from accumulated other comprehensive income to earnings							2.6	0.2
Other comprehensive income (loss), net of tax							0.2	0.0
Ending balance	0.0			0.0			0.0	0.0
Cumulative Translation Adjustment
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Rollforward]
Beginning balance			(202.8)			(224.8)	(202.8)	(224.8)
Other comprehensive income (loss) before reclassifications							18.3	20.5
Less: amounts reclassified from accumulated other comprehensive income to earnings							12.7	0.0
Other comprehensive income (loss), net of tax							5.6	20.5
Ending balance	(197.2)			(204.3)			(197.2)	(204.3)
Total
Accumulated Other Comprehensive (Loss) Income, Net of Tax [Rollforward]
Beginning balance	(156.6)	(192.4)	(145.9)	(178.4)	(155.3)	(189.9)	(145.9)	(189.9)
Other comprehensive income (loss), net of tax	(23.6)	35.8	(46.5)	21.2	(23.1)	34.6
Ending balance	$ (180.2)	$ (156.6)	$ (192.4)	$ (157.2)	$ (178.4)	$ (155.3)	$ (180.2)	$ (157.2)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Mar. 29, 2025	Mar. 30, 2024
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES
Net income (loss)	$ 700,300,000	$ 656,700,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	119,800,000	125,800,000
Provision for bad debt	3,000,000.0	2,700,000
Loss on extinguishment of debt	120,100,000	0
Share-based compensation	65,100,000	65,800,000
Amortization of cloud computing arrangements	43,600,000	41,100,000
Deferred income taxes	41,700,000	53,100,000
Changes to lease related balances, net	(26,800,000)	(33,200,000)
Other non-cash charges, net	(34,400,000)	12,300,000
Changes in operating assets and liabilities:
Trade accounts receivable	(43,800,000)	(62,700,000)
Inventories	(132,700,000)	91,600,000
Accounts payable	(45,600,000)	(50,300,000)
Accrued liabilities	(68,900,000)	94,200,000
Other liabilities	5,800,000	(30,000,000.0)
Other assets	22,600,000	32,500,000
Net cash provided by (used in) operating activities	769,800,000	999,600,000
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES
Purchases of investments	(1,886,100,000)	(1,126,000,000)
Proceeds from maturities and sales of investments	2,921,700,000	702,600,000
Purchases of property and equipment	(87,400,000)	(62,700,000)
Net cash provided by (used in) investing activities	948,200,000	(486,100,000)
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES
Payment of dividends	(226,500,000)	(240,900,000)
Repurchase of common stock	(1,665,300,000)	0
Share repurchase not yet settled	(350,000,000.0)	0
Proceeds from issuance of debt, net of discount	2,248,100,000	6,089,500,000
Payment of debt issuance costs	(13,400,000)	(78,300,000)
Payment of debt extinguishment costs	(63,500,000)	0
Repayment of debt	(6,859,900,000)	(18,800,000)
Proceeds from share-based awards	142,300,000	15,000,000.0
Taxes paid to net settle share-based awards	(35,700,000)	(32,000,000.0)
Proceeds from revolving credit facility	1,016,500,000	0
Repayment of revolving credit facility	(1,000,000,000)	0
Payments of finance lease liabilities	(1,000,000.0)	(900,000)
Net cash provided by (used in) financing activities	(6,808,400,000)	5,733,600,000
Effect of exchange rate changes on cash and cash equivalents	15,400,000	1,900,000
Net (decrease) increase in cash and cash equivalents, including cash classified within assets held for sale	(5,075,000,000)	6,249,000,000
Net (decrease) increase in cash and cash equivalents	(5,104,300,000)	6,249,000,000
Less: net (decrease) increase in cash classified within current assets held for sale	(29,300,000)	0
Cash and cash equivalents at beginning of period	6,142,000,000	726,100,000
Cash and cash equivalents at end of period	1,037,700,000	6,975,100,000
Supplemental information:
Cash paid for income taxes, net	151,200,000	152,100,000
Cash paid for interest	349,800,000	73,600,000
Non-cash investing activity - property and equipment obligations	$ 19,600,000	$ 18,200,000

FAIR VALUE MEASUREMENTS

9 Months Ended

Mar. 29, 2025

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 March 29, 2025 and June 29, 2024:


	Level 1				Level 2
	March 29, 2025		June 29, 2024		March 29, 2025		June 29, 2024
	(millions)
Assets:
Cash equivalents(1)	$	208.6	$	437.4	$	11.3	$	29.7
Short-term investments:
Time deposits(2)	—		—		0.2		0.6
Commercial paper(2)	—		—		—		865.2
Government securities - U.S.(2)	—		178.2		—		—


Other	—		—		19.1		17.8
Long-term investments:
Other	—		—		1.3		1.3
Derivative assets:
Inventory-related instruments(3)	—		—		18.0		58.2
Net investment hedges(3)	—		—		29.2		32.2
Intercompany loans and payables(3)	—		—		—		0.1

Liabilities:

Derivative liabilities:
Inventory-related instruments(3)	—		—		1.5		2.2
Net investment hedges(3)	—		—		152.2		139.4
Intercompany loans and payables(3)	—		—		0.1		2.6

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

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

Non-Financial Assets and Liabilities

The Company’s non-financial instruments, which primarily consist of goodwill, intangible assets, right-of-use assets and property and equipment, are not required to be measured at fair value on a recurring basis and are reported at carrying value. However, on a periodic basis whenever events or changes in circumstances indicate that their carrying value may not be fully recoverable (and at least annually for goodwill and indefinite-lived intangible assets), non-financial instruments are assessed for impairment and, if applicable, written-down to and recorded at fair value, considering market participant assumptions.

During the three and nine months ended March 29, 2025, the Company recorded $2.7 million of impairment charges to reduce the carrying amount of certain store assets within Property and equipment, net to their estimated fair values. There were no impairment charges recorded during the three and nine months ended March 30, 2024.

- 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
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

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-Topic 820
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2E
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 29, 2025	Jun. 29, 2024
Current Assets:
Cash and cash equivalents	$ 1,037.7	$ 6,142.0
Short-term investments	19.3	1,061.8
Trade accounts receivable, less allowances for credit losses of $5.6 and $6.9, respectively	255.8	228.2
Inventories	873.5	824.8
Income tax receivable	276.4	236.2
Prepaid expenses	132.9	170.9
Other current assets	92.1	139.8
Assets held for sale	173.7	0.0
Total current assets	2,861.4	8,803.7
Property and equipment, net of accumulated depreciation of $1,186.2 and $1,263.3, respectively	485.2	514.7
Operating lease right-of-use assets	1,231.8	1,314.4
Goodwill	1,215.8	1,204.1
Intangible assets	1,331.1	1,353.6
Deferred income taxes	43.3	44.1
Other assets	137.6	161.7
Total assets	7,306.2	13,396.3
Current Liabilities:
Accounts payable	393.3	452.2
Accrued liabilities	584.4	656.3
Current portion of operating lease liabilities	280.6	299.7
Current debt	319.9	303.4
Liabilities held for sale	49.7	0.0
Total current liabilities	1,627.9	1,711.6
Long-term debt	2,377.1	6,937.2
Long-term operating lease liabilities	1,130.1	1,224.2
Deferred income taxes	286.2	251.3
Other liabilities	391.1	375.1
Total liabilities	5,812.4	10,499.4
See Note 15 on commitments and contingencies
Stockholders' Equity:
Preferred stock: (authorized 25.0 million shares; $0.01 par value per share) none issued	0.0	0.0
Common stock: (authorized 1.00 billion shares; $0.01 par value per share) issued and outstanding - 207.7 million and 230.2 million shares, respectively	2.1	2.3
Additional paid-in-capital	3,585.4	3,762.7
Retained earnings (accumulated deficit)	(1,913.5)	(722.2)
Accumulated other comprehensive income (loss)	(180.2)	(145.9)
Total stockholders' equity	1,493.8	2,896.9
Total liabilities and stockholders' equity	$ 7,306.2	$ 13,396.3

EARNINGS PER SHARE (Tables)

9 Months Ended

Mar. 29, 2025

Earnings Per Share [Abstract]

Schedule of Calculation of Basic and Diluted Earnings Per Share

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


	Three Months Ended				Nine Months Ended
	March 29, 2025		March 30, 2024		March 29, 2025		March 30, 2024
	(millions, except per share data)
Net income (loss)	$	203.3	$	139.4	$	700.3	$	656.7

Weighted-average basic shares	207.3		229.5		219.5		229.0
Dilutive securities:


Effect of dilutive securities	6.6		4.7		5.3		3.8
Weighted-average diluted shares	213.9		234.2		224.8		232.8

Net income (loss) per share:
Basic	$	0.98	$	0.61	$	3.19	$	2.87
Diluted	$	0.95	$	0.60	$	3.12	$	2.82

SEGMENT INFORMATION - Narrative (Details)	9 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Mar. 29, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	3

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Expected Amortization Expense for Intangible Assets (Details) - USD ($) $ in Millions	Mar. 29, 2025	Jun. 29, 2024
Expected Amortization Expense For Intangible Assets
Remainder of fiscal 2025	$ 0.8
Fiscal 2026	3.0
Fiscal 2027	3.0
Fiscal 2028	3.0
Fiscal 2029	3.0
Fiscal 2030 and thereafter	8.5
Total	$ 21.3	$ 43.8

NATURE OF OPERATIONS	9 Months Ended
NATURE OF OPERATIONS	Mar. 29, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS	NATURE OF OPERATIONS Tapestry, Inc. (the "Company") is a 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 is 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 Coach, Kate Spade and Stuart Weitzman segments include global sales of products to customers through our direct-to-consumer ("DTC"), wholesale and licensing businesses. On February 16, 2025, the Company entered into a sale and purchase agreement (the “Purchase Agreement”) with Caleres, Inc (the “Purchaser”) pursuant to which the Company will sell the Stuart Weitzman Business (defined below). The transaction is expected to close in the summer of 2025, subject to customary closing conditions. Refer to Note 5, "Acquisitions and Divestitures," for further information.

STOCKHOLDERS' EQUITY - Schedule of Stockholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended						9 Months Ended
	Mar. 29, 2025	Dec. 28, 2024	Sep. 28, 2024	Mar. 30, 2024	Dec. 30, 2023	Sep. 30, 2023	Mar. 29, 2025	Mar. 30, 2024
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (shares)			230.2				230.2
Beginning balance	$ 1,336.5	$ 2,981.9	$ 2,896.9	$ 2,659.8	$ 2,415.7	$ 2,277.8	$ 2,896.9	$ 2,277.8
Net income (loss)	203.3	310.4	186.6	139.4	322.3	195.0	700.3	656.7
Other comprehensive income (loss)	(23.6)	35.8	(46.5)	21.2	(23.1)	34.6	$ (34.3)	32.7
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes	27.4	72.0	7.2	11.6	2.6	(31.2)
Share-based compensation	25.2	21.8	19.1	23.6	22.5	19.7
Repurchase of common stock, including excise tax	(2.3)	(2,013.0)
Dividends declared	$ (72.7)	(72.4)	(81.4)	(80.5)	(80.2)	(80.2)
Ending balance (shares)	207.7						207.7
Ending balance	$ 1,493.8	$ 1,336.5	$ 2,981.9	$ 2,775.1	$ 2,659.8	$ 2,415.7	$ 1,493.8	$ 2,775.1
Cash dividends declared per common share (USD per share)	$ 0.35		$ 0.35	$ 0.35	$ 0.35	$ 0.35
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (shares)	206.9	233.0	230.2	229.4	229.2	227.4	230.2	227.4
Beginning balance	$ 2.1	$ 2.3	$ 2.3	$ 2.3	$ 2.3	$ 2.3	$ 2.3	$ 2.3
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes (shares)	0.8	2.3	2.8	0.4	0.2	1.8
Repurchase and retirement of common stock (share)		(28.4)
Repurchase of common stock, including excise tax		$ (0.2)
Ending balance (shares)	207.7	206.9	233.0	229.8	229.4	229.2	207.7	229.8
Ending balance	$ 2.1	$ 2.1	$ 2.3	$ 2.3	$ 2.3	$ 2.3	$ 2.1	$ 2.3
Additional Paid-in- Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	3,482.8	3,789.0	3,762.7	3,695.8	3,670.7	3,682.2	3,762.7	3,682.2
Shares issued, pursuant to stock-based compensation arrangements, net of shares withheld for taxes	27.4	72.0	7.2	11.6	2.6	(31.2)
Share-based compensation	25.2	21.8	19.1	23.6	22.5	19.7
Repurchase of common stock, including excise tax	50.0	(400.0)
Ending balance	3,585.4	3,482.8	3,789.0	3,731.0	3,695.8	3,670.7	3,585.4	3,731.0
Retained Earnings / (Accumulated Deficit)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(1,991.8)	(617.0)	(722.2)	(859.9)	(1,102.0)	(1,216.8)	(722.2)	(1,216.8)
Net income (loss)	203.3	310.4	186.6	139.4	322.3	195.0
Repurchase of common stock, including excise tax	(52.3)	(1,612.8)
Dividends declared	(72.7)	(72.4)	(81.4)	(80.5)	(80.2)	(80.2)
Ending balance	(1,913.5)	(1,991.8)	(617.0)	(801.0)	(859.9)	(1,102.0)	(1,913.5)	(801.0)
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(156.6)	(192.4)	(145.9)	(178.4)	(155.3)	(189.9)	(145.9)	(189.9)
Other comprehensive income (loss)	(23.6)	35.8	(46.5)	21.2	(23.1)	34.6
Ending balance	$ (180.2)	$ (156.6)	$ (192.4)	$ (157.2)	$ (178.4)	$ (155.3)	$ (180.2)	$ (157.2)

SEGMENT INFORMATION (Tables)

9 Months Ended

Mar. 29, 2025

Segment Reporting [Abstract]

Schedule of Segment Performance

The following table summarizes net sales of each of the Company's segments for the three and nine months ended March 29, 2025 and March 30, 2024:


	Three Months Ended				Nine Months Ended
	March 29, 2025		March 30, 2024		March 29, 2025		March 30, 2024
	(millions)
Segment net sales:
Coach	$	1,293.5	$	1,145.6	$	4,173.4	$	3,844.9
Kate Spade	244.9		280.7		944.5		1,044.3
Stuart Weitzman	46.2		56.1		169.6		190.9
Total Net sales:	$	1,584.6	$	1,482.4	$	5,287.5	$	5,080.1


	Three Months Ended				Nine Months Ended
	March 29, 2025		March 30, 2024		March 29, 2025		March 30, 2024
	(millions)
Segment operating profit:
Coach	$	420.1	$	362.7	$	1,427.6	$	1,262.3
Kate Spade	—		10.0		95.0		108.7
Stuart Weitzman	(5.6)		(4.7)		(14.0)		(11.9)
Total segment operating profit:	$	414.5	$	368.0	$	1,508.6	$	1,359.1
Unallocated corporate expenses(1)	160.8		163.7		510.1		454.0
Unallocated other charges, net(2)	14.6		34.8		188.4		94.0
Income (loss) before provision for income taxes	$	239.1	$	169.5	$	810.1	$	811.1

The following table summarizes depreciation and amortization expense of each of the Company's segments for the three and nine months ended March 29, 2025 and March 30, 2024:


	Three Months Ended				Nine Months Ended
	March 29, 2025(3)		March 30, 2024		March 29, 2025(3)		March 30, 2024
	(millions)
Depreciation and amortization expense(4):
Coach	$	24.5	$	20.4	$	69.1	$	64.3
Kate Spade	7.5		9.6		22.6		28.9
Stuart Weitzman	1.4		2.6		5.9		7.9
Unallocated corporate(1)	8.0		7.4		25.6		24.7
Total Depreciation and amortization expense:	$	41.4	$	40.0	$	123.2	$	125.8

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

(2) Includes Loss on extinguishment of debt, Interest expense, net and Other expense (income).

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

ACQUISITIONS AND DIVESTITURES (Tables)

9 Months Ended

Mar. 29, 2025

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Major classes of Assets And Liabilities

The following table presents the major classes of assets and liabilities that were classified as assets and liabilities held for sale, respectively, in the Condensed Consolidated Balance Sheets:


	March 29, 2025
	(millions)
Assets held for sale:
Cash and cash equivalents	$	29.3
Trade accounts receivable, net	10.3
Inventories	86.5
Prepaid expenses	1.0
Other current assets	7.5
Property and equipment, net	7.1
Operating lease right-of-use assets	24.1
Intangible assets	18.2
Deferred income taxes	0.2
Other assets	2.2
Allowance for reduction of assets held for sale(1)	(12.7)
Total assets held for sale	$	173.7

Liabilities held for sale:
Accounts payable	$	8.0
Accrued liabilities	12.2
Current portion of operating lease liabilities	9.0

Long-term operating lease liabilities	18.8
Other liabilities	1.7
Total liabilities held for sale	$	49.7

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

DEBT

9 Months Ended

Mar. 29, 2025

Debt Disclosure [Abstract]

DEBT

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


	March 29, 2025		June 29, 2024
	(millions)
Current Debt:
4.250% Senior Notes due 2025(1)	$	303.4	$	303.4
China Credit Facility(2)	16.5		—


Total Current Debt	$	319.9	$	303.4

Long-Term Debt:


USD Senior Notes:
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
5.100% Senior Notes due 2030	750.0		—
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
5.500% Senior Notes due 2035	750.0		—
EUR Senior Notes:
5.350% EUR Senior Notes due 2025(3)	—		535.6
5.375% EUR Senior Notes due 2027(3)	—		535.6
5.875% EUR Senior Notes due 2031(3)	—		535.6

Total long-term debt	$	2,396.6	$	7,003.4
Less: Unamortized discount and debt issuance costs on Senior Notes	(19.5)		(66.2)
Total long-term debt, net	$	2,377.1	$	6,937.2

(1)On April 1, 2025, the Company completed the redemption of $303.4 million remaining principal of the 4.250% Senior Notes due 2025. Refer to Note 17, "Subsequent Events" for further information.

(2)The amount outstanding under the China Credit Facility includes the impact of changes in the exchange rate of the United States Dollar against the Renminbi.

(3)The carrying 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.

During the three and nine months ended March 29, 2025, the Company recognized interest expense related to its debt of $32.8 million and $241.8 million, respectively. During the three and nine months ended March 30, 2024, the Company recognized interest expense related to its debt of $130.1 million and $241.0 million, respectively.

During the three and nine months ended March 29, 2025, the Company recognized Loss on extinguishment of debt of $0.0 million and $120.1 million, respectively, primarily related to redemption premiums, as well as unamortized debt issuance costs and discounts, as a result of the redemption of the Capri Acquisition Senior Notes in the second quarter of fiscal 2025. There was no Loss on extinguishment of debt recognized by the Company during the three and nine months ended March 30, 2024.

Capri Holdings Limited Acquisition Related Debt Transactions:

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, completed the expected financing for the Capri Acquisition.

On November 13, 2024, the Parties entered into a Termination Agreement, pursuant to which it was agreed that the Merger Agreement was terminated, effective immediately. On November 25, 2024, due to the termination of the Merger Agreement and pursuant to the terms of the Indenture, the Company redeemed all outstanding Capri Acquisition Senior Notes at a redemption price of 101% of the aggregate principal amount of such Capri Acquisition USD Senior Notes and Capri Acquisition EUR Senior Notes, plus accrued and unpaid interest to, but excluding, the date of redemption. In addition, the Capri Acquisition Term Loan Credit Agreement was terminated concurrently with the execution of the Termination Agreement on November 13, 2024. Refer to Note 5, "Acquisitions and Divestitures," for further information. A summary of the Capri Holdings Limited acquisition debt related transactions is as follows:

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 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”). On November 13, 2024, the Capri Acquisition Term Loan Credit Agreement was terminated concurrently with the execution of the Termination Agreement.

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").

Due to the termination of the Merger Agreement, on November 25, 2024, the Company redeemed the Capri Acquisition USD Senior Notes with cash on hand at a redemption price equal to 101% of their principal amount. As a result of the redemption prior to their scheduled maturities, the Company was subject to a redemption premium of $45.0 million paid on the Capri Acquisition USD Senior Notes upon such redemption. Additionally, the Company recognized $41.2 million of unamortized debt issuance costs and discounts in connection with the redemption. These redemption premiums, as well as unamortized debt issuance costs and discounts, were recorded as a Loss on extinguishment of debt during the second quarter of fiscal 2025.

Capri Acquisition EUR Senior Notes

On November 27, 2023, the Company issued €1.50 billion aggregate principal amount of the Capri Acquisition EUR 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").

Due to the termination of the Merger Agreement, on November 25, 2024, the Company redeemed the Capri Acquisition EUR Senior Notes with cash on hand at a redemption price equal to 101% of their principal amount. As a result of the redemption prior to their scheduled maturities, the Company was subject to a redemption premium of $16.2 million paid on the Capri Acquisition EUR Senior Notes upon such redemption. Additionally, the Company recognized $13.8 million of unamortized debt issuance costs and discounts in connection with the redemption. These redemption premiums, as well as unamortized debt issuance costs and discounts, were recorded as a Loss on extinguishment of debt during the second quarter of fiscal 2025.

Other Debt Transactions:

$2.00 Billion Revolving Credit Facility

On August 30, 2023, pursuant to that certain Amendment No. 1 to the 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). During the second quarter of fiscal 2025, the Company executed $1.00 billion of borrowings under the Revolving Credit Facility used to partially fund the share repurchases under the ASR Agreements and for general corporate purposes. Subsequently, on December 11, 2024, the Company issued $1.50 billion of senior unsecured notes (as defined below, the 2030 and 2035 Senior Notes) and the funds were partially used to repay the borrowings under the Revolving Credit Facility on December 11, 2024. On December 20, 2024, the Company entered into Amendment No. 2 to the Credit Agreement to update the definition of Consolidated EBITDAR to account for any extraordinary, unusual, infrequent or non-recurring costs, expenses or losses paid in cash during such period that are related to the Capri Acquisition. There were no outstanding borrowings on the Revolving Credit Facility as of March 29, 2025.

Term Loan Credit Agreement

During the second quarter of fiscal 2025, the Company entered into a $750.0 million senior unsecured term loan facility pursuant to the Term Loan Credit Agreement (the “Term Loan Credit Agreement”) with Bank of America, N.A., as administrative agent, and the lenders party thereto, and appointed BofA Securities, Inc. and Morgan Stanley Senior Lending, Inc. as joint lead arrangers and joint bookrunners, used to partially fund the share repurchases under the ASR Agreements, and for general corporate purposes. Borrowings under the Term Loan Credit Agreement bear interest at a rate per annum equal to, at the Company's option, (i) an alternative base rate or (ii) 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). On November 26, 2024, the Company drew down in full, the $750.0 million loan principal under the Term Loan Credit Agreement. The loan was due to mature six months after the date the loan was funded. Subsequently, the Company repaid the borrowings in two tranches with $250.0 million repaid on December 5, 2024 and $500.0 million repaid on December 11, 2024.

2030 and 2035 Senior Notes

On December 11, 2024, the Company issued $1.50 billion of senior unsecured notes, consisting of $750.0 million aggregate principal amount of 5.100% senior unsecured notes due March 11, 2030 at 99.876% of par (the “5.100% Senior Notes due 2030”) and $750.0 million aggregate principal amount of 5.500% senior unsecured notes due March 11, 2035 at 99.864% of par (the “5.500% Senior Notes due 2035”, together with the 5.100% Senior Notes due 2030, the "2030 and 2035 Senior Notes"). The net proceeds of this offering together with cash on hand, was used to repay the loans outstanding under the Term Loan Credit Agreement and to repay borrowings under the Revolving Credit Facility. The Company will pay interest semi-annually on the 2030 and 2035 Senior Notes on March 11 and September 11 of each year, commencing on September 11, 2025.

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”) which was scheduled to mature on May 11, 2027. The Term Loan due 2027 amortized in an amount equal to 5.000% per annum, with payments made quarterly. Borrowings under the Term Loan due 2027 bore 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 would 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"). On April 1, 2025, the Company completed the redemption of $303.4 million remaining principal of the 4.250% Senior Notes due 2025. Refer to Note 17, "Subsequent Events" for further information.

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 million), which includes a loan of up to RMB 85.0 million (approximately $12 million), a bank guarantee facility of up to RMB 15.0 million (approximately $2 million) and Accounts payable financing of up to RMB 150.0 million (approximately $20 million). As of March 29, 2025, the Company had RMB 120.0 million ($16.5 million) of borrowings outstanding under this facility, which was recorded within Current debt on the Company’s Condensed Consolidated Balance Sheets.

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. As of March 29, 2025, we were in compliance with these restrictions and covenants, have met such financial ratios and have met all debt payment obligations.

Fair Value Considerations


	March 29, 2025		June 29, 2024
	(millions)
USD Senior Notes:
4.250% Senior Notes due 2025(1)	$	303.4	$	300.2
7.050% Senior Notes due 2025	—		508.1
7.000% Senior Notes due 2026	—		770.7
4.125% Senior Notes due 2027	391.3		378.2
7.350% Senior Notes due 2028	—		1,036.5
5.100% Senior Notes due 2030	749.7		—
7.700% Senior Notes due 2030	—		1,042.9
3.050% Senior Notes due 2032	431.3		402.9
7.850% Senior Notes due 2033	—		1,311.3
5.500% Senior Notes due 2035	740.0		—
EUR Senior Notes:
5.350% EUR Senior Notes due 2025(2)	—		543.8
5.375% EUR Senior Notes due 2027(2)	—		550.8
5.875% EUR Senior Notes due 2031(2)	—		556.4

(1)On April 1, 2025, the Company completed the redemption of $303.4 million remaining principal of the 4.250% Senior Notes due 2025. Refer to Note 17, "Subsequent Events" for further information.

(2)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.

- 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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 6
-Subparagraph (a)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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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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-Name Accounting Standards Codification
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-Paragraph 1
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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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+ Details

SHARE-BASED COMPENSATION

9 Months Ended

Mar. 29, 2025

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

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


	Three Months Ended				Nine Months Ended
	March 29, 2025(1)		March 30, 2024		March 29, 2025(1)		March 30, 2024
	(millions)
Share-based compensation expense	$	25.2	$	23.6	$	66.1	$	65.8
Income tax benefit related to share-based compensation expense	4.4		4.1		12.1		12.0

Stock Options

A summary of stock option activity during the nine months ended March 29, 2025 is as follows:


			Number of Options Outstanding
			(millions)
Outstanding at June 29, 2024			8.2
Granted			1.0
Exercised			(3.5)
Forfeited or expired			(0.2)
Outstanding at March 29, 2025			5.5

The weighted-average grant-date fair value of options granted during the nine months ended March 29, 2025 and March 30, 2024 was $12.11 and $10.35, respectively. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model and the following weighted-average assumptions:


	March 29, 2025		March 30, 2024
Expected term (years)	4.9		5.0
Expected volatility	40.9	%	44.8	%
Risk-free interest rate	3.8	%	4.5	%
Dividend yield	3.4	%	4.2	%

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

A summary of service-based RSU activity during the nine months ended March 29, 2025 is as follows:


			Number of Non-vested RSUs
			(millions)
Non-vested at June 29, 2024			5.2
Granted			1.9
Vested			(2.2)
Forfeited			(0.2)
Non-vested at March 29, 2025			4.7

The weighted-average grant-date fair value of share awards granted during the nine months ended March 29, 2025 and March 30, 2024 was $41.97 and $33.14, respectively.

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

A summary of PRSU activity during the nine months ended March 29, 2025 is as follows:


			Number of Non-vested PRSUs
			(millions)
Non-vested at June 29, 2024			1.2
Granted			0.3
Change due to performance condition achievement			—
Vested			(0.3)
Forfeited			(0.1)
Non-vested at March 29, 2025			1.1

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

The weighted-average grant-date fair value per share of PRSU awards granted during the nine months ended March 29, 2025 and March 30, 2024 was $47.14 and $33.83, respectively.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions	3 Months Ended		9 Months Ended
	Mar. 29, 2025	Mar. 30, 2024	Mar. 29, 2025	Mar. 30, 2024
Income Statement [Abstract]
Net sales	$ 1,584,600,000	$ 1,482,400,000	$ 5,287,500,000	$ 5,080,100,000
Cost of sales	378,800,000	375,000,000.0	1,313,700,000	1,381,800,000
Gross profit	1,205,800,000	1,107,400,000	3,973,800,000	3,698,300,000
Selling, general and administrative expenses	952,100,000	903,100,000	2,975,300,000	2,793,200,000
Operating income (loss)	253,700,000	204,300,000	998,500,000	905,100,000
Loss on extinguishment of debt	0	0	120,100,000	0
Interest expense, net	15,400,000	32,000,000.0	70,600,000	94,500,000
Other expense (income)	(800,000)	2,800,000	(2,300,000)	(500,000)
Income (loss) before provision for income taxes	239,100,000	169,500,000	810,100,000	811,100,000
Provision (benefit) for income taxes	35,800,000	30,100,000	109,800,000	154,400,000
Net income (loss)	$ 203,300,000	$ 139,400,000	$ 700,300,000	$ 656,700,000
Net income (loss) per share:
Basic (USD per share)	$ 0.98	$ 0.61	$ 3.19	$ 2.87
Diluted (USD per share)	$ 0.95	$ 0.60	$ 3.12	$ 2.82
Shares used in computing net income (loss) per share:
Basic (shares)	207.3	229.5	219.5	229.0
Diluted (shares)	213.9	234.2	224.8	232.8

GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 29, 2025	Mar. 30, 2024	Mar. 29, 2025	Mar. 30, 2024
Finite-Lived Intangible Assets [Line Items]
Amortization expense of definite-lived intangible assets	$ 1.1	$ 1.7	$ 4.4	$ 4.9
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	7 years 3 months 18 days		7 years 3 months 18 days

- 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

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Mar. 29, 2025 USD ($)	Jan. 28, 2025 lawsuit	Dec. 23, 2024 lawsuit	Jun. 29, 2024 USD ($)
Loss Contingencies [Line Items]
Letters of credit amount outstanding \| $	$ 25.9			$ 28.4
Capri Holdings Limited \| Pending Litigation
Loss Contingencies [Line Items]
Number of separate putative securities class actions \| lawsuit		2	2

- Definition

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

+ References + Details

EARNINGS PER SHARE - Narrative (Details) - shares shares in Millions	9 Months Ended
	Mar. 29, 2025	Mar. 30, 2024
Earnings Per Share [Abstract]
Options to purchase shares of common stock excluded from the computation of diluted earnings per share (shares)	0.7	0.2

SHARE-BASED COMPENSATION - Schedule of Weighted-average Assumptions (Details) - Stock Options	9 Months Ended
	Mar. 29, 2025	Mar. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	4 years 10 months 24 days	5 years
Expected volatility	40.90%	44.80%
Risk-free interest rate	3.80%	4.50%
Dividend yield	3.40%	4.20%

- 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

SHARE-BASED COMPENSATION - Schedule of Total Compensation Cost and Related Tax Benefits (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 29, 2025	Mar. 30, 2024	Mar. 29, 2025	Mar. 30, 2024
Compensation Related Costs Share Based Payments Disclosure [Line Items]
Share-based compensation expense	$ 25.2	$ 23.6	$ 66.1	$ 65.8
Income tax benefit related to share-based compensation expense	4.4	$ 4.1	12.1	$ 12.0
Workforce Optimization
Compensation Related Costs Share Based Payments Disclosure [Line Items]
Share-based compensation expense	$ 1.0		$ 1.0

FAIR VALUE MEASUREMENTS - Schedule of Assets and Liabilities (Details) - USD ($) $ in Millions	9 Months Ended
	Mar. 29, 2025	Jun. 29, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 47.2	$ 90.5
Derivative liabilities	$ 153.8	144.2
Maturity of time deposit	3 months
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 208.6	437.4
Level 1 \| Inventory-related instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0.0	0.0
Derivative liabilities	0.0	0.0
Level 1 \| Net investment hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0.0	0.0
Derivative liabilities	0.0	0.0
Level 1 \| Intercompany loan and payables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0.0	0.0
Derivative liabilities	0.0	0.0
Level 1 \| 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	0.0	178.2
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	11.3	29.7
Level 2 \| Inventory-related instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	18.0	58.2
Derivative liabilities	1.5	2.2
Level 2 \| Net investment hedges
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	29.2	32.2
Derivative liabilities	152.2	139.4
Level 2 \| Intercompany loan and payables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0.0	0.1
Derivative liabilities	0.1	2.6
Level 2 \| Short-term Investments \| Time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0.2	0.6
Level 2 \| Short-term Investments \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0.0	865.2
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	19.1	17.8
Level 2 \| Long-term investments \| Other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 1.3	$ 1.3

BASIS OF PRESENTATION AND ORGANIZATION	9 Months Ended
BASIS OF PRESENTATION AND ORGANIZATION	Mar. 29, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION AND ORGANIZATION	BASIS OF PRESENTATION AND ORGANIZATION Interim Financial Statements These unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). In the opinion of management, such condensed consolidated financial statements contain all normal and recurring adjustments necessary to present fairly the condensed consolidated financial position, results of operations, comprehensive income (loss) and cash flows of the Company for the interim periods presented. In addition, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the U.S. ("U.S. GAAP") have been condensed or omitted from this report as is permitted by the SEC's rules and regulations. However, the Company believes that the disclosures provided herein are adequate to prevent the information presented from being misleading. This report should be read in conjunction with the audited consolidated financial statements and notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended June 29, 2024 ("fiscal 2024") and other filings filed with the SEC. The results of operations, cash flows and comprehensive income for the nine months ended March 29, 2025 are not necessarily indicative of results to be expected for the entire fiscal year, which will end on June 28, 2025 ("fiscal 2025"). Fiscal Periods The Company utilizes a 52-53 week fiscal year ending on the Saturday closest to June 30. Fiscal 2025 will be a 52-week period. Fiscal 2024, ended on June 29, 2024, was also a 52-week period. The third quarter of fiscal 2025 ended on March 29, 2025 and the third quarter of fiscal 2024 ended on March 30, 2024, both of which were 13-week periods. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and footnotes thereto. Actual results could differ from estimates in amounts that may be material to the financial statements. Significant estimates inherent in the preparation of the condensed consolidated financial statements include reserves for the realizability of inventory; asset retirement obligations; customer returns, end-of-season markdowns and operational chargebacks; useful lives and impairments of long-lived tangible and intangible assets; accounting for income taxes and related uncertain tax positions; accounting for business combinations; the valuation of stock-based compensation awards and related expected forfeiture rates; reserves for restructuring; and reserves for litigation and other contingencies, amongst others. Principles of Consolidation These unaudited interim condensed consolidated financial statements include the accounts of the Company and all 100% owned and controlled subsidiaries. All intercompany transactions and balances are eliminated in consolidation. Share Repurchases The Company accounts for share 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; these shares may be issued in the future for general corporate and other purposes. The Company may terminate or limit the share repurchase programs 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 may be executed through open market purchases including through purchase agreements under Rule 10b5-1, in privately negotiated transactions or in other transactions, including accelerated share repurchase programs. Excise tax on net share repurchases are 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 March 29, 2025 and June 29, 2024, $246.4 million and $294.9 million, respectively, was related to suppliers eligible to participate in the Company's SCF program and presented within Accounts payable on the Condensed Consolidated Balance Sheets. Reclassification A reclassification has been made to the prior period's financial information to conform to the current period's presentation. Amortization of cloud computing arrangements of $41.1 million during the nine months ended March 30, 2024 has been reclassified out of Other assets and into Amortization of cloud computing arrangements within the Company’s Condensed Consolidated Statements of Cash Flows.

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Mar. 29, 2025
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Redemption of 4.250% Senior Notes due 2025 On April 1, 2025, the Company completed the redemption of $303.4 million remaining principal of the 4.250% Senior Notes due 2025. Refer to Note 11, "Debt" for further information about the Company's outstanding debt.

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

9 Months Ended

Mar. 29, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

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

The Company records all derivative contracts at fair value on the Condensed Consolidated Balance Sheet. The fair values of foreign currency 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 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 Condensed Consolidated Balance Sheet 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 Canadian Dollar. 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 Condensed 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 April 2025 to December 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 Condensed Consolidated Statement of Operations. The maturity date of most instruments held as of March 29, 2025 range from May 2025 to June 2025, and such contracts are typically renewed upon maturity if the related balance has not been settled.

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, Japanese Yen-denominated subsidiaries and Chinese Renminbi 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.

The following tables provide information related to the Company's derivative instruments recorded on the Company's Condensed Consolidated Balance Sheets as of March 29, 2025 and June 29, 2024:


	Notional Value				Derivative Assets					Derivative Liabilities
						Fair Value					Fair Value
	March 29, 2025		June 29, 2024		Consolidated Balance Sheet Classification	March 29, 2025		June 29, 2024		Consolidated Balance Sheet Classification	March 29, 2025		June 29, 2024
	(millions)
Designated hedge instruments:
FC - Inventory purchases(1)	$	671.7	$	764.6	Other Current Assets	$	18.0	$	58.2	Accrued Liabilities	$	1.5	$	2.2
Net investment hedges(2)	1,590.0		1,450.0		Other Current Assets & Other Assets(4)	29.2		32.2		Accrued Liabilities & Other Liabilities(5)	152.2		139.4
Total designated hedge instruments	$	2,261.7	$	2,214.6		$	47.2	$	90.4		$	153.7	$	141.6
Undesignated hedging instruments:
FC - Intercompany liabilities and loans(3)	155.1		348.2		Other Current Assets	—		0.1		Accrued Liabilities	0.1		2.6

Total Hedges	$	2,416.8	$	2,562.8		$	47.2	$	90.5		$	153.8	$	144.2

(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.


	Amount of Gain (Loss) Recognized in OCI on Derivatives
	Nine Months Ended
	March 29, 2025		March 30, 2024
	(millions)
Cash flow hedges:
Inventory purchases(1)	$	(7.9)	$	35.9
Interest rates(2)	—		(10.4)
Total cash flow hedges	$	(7.9)	$	25.5



Other:
Net investment hedges(3)	(16.1)		42.1
Total other	$	(16.1)	$	42.1
Total hedges	$	(24.0)	$	67.6


	Amount of Gain (Loss) Reclassified from Accumulated OCI into Income
	Statement of Operations Classification	Nine Months Ended
		March 29, 2025		March 30, 2024
		(millions)
Cash flow hedges:
Inventory purchases(1)	Cost of Sales	$	35.3	$	22.9
Interest rates(2)	Other income (expense)	(0.9)		(9.0)
Total cash flow hedges		$	34.4	$	13.9
Other:
Net investment hedges(3)	Interest income (expense)	$	13.5	$	—
Total other
Total hedges		$	47.9	$	13.9

(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.

The Company expects that $16.4 million of net derivative gain related to inventory purchases included in Accumulated other comprehensive income at March 29, 2025 will be reclassified into earnings within the next 12 months. This amount will vary due to fluctuations in foreign currency exchange 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, net in the Company’s Condensed Consolidated Statements of Operations. Accordingly, the Company recorded net interest income of $23.1 million and $21.8 million during the nine months ended March 29, 2025 and March 30, 2024, respectively.

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 29, 2025
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Stuart Weitzman Business Divestiture On February 16, 2025, the Company entered into the Purchase Agreement pursuant to which the Company will sell the Stuart Weitzman Business. The transaction is expected to close in the summer of 2025, subject to customary closing conditions. Refer to Note 5, "Acquisitions and Divestitures" for further information. Capri Holdings Limited Merger Agreement On August 10, 2023, the Company entered into the Merger Agreement. On November 13, 2024, the Company entered into the Termination Agreement, pursuant to which the Merger Agreement was terminated, effective immediately. The Parties also agreed to release each other from claims, demands, damages, actions, causes of action and liability relating to or arising out of the Merger Agreement and the transactions contemplated therein or thereby. Refer to Note 5, "Acquisitions and Divestitures" for further information. Letters of Credit The Company had standby letters of credit, surety bonds and bank guarantees totaling $25.9 million and $28.4 million outstanding at March 29, 2025 and June 29, 2024, respectively. The agreements, which expire at various dates through fiscal year 2040, primarily collateralize the Company's obligation to third parties for duty, leases, insurance claims and materials used in product manufacturing. The Company pays certain fees with respect to these instruments that are issued. Other The Company had other contractual cash obligations as of March 29, 2025 related to debt repayments. Refer to Note 11, "Debt," for further information. The Company is involved in various routine legal proceedings as both plaintiff and defendant incident to the ordinary course of its business, including proceedings to protect Tapestry's intellectual property rights, litigation instituted by persons alleged to have been injured by advertising claims or upon premises within the Company’s control, contractual disputes, insurance claims and litigation with present or former employees. Although the Company's litigation can result in large monetary awards, such as when a civil jury is allowed to determine compensatory and/or punitive damages, the Company believes that the outcome of all pending legal proceedings in the aggregate will not have a material effect on the Company's business or condensed consolidated financial statements. On December 23, 2024 and January 28, 2025, two separate putative securities class actions were filed by plaintiff shareholders in the United States District Court for the District of Delaware against Capri and certain of its officers and against Tapestry and certain of its officers, alleging that during the respective class periods (between August 10, 2023 and October 24, 2024), Capri and Tapestry misrepresented and failed to disclose adverse facts about Capri’s business, operations, market dynamics, and the prospects for approval of the Capri Acquisition, which were known to defendants or recklessly disregarded by them. The complaints, which each allege violations of sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and rule 10b-5 promulgated thereunder, seek unspecified compensatory damages, costs and expenses, and equitable relief. The Company intends to vigorously defend itself in these matters.

SEGMENT INFORMATION - Schedule of Segment Net Sales (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 29, 2025	Mar. 30, 2024	Mar. 29, 2025	Mar. 30, 2024
Segment Reporting Information [Line Items]
Net sales	$ 1,584.6	$ 1,482.4	$ 5,287.5	$ 5,080.1
Coach
Segment Reporting Information [Line Items]
Net sales	1,293.5	1,145.6	4,173.4	3,844.9
Kate Spade
Segment Reporting Information [Line Items]
Net sales	244.9	280.7	944.5	1,044.3
Stuart Weitzman
Segment Reporting Information [Line Items]
Net sales	$ 46.2	$ 56.1	$ 169.6	$ 190.9

- Definition

+ References

+ Details

STOCKHOLDERS' EQUITY - Narrative (Details)		3 Months Ended
STOCKHOLDERS' EQUITY - Narrative (Details)	Nov. 26, 2024 USD ($) shares	Mar. 29, 2025 USD ($) dealer shares	Nov. 21, 2024 USD ($)	Nov. 13, 2024 USD ($)
2025 Share Repurchase Program
Class of Stock [Line Items]
Share repurchase program, authorized, amount			$ 2,000,000,000	$ 2,000,000,000
Stock repurchase program, remaining authorized amount		$ 0
Accelerated share repurchases, payment	$ 2,000,000,000
Initial delivery common shares (shares) \| shares	28,363,766
Number of dealers \| dealer		1
Remaining shares owed (Shares) \| shares		43,094
Settlement amount		$ 3,000,000
2022 Share Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, remaining authorized amount		$ 800,000,000	$ 800,000,000