Goodwill and Other Intangible Assets

The Company evaluates goodwill and other indefinite life intangible assets annually for impairment. In order to complete our impairment analysis, we must perform a valuation analysis which includes determining the fair value of the Company’s reporting units based on discounted cash flows. This analysis contains uncertainties as it requires management to make assumptions and estimate the profitability of future growth strategies. The Company determined that there was no impairment in fiscal 2009, fiscal 2008 or fiscal 2007.

Goodwill and Other Intangible Assets

Goodwill and indefinite life intangible assets are evaluated for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company performed an impairment evaluation in fiscal 2009, fiscal 2008 and fiscal 2007 and concluded that there was no impairment of its goodwill or indefinite life intangible assets.

11. Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill for the years ended June 27, 2009 and June 28, 2008 are as follows:

		Direct-to- Consumer				Indirect				Total
Balance at June 30, 2007		$	212,278			$	1,516			$	213,794
Foreign exchange impact			35,324				—				35,324
Balance at June 28, 2008			247,602				1,516				249,118
Acquisition of Hong Kong, Macau and Mainland China retail businesses			6,254				—				6,254
Foreign exchange impact			28,015				—				28,015
Balance at June 27, 2009		$	281,871			$	1,516			$	283,387

At June 27, 2009 and June 28, 2008, intangible assets not subject to amortization were $9,788 and consisted of trademarks.

9. Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill for the years ended June 28, 2008 and June 30, 2007 are as follows:

		Direct-to- Consumer				Indirect				Total
Balance at July 1, 2006		$	226,295			$	1,516			$	227,811
Foreign exchange impact			(14,017	)			—				(14,017	)
Balance at June 30, 2007			212,278				1,516				213,794
Foreign exchange impact			35,324				—				35,324
Balance at June 28, 2008		$	247,602			$	1,516			$	249,118

At June 28, 2008 and June 30, 2007, intangible assets not subject to amortization were $9,788 and $11,865 and consisted primarily of trademarks.

Goodwill and Other Intangible Assets

Goodwill and indefinite life intangible assets are evaluated for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company performed an impairment evaluation in fiscal 2007, 2006 and 2005 and concluded that there was no impairment of its goodwill or indefinite life intangible assets.

      As discussed in “Recent Accounting Pronouncements,” the Company adopted Statement of Financial Accounting Standards (“SFAS”) No. 142, “Goodwill and Other Intangible Assets” (“SFAS 142”) effective in the first quarter of fiscal 2002. Under this new standard, goodwill and indefinite life intangible assets are no longer amortized but are subject to annual impairment tests. Other intangible assets with finite lives will continue to be amortized on a straight-line basis over the periods of expected benefit. The transitional impairment tests were completed and did not result in an impairment charge.