• Tapestry average gross margin for 2023 was 71.08%, a 2.17% increase from 2022.
• Tapestry average gross margin for 2022 was 69.57%, a 1.89% increase from 2021.
• Tapestry average gross margin for 2021 was 70.91%, a 7.67% decline from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.