• Vipshop Holdings average gross margin for 2023 was 22.06%, a 9.21% increase from 2022.
• Vipshop Holdings average gross margin for 2022 was 20.2%, a 1.17% increase from 2021.
• Vipshop Holdings average gross margin for 2021 was 20.44%, a 4.89% 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.