• Vipshop Holdings average operating margin for 2023 was 7.23%, a 39.85% increase from 2022.
• Vipshop Holdings average operating margin for 2022 was 5.17%, a 5.14% increase from 2021.
• Vipshop Holdings average operating margin for 2021 was 5.45%, a 0.55% decline from 2020.

Operating margin can be defined as operating margin measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc.