Based on the memoirs of a Gypsy Rose Lee, a successful burlesque performer, Gypsy is a musical fable. The story follows Momma Rose and her two children, June and Louise. Convinced they can make it in showbiz as a fresh-faced double act, she touts them up and down the country during the Depression. But as the light of Vaudeville fades in favour of something more titillating, the girls grow up and start answering back. Soon she realises her blind determination may have cost her more than just fame and fortune, but her relationship with her children.