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Inditex is a multibrand fashion conglomerate founded in 1985. Flagship brand Zara (including Zara Home) generates just over 70% of revenue and profits. Other brands include Pull&Bear, Massimo Dutti, Bershka, Stradivarius, and Oysho. The company operates through 5,500-plus stores globally, around 1,800 of them belonging to the Zara brand. Sixty-six percent of revenue is generated in its European home market. The company keeps design in-house while mostly outsourcing manufacturing.

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Industria De Diseno Textil SA

<h4>Key Takeaways:</h4>
<ul>
<li>A politician in Britain&rsquo;s ruling party is calling for a review of Shein&rsquo;s London IPO bid and a ban on goods sourced from Xinjiang</li>
<li>A proposed U.S. move to revoke a tax exemption for low-value goods could add 20% or more to Shein&rsquo;s prices&nbsp;</li>
</ul>
By Lee Shih Ta
The world of ultra-fast fashion relies on speedy gratification, with a brand new outfit just a click away. Chinese clothing retailer&nbsp;Shein&nbsp;has made rapid inroads into Western markets with this business model, but an overseas IPO has not turned out to be a quick win.
Amid mounting tensions with Western trading nations, China&rsquo;s&nbsp;e-commerce companies are finding themselves caught in the crossfire. Shein came up against firm resistance as it shopped around for an overseas IPO venue and could also face an assault on its price advantage in U.S. markets.
Shein is officially headquartered in Singapore, but its operations are rooted in China&rsquo;s Guangdong Province. An attempt to list in New York faltered after political opposition. The fashion powerhouse then switched its attentions to the London Stock Exchange, which is keen to get the IPO business, but the revised plan could also be running into trouble.
A senior British political figure is calling for closer government scrutiny of the IPO application, citing concerns about the treatment of workers in Shein&rsquo;s supply chain.
Liam Byrne, a lawmaker in the ruling Labour Party who heads parliament&rsquo;s powerful trade committee, wants the government to emulate a U.S. ban on cotton imports from the Xinjiang region over the suspected use of forced labor from among the Uighur community. Britain should adopt the same standards on human rights and supply chain transparency as the United States in the interest of strengthening bilateral ties, Byrne said in statements reported by the&nbsp;<a href="https://www.ft.com/content/4d23f0db-9b2b-45f3-a8cf-0f99dddc636d">U.K. media</a>.
Meanwhile, U.K. activists have launched a &ldquo;Say No to Shein&rdquo; campaign, calling for the company&rsquo;s labor practices, environmental impact and tax arrangements to be investigated before any IPO green light is given.
<h3>Tax Loophole</h3>
The controversy highlights a growing polarization between China and the West as commercial competition intensifies.
According to a study by the International Monetary Fund, the globalized world is dividing into two blocs led by the U.S. and China, with declining trade and investment links between the competing alliances.
Against this background, U.S. legislators have turned their critical gaze towards the duty-free tax status enjoyed by the flood of small packages sent to U.S. consumers by Chinese e-commerce firms such as Shein and Temu.
The U.S. government recently&nbsp;<a href="https://www.reuters.com/business/retail-consumer/us-take-steps-curb-low-value-chinese-shipments-under-800-de-minimis-exemption-2024-09-13/">announced&nbsp;</a>that it wanted to curb the volume of small shipments that currently enter the country duty free up to a value threshold of $800, under a provision originally intended to make it easier for individuals to get modest packages or souvenirs from abroad.
Critics of the so-called &ldquo;de minimis&rdquo; rule say it has been exploited by the likes of Shein and Temu to offer products at ultra-low prices, to the detriment of U.S. producers and retailers. According to the White House, the number of low-value items entering the U.S. without incurring import taxes has jumped from 140 million to 1 billion in the past decade.
The China Select Committee&nbsp;in the U.S. Congress&nbsp;estimates that 30% of all goods imported under the rule were shipped by Shein and Temu. The bipartisan group of lawmakers also predicted the proposed revision would add at least another 20% to the prices charged by Shein and Temu, dealing a significant blow to the Chinese companies&rsquo; market competitiveness.
Under the proposed change, goods otherwise subject to trade tariffs &ndash; including around 70% of textiles and clothing produced by China &ndash; would no longer qualify for the tax break for low-value goods.
The U.S. is not alone in rethinking the tax treatment of online shopping sourced from overseas. The European Union is also reported to be considering revoking a similar rule that allows online purchases worth up to 150 euros to enter its market free of duty.
The defensive moves point to growing concern about the threat that cheap imports are posing to domestic manufacturers via online shopping platforms.
Sales figures from Chinese online giants underline how quickly they have been changing the game. Shein&rsquo;s sales rose&nbsp;40% last year to $32.2 billion (around 228 billion yuan),&nbsp;surpassing&nbsp;Zara&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/idexy#OTC">IDEXY</a>),&nbsp;H&amp;M&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/hnnmy#OTC">HNNMY</a>) and&nbsp;UNIQLO&nbsp;(6288.HK; 9983.T). The year-on-year growth in sales&nbsp;accelerated from a 37% rise in 2022.&nbsp;
Low price&nbsp;is Shein&rsquo;s biggest weapon in the fast-fashion market. On Shein dresses were selling for an average of $28.5&nbsp;in early June, compared with about $40&nbsp;at&nbsp;H&amp;M and $79 at Zara, according to&nbsp;data from the retail analytics firm Edited. If the tax changes push its prices up by 20%, Shein&nbsp;will land in the same price ballpark as&nbsp;H&amp;M.&nbsp;
<h3>Pushback From China?&nbsp;</h3>
Valued at $66 billion last year after its latest funding round, Shein is a super unicorn following in the footsteps of other Chinese tech companies on the global market stage, but in rather more challenging times. A decade ago,&nbsp;Alibaba&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/baba#NYSE">BABA</a>) raised $25 billion&nbsp;through&nbsp;a New York IPO, while Shein got a frostier reception in its bid to list on global exchanges.
Founded in Nanjing, Shein moved its headquarters to Singapore to better access Western capital, whilefounder&nbsp;Chris Xu even took up formal residency in the city state, underlining the company&rsquo;s international credentials. Shein&rsquo;s online profile plays down the company&rsquo;s Chinese origins, but&nbsp;the&nbsp;supply chains, warehouses and inventories&nbsp;are still very much inside&nbsp;China.
Shein is not just coming under Western scrutiny over its listing plans &ndash; it is also still subject to Chinese regulatory oversight. Chinese rules require a company to file IPO plans with the country&rsquo;s securities regulator if 50% or more of its operating income, profits, total assets or net assets are generated within China, regardless of where the holding company is registered.&nbsp;
Chinese regulators have yet to approve Shein&rsquo;s plans for an&nbsp;overseas IPO. In fact, some foreign media have reported that the government is unhappy about Shein distancing itself from its Chinese heritage and could be worried about fostering a growing trend of corporate decoupling.&nbsp;
With resistance from China and the U.S., Shein might want to weigh up the merits of a listing in Hong Kong.
This article is from an unpaid external contributor. It does not represent Benzinga&#39;s reporting and has not been edited for content or accuracy.

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Far From Fast: Shein's Overseas Odyssey Hits Fresh Obstacles

Growth investors focus on stocks that are seeing above-average financial growth, as this feature helps these securities garner the market&#39;s attention and deliver solid returns. But finding a great growth stock is not easy at all.
That&#39;s because, these stocks usually carry above-average risk and volatility. In fact, betting on a stock for which the growth story is actually over or nearing its end could lead to significant loss.
However, it&#39;s pretty easy to find cutting-edge growth stocks with the help of the Zacks Growth Style Score, which looks beyond the traditional growth attributes to analyze a company&#39;s real growth prospects.
Industria de Diseno Textil SA (OTC: <a class="ticker" href="https://www.benzinga.com/stock/idexy#OTC">IDEXY</a>) is one such stock that our proprietary system currently recommends. The company not only has a favorable Growth Score, but also carries a top Zacks Rank.
Studies have shown that stocks with the best growth features consistently outperform the market. And for stocks that have a combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy), returns are even better.
Here are three of the most important factors that make the stock of this company a great growth pick right now.
<h2>Earnings Growth</h2>
Earnings growth is arguably the most important factor, as stocks exhibiting exceptionally surging profit levels tend to attract the attention of most investors. For growth investors, double-digit earnings growth is highly preferable, as it is often perceived as an indication of strong prospects (and stock price gains) for the company under consideration.
While the historical EPS growth rate for Industria de Diseno Textil is 16.2%, investors should actually focus on the projected growth. The company&#39;s EPS is expected to grow 12.1% this year, crushing the industry average, which calls for EPS growth of 11.9%.
<h2>Cash Flow Growth</h2>
Cash is the lifeblood of any business, but higher-than-average cash flow growth is more beneficial and important for growth-oriented companies than for mature companies. That&#39;s because, high cash accumulation enables these companies to undertake new projects without raising expensive outside funds.
Right now, year-over-year cash flow growth for Industria de Diseno Textil is 1.8%, which is higher than many of its peers. In fact, the rate compares to the industry average of -10.7%.
While investors should actually consider the current cash flow growth, it&#39;s worth taking a look at the historical rate too for putting the current reading into proper perspective. The company&#39;s annualized cash flow growth rate has been 8.3% over the past 3-5 years versus the industry average of 5.7%.
<h2>Promising Earnings Estimate Revisions</h2>
Superiority of a stock in terms of the metrics outlined above can be further validated by looking at the trend in earnings estimate revisions. A positive trend is of course favorable here. Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
The current-year earnings estimates for Industria de Diseno Textil have been revising upward. The Zacks Consensus Estimate for the current year has surged 0.3% over the past month.
<h2>Bottom Line</h2>
While the overall earnings estimate revisions have made Industria de Diseno Textil a Zacks Rank #2 stock, it has earned itself a Growth Score of A based on a number of factors, including the ones discussed above.
This combination positions Industria de Diseno Textil well for outperformance, so growth investors may want to bet on it.
<a href="https://www.zacks.com/stock/news/2323990/3-reasons-why-growth-investors-shouldn-t-overlook-industria-de-diseno-textil-idexy?cid=CS-BENZ-FT-tale_of_the_tape|yseop_template_11_growth-2323990">To read this article on Zacks.com click here.</a>

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Shein, the Chinese fast-fashion giant, is reportedly contemplating a shift of its initial public offering (IPO) from the U.S. to London due to regulatory obstacles. The company is also considering other potential venues, including Hong Kong and Singapore.
What Happened: Shein, which was initially established in China but is now headquartered in Singapore, is exploring the possibility of a London listing, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-02-26/shein-considering-london-ipo-amid-us-resistance-to-listing">reported</a> on Monday citing people with knowledge of the matter. This move comes as the company faces challenges with its U.S. IPO application, with the U.S. Securities and Exchange Commission (SEC) showing little inclination to approve it.
The company is still working on its U.S. listing application, but it would need to submit a new overseas listing application with Chinese regulators if it decides to switch to London or elsewhere. 
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/02/37307384/dogecoins-price-patterns-mirrors-2023-bull-market-that-saw-23-000-gains-says-crypto-analys?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Dogecoin&#8217;s Price Patterns Mirrors 2023 Bull Market That Saw 23,000% Gains, Says Crypto Analyst: &#8216;We Could See DOGE Enter A Parabolic Breakout&#8217;</a>
A potential London listing could revitalize the market, which experienced a dismal year for IPOs. The UK is also grappling with a corporate exodus to the U.S. and other countries.
"Listing on the LSE is a short-term compromise taken by Shein to prioritize certainty over valuation and liquidity," said Ke Yan, head of research at DZT Research in Singapore.
Shein did not immediately respond to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga</a>'s request for comment.
Why It Matters: The news of Shein considering a London IPO comes after its backers offered to <a href="https://www.benzinga.com/news/24/01/36773387/sheins-backers-look-to-offload-shares-at-30-discount-amid-fading-hopes-for-ipo">sell shares at a 30% discount</a> amid fading hopes for an IPO. This development raises questions about the company&#8217;s valuation and the challenges it faces in the U.S. market.
Shein&#8217;s potential shift to London also coincides with Zara&#8216;s parent company, Industria De Diseno (OTC:<a class="ticker" href="https://www.benzinga.com/stock/IDEXY#OTC">IDEXY</a>), <a href="https://www.benzinga.com/news/24/02/37254427/zaras-parent-company-targets-shein-with-budget-brand-lefties-strategic-expansion">launching a strategic expansion</a> of its budget brand, Lefties, to counter the growing influence of Shein. This indicates the increasing competition Shein is facing in the global fashion market.
Moreover, the company&#8217;s IPO plans are unfolding against the backdrop of its rivalry with PDD Holdings Inc&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>) <a href="https://www.benzinga.com/news/24/02/37101701/temu-vs-shein-battle-intensifies-as-temu-woos-sellers-targets-amazon-and-walmart">Chinese online marketplace,</a> Temu, which is attracting manufacturers previously affiliated with Shein. This intensifying competition could be a factor in Shein&#8217;s considerations for its IPO venue.
Read Next: <a href="https://www.benzinga.com/news/24/02/37301734/donald-trumps-mar-a-lago-co-defendant-carlos-de-oliveira-requests-dismissal-of-charges-in-classified?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Donald Trump&#8217;s Mar-a-Lago Co-Defendant Carlos De Oliveira Requests Dismissal Of Charges In Classified Document Case: Report</a>
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Industria De Diseno (OTC:<a class="ticker" href="https://www.benzinga.com/stock/IDEXY#OTC">IDEXY</a>), the parent company of Zara, is launching a strategic expansion of its budget brand, Lefties, to counter the growing influence of the Chinese fast-fashion giant Shein.
What Happened: Inditex is expanding its budget brand, Lefties, in response to the competitive threat posed by Shein, a Chinese online marketplace with no physical stores, reported Reuters. Shein&#8217;s aggressive pricing has put pressure on traditional retailers like Inditex and H&amp;M.
Zara&#8217;s prices have increased, affecting its competitiveness. In response, Inditex is quietly growing its budget ranges, with Lefties at the forefront. Lefties, initially an outlet for Zara&#8217;s leftover stock, now operates in 17 countries, including Egypt, Mexico, and Turkey.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/02/37196871/edward-snowden-says-unpopular-but-true-that-bitcoin-is-most-significant-monetary-advance-s?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Edward Snowden Says &#8216;Unpopular But True&#8217; That Bitcoin Is &#8216;Most Significant&#8217; Monetary Advance Since Coinage Created</a>
Despite Zara&#8217;s larger sales and store numbers, Lefties is gaining traction in Spain, Portugal, and other emerging markets. This expansion is part of Inditex&#8217;s strategy to cater to value-conscious shoppers while maintaining Zara&#8217;s profitability.
Lefties adopt comparable tactics to Shein on Instagram and TikTok, often showcasing micro-influencers in its content, which diverges from Zara&#8217;s social media marketing approach characterized by a high-fashion aesthetic.
Why It Matters: Shein&#8217;s rise has been a cause for concern for traditional fast-fashion retailers. The company&#8217;s IPO, which was expected to reach a valuation of up to $90 billion, is now facing significant setbacks. Investors are struggling to sell <a href="https://www.benzinga.com/news/24/01/36773387/sheins-backers-look-to-offload-shares-at-30-discount-amid-fading-hopes-for-ipo">shares at a 30% discount</a> in private market deals, leading to concerns about further devaluation.
Inditex&#8217;s move to bolster its budget brand in response to Shein&#8217;s challenge reflects the shifting dynamics in the fast-fashion industry. Shein, once known for its own branded apparel, has now <a href="https://www.benzinga.com/news/23/07/33160475/fast-fashion-giant-shein-shifts-strategy-takes-on-amazon-with-marketplace-expansion">shifted to a marketplace model</a>, allowing third-party sellers to directly sell various products to consumers. This strategy has seen Shein expand into Mexico, Brazil, and the U.S., with plans to enter Europe.
Meanwhile, traditional fast-fashion retailers like Zara and H&amp;M have been <a href="https://www.benzinga.com/general/biotech/23/10/35249164/zara-h-m-and-weed-is-there-a-connection-insights-into-fast-fashion-and-the-cannabis-industry">navigating the industry&#8217;s challenges</a> by leveraging their adaptability and innovation. Inditex&#8217;s focus on its budget brand Lefties is a clear indication of the company&#8217;s determination to stay competitive in the face of evolving market dynamics.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/02/37205399/dogecoin-touches-0-09-after-reports-suggest-ferrari-now-accepts-doge-trader-says-putting-e?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Dogecoin Touches $0.09 After Reports Suggest Ferrari Now Accepts DOGE — Trader Says Putting &#8216;Every Single Cent&#8217; Earned On X In Meme Coin</a>
Image: Unsplash by Alexander Kovacs
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Zara's Parent Company Targets Shein With Budget Brand Lefties' Strategic Expansion

The bear market in 2022 was a rough patch for billionaires around the world. Or at least, for their balance sheets.
Last year&rsquo;s annual ranking of the planet&rsquo;s richest people by <a href="https://www.forbes.com/billionaires/">Forbes</a>, featured 87 fewer people than in 2021, with the group losing a collective $400 billion on the heels of a massive drop in valuations for publicly listed companies.
Read Also: <a href="http://www.benzinga.com/opinion/23/01/30253044/2022-was-never-a-bear-market">2022 Was Never A Bear Market</a>
Russia and China had the largest drops in billionaire headcounts due to the Ukraine/Russia conflict and&nbsp;the Chinese government crackdown on tech companies.
The U.S. continues to lead the pack as the country with the most billionaires. But the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/01/30325912/ahead-of-tech-earnings-analyst-says-sector-is-under-owned-repeats-calls-for-20-rall">tech sector</a> got hard hit in 2022, leading to huge drops in wealth for many who made their money in Silicon Valley.
Elon Musk, who led the billionaire list throughout 2022, <a href="https://www.benzinga.com/news/23/01/30247173/musk-suffers-biggest-loss-of-wealth-in-history-how-much-his-fortune-fell-amid-tesla-stock-crash">experienced the biggest loss of wealth in history</a> as the&nbsp;Tesla Inc.&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) nosedive erased more than&nbsp;66% of the company&rsquo;s market cap in just one year.
After Musk&rsquo;s wealth drop, the lesser-known&nbsp;Bernard Arnault, the&nbsp;chairman of luxury goods maker LVMH Moet Hennessy Louis Vuitton SA (OTC: <a class="ticker" href="https://www.benzinga.com/stock/lvmuy#OTC">LVMUY</a>), rose to the top of the list as the world&rsquo;s richest man in 2023.
For every Musk, there&rsquo;s an Arnault. And for every Jeff Bezos, Bill Gates and Mark Zuckerberg there are lesser-known (but equally powerful) names at the top of the billionaire&rsquo;s list.
Read Also:&nbsp;<a href="https://www.benzinga.com/news/22/10/29471662/these-3-tech-billionaires-have-lost-nearly-half-a-trillion-dollars-this-year">These 3 Tech Billionaires Have Lost Nearly Half A Trillion Dollars This Year</a>
Here are&nbsp;five you may not know about. The number next&nbsp;to the name is their ranking on&nbsp;the <a href="https://www.bloomberg.com/billionaires/?sref=TBDibEcD">Bloomberg</a> Billionaires Index (as of Jan. 20, 2023).
<h3>#20: Amancio Ortega</h3>
Spanish-born Amancio Ortega is the majority owner of Industria De Diseno Textil Inditex ADR&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/idexy#OTC">IDEXY</a>), the multinational clothing conglomerate behind the Zara brand.
The company also owns several other global fast-fashion brands including Massimo Dutti, Oysho, Pull&amp;Bear, Stradivarius, Uterq&uuml;e and Lefties.
Ortega opened the first Zara store in 1975 after several years of climbing his way up the textile industry, where he started at age 14 as a tailor&rsquo;s apprentice.
<h3>#14: Zhong Shanshan</h3>
The Chinese chair of Nongfu Spring, one of China&rsquo;s largest bottled water and beverage companies, sits at the 14th spot on the billionaire list.
Zhong is also the majority shareholder in Beijing Wantai Biological Pharmacy Enterprise, a Chinese pharmaceutical company that manufactures vaccines and tests, among other biochemichal products.
<h3>#23: Zhang Yiming</h3>
The 23rd person on the list might not be as famous as Mark Zuckerberg, but his flagship product is surely taking a big share out of Instagram&rsquo;s market. Zhang is the founder of ByteDance, the group behind the TikTok app, and the company&rsquo;s CEO up until May 2021.
TikTok has become the hottest video app amongst Gen-Z users, but its Chinese ownership <a href="https://www.benzinga.com/general/entertainment/22/12/29951199/fbi-says-china-could-use-tiktok-for-influence-operations-against-americans">continues to make headlines</a> for the risk it may pose to U.S. homeland security.
<h3>#8: Mukesh Ambani</h3>
With over 1.4 billion people, India represents one of the largest markets in the world and a huge cash opportunity for anybody able to dominate it.
Number eight on the list, Ambani is the chairman and managing director of Reliance Industries Ltd., India&rsquo;s largest multinational conglomerate, which is largely diversified into energy, petrochemicals, natural gas, retail, telecommunications, mass media&nbsp;and textiles.
Reliance&#39;s place in the Indian economy is so significant that the company accounts for 7% of India&#39;s total merchandise exports.
<h3>#11: Carlos Slim</h3>
Mexican businessman Carlos Slim topped the billionaire list between 2010 and 2013, before the tech boom that put Silicon Valley founders on top.
Currently at number 11, Slim started as a stock trader in the 1960s to become the head of Grupo Carso, a global conglomerate that spans across education, health care, manufacturing, transportation, real estate, mass media, energy, hospitality, entertainment, technology, retail, sports and financial services. He also owned stakes in the New York Times and America Movil. 
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