Alphavalue Research | The industry is still a question mark: the shift to online purchases, to what extent buyers will need to see, touch and feel a product before making up ones’ mind. However with a 15% upside potential, the sector is nearly at acceptable prices. This is entirely due to Inditex (27% upside) and M&S (25% upside but best avoided). The fact that Zalando or Next do not trade wildly above their target prices may also indicate that a Buy window has opened. Time to dip a toe again.