But a tech analyst in Beijing told me Dangdang's chief problem is its lack of something other than e-commerce in a market led by sellers that are more vertical and diverse. Inditex's Spanish-fashion brand Zara has taken a different kind of risk by going solo, rather than M&A'ing with someone or hooking onto an established e-mall. The company says it will open a direct e-sales channel for its dresses, shoes and cosmetics. Inditex share prices hit record highs in late September, even though its foray into China follows the demise of other luxury-brand e-commerce efforts. Watch to see if Zara grows its B2C sales, or if they fall from "A2Z." At the time of publication the author had no position in any of the stocks mentioned.This article was written by an independent contributor, separate from TheStreet's regular news coverage.