Zalando SE

Zalando, based in Berlin, is Europe's largest online fashion platform, selling clothing and footwear from thousands of brands to tens of millions of customers and increasingly acting as a logistics and technology partner for the brands themselves. It sits squarely on the long-term shift of clothing sales from the high street to the internet. This is a pure growth company, and it pays no dividend, choosing instead to plough its cash back into technology, warehouses and market share. Income investors will find nothing here, which is why its DiviScore is among the lowest in the index. The stock is bought for the prospect of long-term growth in online fashion, not for any distribution.