A Dominican Republic-based reader sent in this pic from Zara of what he calls "a veeeery poor and cheap immitation of Proenza Schouler's PS1." Indeed, the "leather" looks plastic-y and the black part appears to be canvas.
We love the PS1, because it's an "It bag," we guess, but it's so simple and understated that it lacks the annoying fad aspect of most It bags that came before it. Still, lots of celebrities carry it around, so we're not surprised someone like Zara would decide to create something similar. Not a very impressive knock-off of the Olsen favorite. However, at least the buckles and colorways are slightly different from the original, unlike Navoh's knock-off, which was more of a straight-up copy and just as cheap-looking.