
Flipkart Fashion reports 90% repeat buyers
Nearly half of all buyers are aged between 25 and 35, indicating rising digital adoption and changing fashion preferences among younger consumers, the business announced in a press release. Flipkart also noted that everyday ethnic wear is seeing significant demand across both metro and non-metro cities, including Bengaluru, New Delhi, Kolkata, Patna, Guwahati, and Lucknow.
Tier 3 and smaller towns now account for 55% of ethnic wear purchases, underscoring the growing appetite for affordable, culturally rooted styles in underserved markets. In terms of buyer profiles, 65% of women's ethnic wear purchases are made by women, while men account for 88% of men's ethnic wear sales.
'At Flipkart, we're witnessing remarkable growth in the ethnic wear category, especially in sarees and kurtas, which are resonating strongly with customers across India," said Flipkart Fashion's vice president Kunal Gupta in a press release. "Ethnic fashion has emerged as a key gateway for new shoppers, particularly from Tier 2 and Tier 3 cities, where traditional style requirements meet the convenience of online shopping.'
Flipkart continues to invest in AI-powered personalisation, regionalised product discovery, and faster delivery to strengthen its ethnic wear offering. As consumer interest in Indo-Western and sustainable styles grows, Flipkart announced that it remains focused on delivering diverse, accessible fashion for India's evolving shoppers.

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France 24
2 days ago
- France 24
New cryptocurrency may be aiding Russia to dodge sanctions
Multiple rounds of international sanctions have been imposed on Moscow since its February 2022 invasion of Ukraine seeking to ramp up economic pressure to halt the war. But the launch of A7A5 in February this year opened up an alternative payment method for Russian businesses and individuals to sidestep sanctions when trading with foreign partners, the UK-based non-profit Centre for Information Resilience (CIR) said in a report. A7A5 is a stablecoin -- a form of cryptocurrency backed by traditional assets -- in this case pegged to the ruble, making it harder for Western authorities to monitor than dollar-based alternatives. It was launched by a pro-Russian Moldovan oligarch and a Russian state-owned bank as "the first ever ruble-pegged stablecoin," George Voloshin from anti-money laundering group ACAMS told AFP. While it is not widely used yet, experts say its creation marks a significant step in Russia's efforts to reduce its dependence on major crypto companies -- many of which cooperate with Western governments. Russian stablecoin Since Russia was kicked out of the international banking system SWIFT and hit with asset freezes and investment bans, Moscow has already turned to crypto to sidestep financial restrictions imposed by the United States and its allies. Stablecoins are especially attractive because they are less volatile than other cryptocurrencies. People have also used cryptocurrency to donate directly to both the Ukrainian army and Russian militias, according to several analytics firms such as Elliptic. But Russia has faced a problem: USDT, the most popular stablecoin, is tied to the US dollar and controlled by a company called Tether, which cooperates with US and European authorities. Earlier this year, Tether blocked $28 million in USDT held in wallets on Garantex, Russia's largest crypto exchange, which was shut down following a global crackdown on illegal transactions. "That was a real wake-up call" for Russia, said Elise Thomas, senior investigator at CIR. "It made them think that they need their own stablecoin, they need something that they control," she added. Just before Garantex was shut down, tens of millions of dollars were moved from USDT into A7A5, according to data from crypto tracking firm Global Ledger. How it works A7A5 is backed by deposits in Promsvyazbank, a Russian bank under sanctions for its ties to the government and the military. The coin is traded on Grinex, a crypto exchange based in Kyrgyzstan -- a country seen as friendlier to Russian interests and less vulnerable to Western pressure. A7A5 is also registered in Kyrgyzstan rather than Russia because the country offers a crypto-friendly legal environment and is less exposed to "sanctions and other economic pressures," project director Leonid Shumakov said in an interview posted online. Less than six months after its launch, around $150 million is now held in A7A5. These transactions are not necessarily illegal, but they could become problematic if used by sanctioned individuals or entities to reconnect with the global financial system, warned ACAMS's Voloshin. The man behind the A7 group, which developed A7A5, is Ilan Shor, a Moldovan businessman and politician now living in Russia. Investigators found links between A7A5 and Shor's political activities in Moldova, including websites related to both sharing the same IP address. These findings have suggested that the cryptocurrency could be used as a tool for political influence. Shor and his company have already been sanctioned by the UK, and more recently by the European Union, which accused them of trying to meddle in Moldova's 2024 presidential election and its referendum on joining the EU -- all while keeping close ties with Moscow.


Euronews
3 days ago
- Euronews
Are immigrants earning less than native workers?
Immigrants earn, on average, 17.9% less per year than natives in Europe and North America, according to a Nature study. The research analysed the salaries of 13.5 million workers across nine countries, including Denmark, France, Germany, the Netherlands, Norway, Spain, and Sweden, between 2016 and 2019. Three-quarters of this pay gap was the result of a lack of access to higher-paying jobs, while only one-quarter of the gap was attributed to pay differences between migrant and native-born workers in the same job. In Spain, the pay gap was over 29%, the highest among all seven European countries. Foreigners make up 13% of the nation's workforce, contributing to economic growth and population increase. In Norway, Germany, France and the Netherlands, immigrants earn between 15% and 20% less than natives. Meanwhile, in Sweden—a country where many employed immigrants find work in the public sector—it was just 7%. The place where immigrants were born also mattered. The highest average overall pay gaps were for immigrants from sub-Saharan Africa, at 26.1%, and the Middle East and North Africa, at 23.7%. Immigrants from Europe, North America and other Western countries experienced a much smaller average pay difference compared to natives, at just 9%. However, the children of immigrants had a substantially smaller earnings gap, earning an average of 5.7% less than workers with native-born parents. Within-job pay differences between natives and children of immigrants are uniformly very small, at less than 2% in all countries. What can be done to tackle this pay gap? In 2023, 39.4% of non-EU citizens were overqualified for the jobs they were in, according to the latest Eurostat figures. According to a McKinsey study, improving social mobility could raise the Gross Domestic Product (GDP) of European countries by 3% to 9% and close the skills gap expected by 2030 without needing new training or reskilling. A set of measures can be implemented to reduce job-level segregation effectively, the study's researchers found. This includes language training, job training, job search assistance programmes which directly connect workers to employers, improved access to domestic education, and recognition of foreign qualifications. Currently, some EU countries have implemented initiatives to tackle this issue. In 2024, Germany enforced the Skilled Immigration Act, which allowed foreign graduates to work while their degrees are being formally recognised. France this year reformed its "Carte Talent" permit - a multi-year residence permit for foreign nationals in France - to attract skilled professionals and address labour shortages, especially in healthcare. "These kinds of policies help ensure that foreign-born workers can contribute at their full capacity, and that countries can reap the full benefits of immigration in terms of productivity gains, higher tax revenue and reduced inequality," stated the paper's researchers Marta M. Elvira, Are Skeie Hermansen and Andrew Penner. "Smart immigration policy doesn't end at the border - it starts there."


Euronews
4 days ago
- Euronews
Trade issues on the table at scaled-back EU-China summit in China
European leaders were pushing for rebalancing trade at the EU-China summit with President Xi Jinping on Thursday. Focusing their opening remarks on trade, they called for concrete progress to address Europe's yawning trade deficit with China. "As our cooperation has deepened, so have the imbalances," European Commission President Ursula von der Leyen said. "We have reached an inflection point. Rebalancing our bilateral relations is essential. Because to be sustainable, relations need to be mutually beneficial." Expectations were low for the talks, initially supposed to last two days but scaled back to one. They come amid financial uncertainty around the world, wars in the Middle East and Ukraine, and the threat of US tariffs. Neither the EU nor China is likely to budge on key issues dividing the two economic juggernauts. European Council President António Costa called on China to use its influence over Russia to bring an end to the war in Ukraine — a long-running plea from European leaders that is likely to fall on deaf ears. He signalled a possible agreement on climate, saying he looks forward to "a strong joint political message" from the summit ahead of annual UN climate talks in November in Brazil. That could follow their talks with China's Premier Li Qiang later Thursday. Xi called on China and Europe to deepen cooperation and mutual trust to provide stability in an increasingly complex international environment, China's state broadcaster CCTV reported online. They should set aside differences and seek common ground, he said, a phrase he often uses in relationships like the one with the EU. Treading carefully not to get too close Besides the trade imbalance and the Ukraine war, Von der Leyen and Costa were expected to raise concerns about Chinese cyberattacks and espionage, its restrictions on the export of rare earth minerals and its human rights record in Tibet, Hong Kong and Xinjiang. The EU, meanwhile, has concerns about a looming trade battle with the United States. "Europe is being very careful not to antagonise President Trump even further by looking maybe too close to China, so all of that doesn't make this summit easier," said Fabian Zuleeg, chief economist of the European Policy Centre. "It will be very hard to achieve something concrete." China's stance has hardened on the EU, despite a few olive branches, like the suspension of sanctions on European lawmakers who criticised Beijing's human rights record in Xinjiang, a region in northwestern China home to the Uyghurs. China believes it has successfully weathered the US tariffs storm because of its aggressive posture, said Noah Barkin, an analyst at the Rhodium Group think tank. Barkin said that Beijing's bold tactics that worked with Washington should work with other Western powers. "China has come away emboldened from its trade confrontation with Trump. That has reduced its appetite for making concessions to the EU," he said. "Now that Trump has backed down, China sees less of a need to woo Europe." China is the EU's second-largest trading partner in goods, after the United States, with about 30% of global trade flowing between them. Both China and the EU want to use their economies ties to stabilise the global economy, and they share some climate goals. But deep disagreements run through those overlapping interests. Division on trade China and the EU have multiple trade disputes across a range of industries, but no disagreement is as sharp as their enormous trade imbalance. Like the US, the 27-nation bloc runs a massive trade deficit with China — around €300 billion last year. It relies heavily on China for critical minerals, which are also used to make magnets for cars and appliances. When China curtailed the export of those minerals in the wake of US President Donald Trump's tariffs, European automakers cried foul. The EU has tariffs on Chinese electric vehicles in order to support its own carmakers by balancing out Beijing's own heavy auto subsidies. China would like those tariffs to be revoked. The rapid growth in China's market share in Europe has sparked concern that Chinese cars will eventually threaten the EU's ability to produce its own green technology to combat climate change. Business groups and unions also fear that the jobs of 2.5 million auto industry workers could be put in jeopardy, as well as those of 10.3 million more people whose employment depends indirectly on EV production. China has also launched investigations into European pork and dairy products, and placed tariffs on French cognac and armagnac. They have criticised new EU regulations of medical equipment sales, and fear upcoming legislation that could further target Chinese industries, said Alicia García-Herrero, a China analyst at the Bruegel think tank. In June, the EU announced that Chinese medical equipment companies were to be excluded from any government purchases of more than €5 million (nearly $6 million). The measure seeks to incentivise China to cease its discrimination against EU firms, the bloc said, accusing China of erecting "significant and recurring legal and administrative barriers to its procurement market." European companies are largely seeing declining profitability in China. But the EU has leverage because China still needs to sell goods to the bloc, García-Herrero said. "The EU remains China's largest export market, so China has every intention to keep it this way, especially given the pressure coming from the U.S.," she said. It was unclear why the initial plan for the summit of two days was curtailed to just one in Beijing. War on Europe's doorstep The clear majority of Europeans favour increasing aid to Ukraine and more sanctions on Russia. The latest sanctions package on Russia also listed Chinese firms, including two large banks that the EU accused of being linked to Russia's war industry. China's commerce ministry said that it was "strongly dissatisfied with and firmly opposed to" the listing and vowed to respond with "necessary measures to resolutely safeguard the legitimate rights and interests of Chinese enterprises and financial institutions." Xi and Putin have had a close relationship, which is also reflected in the countries' ties. China has become a major customer for Russian oil and gas, and a source of key technologies following sweeping Western sanctions on Moscow. In May, Xi attended a Victory Day celebration alongside Putin in Moscow, but didn't attend a similar EU event in Brussels celebrating the end of World War II. Von der Leyen and Costa will press Xi and Li to slash their support of Russia, but with likely little effect. Beyond Beijing and Washington Buffeted between a combative Washington and a hard-line Beijing, the EU has more publicly sought new alliances elsewhere, inking a trade pact with Indonesia, heaping praise on Japan and drafting trade deals with South America and Mexico. "We also know that 87% of global trade is with other countries — many of them looking for stability and opportunity. That is why I am here for this visit to Japan to deepen our ties," Von der Leyen said in Tokyo during an EU-Japan summit on her way to Beijing. "Both Europe and Japan see a world around us where protectionist instincts grow, weaknesses get weaponised, and every dependency exploited. So it is normal that two like-minded partners come together to make each other stronger." Promoting ties with Europe is one third of Japan's new 2025 military doctrine, after sustaining defence links with the US and investing in capabilities at home like missiles, satellites, warships, and drones.