Capitalism's status hierarchy faces upheaval

Capitalism's status hierarchy is being disrupted, causing 'status death' for workers once buoyed by prestigious institutions.

A hedge fund worker felt diminished as AI peers out-earned him, illustrating shifting status within finance.

Luxury firms like LVMH and Kering saw share price declines, while Knight Frank's luxury index fell since 2022.

Luxury brands lost exclusivity by selling to the affluent rather than the ultra-rich, reducing desirability.

Nike's struggles are blamed on excessive egalitarianism, prioritizing affordability over status signaling.