What is luxury in 2026? Is it labels? Status? Merely quality? It’s gotten a bit overinflated and confusing. For the first time in a long time, the luxury sector is experiencing a period of uncertainty. After the boom of recent decades and the significant growth peak it experienced during the pandemic, it is now going through what some experts describe as a period of stabilization, others as a period of regression, or even, the most pessimistic, as a burst bubble.

Forbes reports that LVMH’s profits dropped 15% in the first half of 2025, with organic growth down 3%, and nearly all divisions reported flat or negative performance. As for Gucci-owned luxury group Kering, this year has been even worse: revenue is down 18% for Q2, with Gucci’s sales plummeting by 25% and overall sales in Asia-Pacific and Japan down as much as 29% in the first half of the year. Declining growth in the fashion division and the Asia-Japan geography seems to be a common denominator for both luxury groups, but these results signal a downturn that is persistent and increasingly difficult to dismiss, likely hinting at a deeper issue.

For years, luxury groups have focused on hyper-scaling growth, gaining market share and reach. They began turning heritage houses into mega brands with mass appeal. What these groups are now facing is not just the result of tariffs, inflation and geopolitical uncertainty. It is not a temporary dip in demand, but a clear sign calling for a reset. Because it feels like luxury is inescapable. Products are seen constantly; but people are starting to care less and even fewer are buying.

Matter makes an interesting point. Since we all see each other less in person and more via online, showing up to flex a luxury item has become less of a priority. The 0.01% are not buying into widely available physical products and assets. Instead, they are seeking out money-can’t-emulate experiences. The Economist’s ultra-luxury-services index—an index measuring apex experiences with both global recognition and reliable price data over many years—has risen by 90% since 2019.

And the omnipresence of luxury products and lifestyles on our screens goes far beyond advertising. Across the spectrum of spending power, consumers are fed a constant diet of the lifestyles of the rich and the famous. Is anyone really impressed with a closet lined with Birkins anymore? Sadly, no.

President Donald Trump's surgeon general nominee Dr. Casey Means testified before the Senate on Wednesday in her bid to be confirmed as the nation's top doctor. She shared a vision for addressing the root causes of chronic disease instead of feeding into “reactive sick care” during her hearing.

Although Means, 38, graduated from Stanford School of Medicine, she did not complete her surgical residency at Oregon Health and Science University, is not board-certified, and does not have an active medical license. Her scientific experience is mainly focused around her work as a wellness influencer, and a leader within the Make America Healthy Again space. During her testimony, Means praised Health Secretary Robert F. Kennedy Jr.'s leadership and echoed many of the talking points of his "MAHA" agenda, while sidestepping pointed questions about the administration's controversial actions on vaccines and other issues.

Next, the committee will consider whether to advance Means’ nomination, in which case it would go to a vote in the full Senate (where she is expected to be confirmed). While the surgeon general cannot shape or enforce health policy directly, the position carries sizable influence over how Americans think and talk about health. If confirmed, Means could issue advisories that warn of public health threats.

A Ukrainian delegation will meet today with President Donald Trump’s envoys in the run-up to another round of trilateral talks with Russia. Meanwhile Trump called Ukrainian President Volodymyr Zelenskyy and told him that he wants to push for an end of the war with Russia as-soon-as-possible.

Trump wants a peace deal by the summer, but there are still significant gaps between Ukraine and Russia, particularly on the issue of territorial control in eastern Ukraine. Zelensky wants Ukraine to join the European Union quickly as a guarantee of its future security and has made that a priority in negotiations for a peace agreement. Yet many see Kyiv’s path into the Brussels-based bloc as fraught with obstacles.

Today’s meeting will address details of a possible postwar recovery plan for Ukraine and discuss preparations for an upcoming trilateral meeting with Moscow officials, Zelenskyy said, adding that he has also tasked Rustem Umerov, Secretary of the National Security and Defence Council, with discussing a possible prisoner exchange. Zelensky told Axios last week that the remaining gaps on the territorial issue can be bridged through direct talks between himself, Trump and Russian President Vladimir Putin.

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