Not a new phenomenon: this 2007 book describes the strategy of using the luxury brand to sell junk to the masses:

https://en.wikipedia.org/wiki/Deluxe:_How_Luxury_Lost_Its_Lu...

With social media and influencers, there's even more money to be made selling junk.

"...caters to individuals and families with a minimum net worth of $100 million"

Prices of a handbag could go up 10000% and they wouldn't even notice.