I made this experiment: I have few really cheap suits (looking OK but that's it) and few very expensive suits. When I wear the cheap ones, people are normal with me. When I wear the expensive ones, people wearing normal clothes don't notice and people "in the know" (wearing expensive suits themselves) will start commenting on the quality of my materials, ask me about my tailor, etc - it's very obvious that it places me in their "friend" category immediately.
Having luxury brand logo on me would get me laughed out of that room - nobody has anything against cheap clothes but expensive clothes with logos are ridiculous to every actually rich person, it's like that meme with an adult trying to be cool among teenagers - and it makes total sense that other people don't like someone trying to level themselves above them by fakery, that's just like driving a fifth-hand Mercedes-Benz S-Klasse from 2010 and talking about the price it had when it was manufactured all the time (and complaining about gas prices in the same sentence).