There's not enough actually rich people around to explain the revenue these brands make. It's not rich people for the most part, just people who want to appear rich.

These brands exist to separate the 100k-200k household income demographic from their disposable income, and maybe some other demographics from money they didn't really have in the first place.

Most people who have money and manage to hold on to it have more sense than buying an overpriced low-quality bag that telegraphs they're a sucker.