Competing in Mid/High-tier Luxury & Media / Also Discourse

What's up with Acne Studios.
I'm tired of seeing brands such this charging $700-$800 for a hoodie that cost no more than $40 to actually make. While at the same time not really adding or pushing CULTURE like say a Polo. or even pushing things forward in an impactful way. There are no "moments" from them for people to actually be apart of or remember, no real stories other than that of the founder who made some jeans in 96' and now is able to charge $1000 for them. Idk, what do you guys think? Is it worth it for the perceived "status symbol" that comes with wearing it or brands like it "Essentials.. (not so much but kinda) etc.." of a similar tier.
Maybe this applies to all similar brands but I think their biggest presence is just marketing and finding a good supplier in China.

Rant done.