Just my two somewhat uneducated cents, but prices for a lot of luxury items steadily went up significantly (sometimes even twice the original price) in the last couple of years, especially during COVID. It seems like fashion houses started going after the big fishes, even if it meant becoming out of reach of the upper middle-class.
Except maybe the big fishes don't really care for offerings from the "top" (well-known or "mainstream"?) fashion houses, opting for stuff like The Row, Brunello Cucinelli, Loro Piana, etc.
With quiet luxury trending in the last two years or so, even non-super-wealthy people have become uninterested in some of these brands so I'm not sure if the price cuts will necessarily make as big of a difference as they think will.