Every girl wants to emulate the timeless elegance of Coco Chanel, possess the decadence of a Prada or simply to be able to deck out head to toe in designer gear whenever her mood dictates. Even babies and pets are given the branded treatment, given the fairly recent introductions of Hermes and Gucci children/baby wear lines, among other well-known brands.

Although the new luxury trend has been to develop "masstige" (a hybrid term for "mass prestige") products for the masses, nothing quite defines status and exclusivity like the jaw-dropping extravagance of old money riches. Even China, where everyone from Armani to Paul Smith has deemed a luxury hothouse, has shown selective resistance in its unrepentant embrace of high-end brands. In a Bloomberg News article, Hong Kong's Boston Group Consulting manager Ivan Kwok said, "If you are not the No. 1 brand, if you are No. 2 or No. 3, the odds are good your fingers will be burned".

As long as the insatiable whims of "bag whores" continue to hound them, pursuing alternatives like be-a-fashionista will strike the graceful balance besides scrimping and saving for next season's Fendi or Hermes tote or staring wistfully after snobbish fashionistas.

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