But as with all products production cost is not really saying that much
How much money did the design process take as they surely have some extremely high-paid people doing that? If you then include their deliberate small number of produced goods in order to stay exclusive that design cost is distributed across only a couple of thousand bags. Also what about the designs that didn't become bags at all?
I'm not saying it's worth that price at all as their main drawing point is marketing but just looking at the production cost is a very short-sighted view and a very populist framing, too.
There's a reason why actually rich people don't walk around with the stuff those luxury brands sell in their stores - it's just peacocking to show how much money you can afford to waste and nothing else