How do you define Luxury in fashion?

I am currently writing my dissertation on the idea of 'Redefining Luxury'. It's an area of which interests me within the fashion landscape- I am focusing upon this idea of 'what does luxury really mean', is it defined by price point? Or is it something more? I would love the chance to speak with other fashion minded people, who have strong view points on the luxury market and I will include any of your responses within my research. So how do you define luxury? Lets share ideas via our facebook page MITINDOPLUS

In my opinion, the height of luxury is haute couture; each garment is exclusive to one customer - made to fit one person perfectly, and I believe exclusivity is vital for a definition of luxury.
Hermes is extremely luxurious, but walking around London you see every other girl has an Hermes handbag on her arm. It's exclusive to the rich, but not to the individual.
Luxury is exclusivity and quality, the latter often mistaken with expense.
A plain cotton t-shirt from Balenciaga isn't different, or more luxurious, than a cotton t-shirt from H&M, one is just expensive, making it exclusive to the rich.
But i dont think price is the most important factor to define luxury. to me luxury has most to do with quality(materials, labour hours, etc), then other factors take into account such as scarcity, how it was produced and by whom(famous designers, well known fashion houses, the time it takes to make the products, the quality of materials involved, etc) and etc again, quality is key 
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