Not really. There's quite a few luxury brands for (actual) rich people out there that you can't tell because they're super discrete and can't notice unless you know what to look for and look super close, because they don't have large gaudy logos plastered everywhere to attract looks and envy from the peasants. Those are aren't chasing status looks because they have actual status. LV handbags are for poor people to signal they can fake status by being bad with money.
That is fashion. The if you know you know kind of fashion is super important. What you are describing is the in group and the out group. The in group knows and the out group doesn't. It works for cars as well. Non car person all Mercs look the same. Car person can easily tell the difference between them.