When Karl Lagerfeld spoke to Euronews' Isabelle Kumar in 2016, she asked him what luxury really was - this is how he answered:
"You know, there are many different types of luxury. Luxury also means having the time for yourself without having to live under continual pressure.
"Today there are some poor people who have nothing to do and others who are far too stressed – so that’s a sort of luxury too.
"Luxury is also about quality and about a state of mind.
"You know, you could write an essay on luxury – it’s not just about expensive things, they must be well-made and their price must be justified, their quality must be impeccable."