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prada denim bag into the brands they were selling.The story of the last 30 years in fashion is one of democratization and proliferation, of a middle class, and an elite becoming increasingly indistinguishable.It's not just the denigration of what economists call positional value that is, how the items you buy signal status that worries Thomas, but what she argues is a decline in objective quality. Bags and wallets are mass produced, sometimes sloppily. Dresses are less durable and less likely to be lined. Well known European designers have licensed their names liberally and outsourced production to China.Buying into a dream has always been part of high fashion's allure, but never has storytelling been so central and quality so peripheral.As Francois Henri Pinault, the CEO of the conglomerate that owns Gucci, Yves Saint Laurent and Balenciaga, tells Nancy Hass in the September issue of Portfolio, "People have to realize that what we are selling is an experience, from beginning to end." Pinault should know. Gucci was failing and floundering in the '80s before Pinault's father, then CEO, picked up designer Tom Ford and rescued the brand. Ford was a sexually charged high society type who could craft a persona as well as a line of clothing. He wasn't just Gucci's designer; he was Gucci, period. He gave interviews and wormed his way into gossip columns."Soon," Thomas writes, "Ford and Gucci became synonymous for a hedonistic lifestyle." And that sold handbags.Fashion is more celebrity driven than it used to be, and we never tire of hearing how celebrities are "just like us." Pictures of Renee Zellweger taking out the garbage are as important as pictures of her on the red carpet. You too can pull off a Carolina Herrera dress, or at least a wallet. You both do chores. You're practically twins.It's not only actresses who are newly human. We now know that models are just like us, thanks to Tyra Banks' America's Next Top Model, and designers are just like us, thanks to Heidi Klum's Project Runway. It's all a bit much, and it smacks of some kind of coming luxury apocalypse, as Thomas senses.At some point, the brands will lose their mojo, as famously happened to Burberry the moment Britain's working class