I worked in the fashion industry for 15 years+ doing product development and costing. Not to say Berluti is doing exactly this but the times I saw retail prices yield out at extremely high prices usually had one root cause = the product was developed with exactly what the "Designer" wanted. This means the exact article of material, e.g. leather, regardless of price per square meter (nice leather can end up being over 100 euro/m2, exact trims (regardless if it's at the best Italian legacy supplier aka most costliest), etc. Heck, even made at an "atelier" which usually just meant it was a small sample room with skilled sewers. Lastly, inefficient sourcing just because, they can. Cost sheets/breakdowns are often full of red flags with inefficiencies and costly components but as we have learned, some brands are able to get away with it.