Why is Michael Kors expensive?

I've always wondered, why is Michael Kors considered to be an expensive brand? Is it simply because of the name recognition and luxury status it holds, or is there more to it? Are the materials and craftsmanship of their products truly worth the price tag? And how does Michael Kors compare to other designer labels in terms of cost and quality? It seems like many people are willing to pay a premium for the Michael Kors name, but I'm curious about the underlying factors that contribute to its high price point.