Is Versace still considered luxury?

When it comes to the fashion world, Versace has always been synonymous with luxury and sophistication. But with the rise of fast fashion and the influx of more affordable designer alternatives, one might wonder - is Versace still considered a luxury brand in today's market? Have their prices remained exclusive, or have they become more accessible to a wider audience? Do their designs still exude the same level of craftsmanship and exclusivity that once made them stand out from the crowd? In essence, does Versace retain its status as a luxury brand, or has it shifted into a more mainstream market?