I'm not disputing their quality, as having watched a lot of construction videos they do seem reasonably well-made, but the monogrammed "leather" is just so ugly.
A bog-standard tote will set you back £1200 - handmade bags made by lesser known brands/designers in full-grain, veg tan leather would cost less and be far more attractive. (And higher quality too)
Seeing as we wear things to make a statement about ourselves (for the most part) and considering the bags aren't aesthetically pleasing, the statement, in this case, must be "look how much money I have"?