Hah, you could argue it was heavily influenced by Italy. You had the posh Milanese young people wearing brands (also as tribal markers). Same phenomenon, but at the opposite end of the class system. The British 'football casual' crowd were obsessed with that fashion in Italy.

IMO they're really just aspiring to be able to afford high-end versions of the same clothing. It's the opposite of trying to look poor. Misguided, obviously