An interpretative analysis of in-depth consumer interviews explores the relationship between the concepts of "luxury" and "prestige" as applied to brands. Prestige is based on unique human accomplishment inherent to the brand whereas luxury refers to benefit stemming from refinement, aesthetics and a sumptuous lifestyle. Results indicate that prestige can be achieved independently of luxury in many categories. At a symbolic level, consumers can interpret luxury as the symbol of brand prestige. A discussion of managerial insights and future research directions ends the paper.