Some euro brands are just too tight fitting and femme for American style if you ask me. Nothing wrong with top designers like Hilfiger, JCrew, LeTigre, Polo, Lacoste, etc which are just american preppy classics... but when you get to euro designers like versache, gucci, d&g, armani, etc you start getting into some dangerous territory and looking like eurotrash if you pick the wrong pieces. Not to say those brands don't make some good clothes (like AX which is basically armani adjusted to be cheaper and fit more US styles), but you'd be wise to leave the slim fit jeans and semi-see-thru shirts for the ladies...
And I agree with angelchik that wearing designer clothes with big label and banners on them just makes you look like a fashion victim. Maybe it was cool and a status symbol in high school to have a big "ABERCROMBIE" written across the chest of your t-shirt in high school, but most of us have grown up, now. The big labels are dumb (and often fakes), so you're paying big $ for an ugly shirt and to be an ad for the company lol...
I wear some high end stuff like all the prep brands I listed as well as maybe a lil bit of euro stuff like diesel and AX, but I buy it because I like the fabrics, the way feels, and how it fits not because it says "polo" on it lol. I believe you often do get what you pay for, but I try to minimize logos. Way too many people (especially younger sets) are label whores. I really like flusser's book "dressing the man" for tips on developing a more timeless minimalist style... it's a very good read.