Imo if managers are worried about subordinates being resentful then they need to raise their wages.
In theory this sounds good, but most managers, in general, work longer hours and do more complicated work than their subordinates. I suppose there are exceptions, but what I stated previously would be the norm most places. I know everyone likes to dog on management, but good management matters.
Another way to look at it is that subordinates might be able to look at their manager's pretties as goals...when I get there, then I can also afford ( insert whatever bauble one is attracted to at the moment...)
I don't work, I have been a housewife for years, but I did go back to work part-time for awhile and I was careful what I wore, not to protect any future raises, but to be mindful of other's I worked with there. The field is notorious for being poorly paid work. There was one woman there who also worked part-time who is quite wealthy, I am small potatoes compared to her and she never came to work carrying or wearing anything extravagant.
I have done a fair amount of volunteer work over the years and again, I am mindful of where I am and who I am with when I get dressed for an occasion. At other events, I bring it all out and enjoy it, but some settings require a more dressed down look.
I don't even have any Cartier, but if I did, I would be aware of what setting I was in and whether or not wearing it there was appropriate.
For those lucky enough to be in a creative field where it is fashion first, enjoy!