I prefer no refunds since they tend to make people think twice about a purchase so you are less likely to purchase an item on the sales floor which has been purchase and returned. This also decreases the chance of goods being damaged by individuals who purchase items for events and then return them.This is a great comment and one of the points I was trying to get at! I once had a made-to-measure suit (blazer + skirt) made for me, where I made an appointment, got measured, and picked everything from the fabric, to the length, to the number of buttons. The suit cost me ~$1k and was personally delivered to me. It's mind boggling to me that a $2000 leather handbag that you buy off the shelf has worse service.
Bank fees and credit card fees apply to literally any store that accepts this kind of payment. I always use Zara and Massimo Dutti as an example - their returns process is so sophisticated that I don't even need to insert my card for a refund. Their system automatically does it. None of their products are even close in price to what Chanel, Fendi or Bvlgari charge, but they accept the same forms of payment and pay the same refund fees. I can get a full refund on a $300 coat from Massimo Dutti on sale, but if I change my mind on a $3000 regular-priced Fendi bag I'm stuck with store credit. As for returns being costly, there are many automated solutions these days to weed out customers who abuse generous return policies.
As for no refunds not being associated with luxury...I disagree. If your product is so brilliant that you can charge thousands of dollars for it, you should offer a full refund if a customer changes their mind.
Those points aside, I think these brands can at least be transparent about the return policy. It's kind of scummy not to say anything before the customer pays. My recent experience was that an SA didn't say anything about it until I asked, all while employing various tactics to close a sale ("it's the last one", "it's really popular and selling fast", "a girl wanted to buy it but I held it for you", etc.). I've had less pressure and more transparency when shopping at affordable fast fashion retailers.
Moreover there’s less waste because so many companies simply destroy returned merchandise because the cost of restocking the item is higher than the price of the merchandise (this isn’t really the case for high end though).