Difference between Luxury/Premium/Value fashion segments? What does "value" mean here? I was reading this article on Quartz: https://qz.com/1485141/just-20-fashion-companies-are-making-almost-all-of-the-industrys-profits/

I do not understand the following graph shown:

What does "value" segment mean? Someone please kindly provide the difference and explanation. Thank you.
Consider the ratio
$$
\dfrac{\text{Benefit}}{\text{Price}}.
$$
This is not the same thing as your net benefit, $\text{Benefit}-\text{Price}$.  So a good that might give you a high net benefit might have a low benefit-to-price ratio.  For example, $100-50=50$ and $100/50=2$ versus $1000-900 = 100$ and $1000/900=1.1111...$.

Luxury goods have high gross benefit but low benefit-to-price ratio and possibly a low net benefit.  Affordable luxury is trying to improve on benefit-to-price ratio  and net benefit while still having a high gross benefit.

Value goods are trying to achieve a high benefit-to-price ratio, despite the products having a low gross benefit and a mediocre net benefit.  So you feel like you got a lot for what you paid, even if it's a $\$$20 acrylic sweater instead of a $\$$500 cashmere one.