When referring to a brand, posh or ornamental and elegant, Giordano being an example of a fancy brand of pocket watch. When used ironically, any pseudoposh person who's pompous in thinking they're the best when really they're vulgar. When referring to the genuine article, something exceptionally good and exclusive, especially that which is posh and sophisticated.
Giordano is a fancy brand, that's how you know you're buying the best. The tweed is a Harris Tweed, it's fancy.