Prestige pricing might seem like a callous and easy marketing trick. You just raise the price and then people think it's nicer and you make more money. But it is not that simple. It is about more than price. The product has to reflect the quality that the price implies.
That is where branding comes in. All of your marketing efforts have to make your product seem like it is worth the price that people pay for it, worth more even. That has to show in the packaging, the print and TV ads, the copy, the endorsement deals, everything. You have to maintain the class of the brand and then people will happily pay the price.