For the past few years there had been a boom of these premium hipster barber especially among the Malay market. It is run by Malay men targeting Malay men and boys. This boom is a stark contrast to the long standing traditionally basic barber service by Mamak.
Price usually starts at RM25 per haircut as compared to Mamak's RM10. Looks good there but upon closer observation the time taken to complete a haircut is at least double or triple. Rental cost is even higher with premium location and premium interior design - it can easily be 5 to 10 times of Mamak.
Equipments are also more expensive and stylish skilled workers doesn't come cheap.
I don't know much about fashion, probably there's many higher priced services and items that could make it all work. Currently due to MCO, only basic haircuts are allowed so there's a threat to their business model.
Another angle is that some of this higher priced services includes dyeing hair (and the 'hair carving' thing) which is a no go in Shariah standpoint. Considering that it is by Malay (Muslim) for Malay (Muslim) it is rather perplexing to be a sustainable business model.