Two of my favorite style/ethical fashion bloggers Andrea from Seasons+Salt and Grechen from Grechen's Closet started a really interesting dialogue about minimalism/capsule wardrobes and being a fan of clothes and fashion (if you haven't read their posts yet, def make some time to). It does seem impossible to love fashion and practice minimalism at the same time. Andrea has some great tips on her post, which I agree totally help finding that balance between practicing what you like (styling) but at the same time not going overboard.
To me it's about finding what is your point of "enough". Now you might find this ironic coming from a person with a pretty extensive purse collection. I've always been a fan of handbags (ever since my first Coach clutch in high school). I've definitely struggled with minimalism here (and continue to do so) since I'm always falling in love with new bag styles and brands (hello Mansur Gavriel). My love for purses is unexplainable (especially to my mom who views it as a real waste of money). But it's like asking a runner why he loves running or a writer why she loves writing. It's just hard-wired in us.
I used to feel so guilty about the privilege of buying expensive designer bags (and still do) but at the same time, could not stop myself from obsessing and purchasing new bags. But as I get older and see that this purse love is not going anywhere, I've learned to accept that it's part of who I am, my style, and it's my hobby. But I now live in an Airstream, with the closet the size of half a linen closet. So not only do I want to practice minimalism, I need to. Which means my purse collection has shrunken quite a bit and to me, that's my "minimal". It may not look like your minimal (or any normal person's minimal) but that's why we each have our own point of "enough". And this point will ebb and flow due to circumstances and life events, which is only natural. But I agree with Grechen, you should never have to deprive yourself for the sake of minimalism. Just do your best finding what's enough for you so that you can live a life focusing on who and what you love.
P.S. So in practice minimalism+tiny closet+bag collection means I end up selling a lot of my bags through eBay as soon as I find that I no longer love or need it. This allows me to buy and keep what I love while trying to cut down on the excess. If you're ever interested in a bag I have for sale on there just shoot me an email and I can always give you a blog reader discount ;) (and of course all my bags are authentic-- fake bags are a true waste of money).
P.P.S I also did try the whole bag renting thing (via bag borrow or steal), but I have to say its not for me. It's just not the same when you know its not yours to keep. I buy plenty of pre-owned bags and don't mind that. I think it's the fact that you're just keeping it for a certain period that makes you not get attached to the bag. Or maybe when you spend a lot of dough, you automatically will cherish the bag more?