Am I wrong for distancing myself from my friend?

I can’t stand how he is so desperate to look rich. He always asks to borrow my designer items to appear like he has more than he actually does.

Few months ago, I sold him my LV bag (brand new without box). Now he is asking me to call the LV store to give him the empty box. Ship it to him. An empty LV box. Isn’t it so embarrassing?

He likes to borrow my Rolex and posts photos of himself wearing them like it’s his. Even like to take photo with my car keys.

It’s not that he don’t have. But he wants to act like he has so many. And use mine to do these embarrassing things.

Sometimes I will make excuses not to borrow him my things. But he will say “why not? You’re not using it that day.” Or if not next day, or next day or next day until he can use it. So desperate.

It’s his right to be like this but I don’t want to associate with this type of people because it is so low class to me and embarrassing. I don’t want to call LV to ask for an empty box.

I don’t want to tell him he’s embarrassing and has no class. I don’t want to hurt his feelings unnecessarily. But how do I cut him out of my life?