Hola James

Yes, you can also say it like that "muy de lujo" to describe something that is very luxurious. It is more idiomatic and more advance. Bear in mind though that you can't apply it all the time to any adjective. For example, you can say "un coche muy rápido" but not "un coche muy de rapidez" (???) 

I hope it answered your question.

Saludos