I do not have a citation to hand but during the Victorian era in the UK there was a shift due to changes in the class system.

Industrialisation and international commerce led to a new type of self made wealthy business man.

Before then, the super rich inherited their fortune. The established upper class were known for their impracticality to show that they did not have to work - being pale skinned to highlight that they did not labour outside, extravagant clothing to highlight their status, frills etc.

These new self made business men, such as factory owners, were proud of their new status but wanted to distance themselves from inherited wealth. They stuck to practical, but finely made, clothing.