Libaas ul-shuhrah and wearing extravagant clothing
All praise and thanks be to Allaah the Lord of the worlds.
Regarding your question about the prohibition of so-called "libaas ul-shuhrah" (lit. dress of high repute, i.e. to show-off or as a status symbol), there is a sound and truthful hadith narrated by Abdullah ibn Umar (may Allaah be pleased with them both) that Allah's messenger Muhammad (peace be upon him) said: "He who wears libaas ul-shuhra in this world will be dressed in humiliating clothes on the day of judgment." (narrated by Ahmed & Abu Dawood, confirmed sahih by Al Albani in Sahih Al-Jami' 6526)
Those who wear libaas ul-shuhrah will be punished on the day of judgment in accordance with their deeds (as you sow, so you reap), provided that he/she meant sovereignty and supremacy upon mankind. In return, Allaah Almighty will humiliate him/her on the day of judgment and will suppress him/her to put-on such a dress for which people would despise him/her and mock at him/her (as you sow, so you reap).
The question here is: " What consists libaas ul-shurah?" What is meant by this expression is a anything worn to show-off and to attract the attentions of others, so as to look upwards unto him/her once he/she appears wearing it. This, of course is due either to its strange colors amongst the ordinary dresses of other people or due to the stylish models or even to how precious, expensive or even to the contrary of this as being trivial and completely valueless.
Hence, our righteous forefathers (may Allaah have mercy upon their souls) used to hate, disregard and even despise either extremity of the fame-clothing: i.e. those which are highly bombastic & precious and/or vise versa alike.
All we wish of His All-Mighty is to grant us the righteous clothing and save us in this world and in the hereafter. Aameen.