In fashion now, real cultural currency comes from taking something woefully uncool – an Ikea bag, say, or a pair of Crocs – and giving it a catwalk makeover.

Marc Jacobs was performing this trick when the current generation of designers were yet to learn the concept of irony. And he was at it again for his autumn/winter 2018 show on Wednesday night in New York.

Jacobs focused on the 80s but not the cool, much-Instagrammed early part of it, with Debbie Harry – front row here – the heroine. Instead, this was the later part of the decade, the one of puff-ball skirts, taffeta rosettes, huge-shouldered powersuiting, harlequin prints, fur stoles and carrot-shaped leather trousers.

Backstage at the Marc Jacobs show, New York fashion week.

Photograph: Kelly Taub/Kelly Taub/WWD/REX/Shutterstock

It was, in fact, the 80s Jacobs was rebelling against with his early work, including the infamous grunge collection which saw him sacked from Perry Ellis in 1992.

The show notes here described the look as “huge flourishes, gestures, broad strokes and silhouettes expressed in rich and gorgeous fabrics” and it was certainly a look for those with money to spend, and who want the look to match.

Think Working Girl, Tom Wolfe’s social x-rays, Pierrot paintings, and designers Bill Blass and Christian Lacroix.

Models were glamorous but not sexy – they were covered in those gorgeous fabrics from head to foot. The collection was challenging – would women be ready to revisit this era of conspicuous consumption in Trump era America? TBD.

As a side point to his collection’s gauntlet, Jacobs brought new social media-worthy goals to the catwalk: hair done to tonally match your outfit. Models wearing dark turquoise, fuschia or bright blue had hair in a corresponding shade.

It was a styling trick masterminded by London-based colourist Josh Wood. Even if dressing like it’s 1987 might be a push for next autumn, the selfie generation could well take up this detail. Jacobs turns 55 this year.

An outfit from the Marc Jacobs collection in New York. Photograph: Andres Kudacki/AP

This show saw the great and good of fashion turn out. But the designer’s position as the undisputed golden boy of New York fashion week is no longer quite as watertight, with Calvin Klein under Raf Simons – sat front row here – probably tipping Jacobs as the hot ticket of the event.

This shift is partially due to the controversy around the spring/summer 2017 show, which was charged with cultural appropriation after it had white models with dreadlocks hairstyles.

Jacobs has since been accused of plagiarism for designs in his resort collection. In recent weeks, the internet has stirred the pot further, with articles titled “Why does Marc Jacobs keep messing up?” and “10 Times Marc Jacobs Ruffled Fashion’s Feathers”. For this show, anti-fur trade protesters lined the streets outside.

The Marc Jacobs companyi in a period of transition. It was announced in January that the London store would close, and there is speculation that other stores in mainland Europe would follow suit.

Fashion from Marc Jacobs collection is modeled during Fashion Week in New York. Photograph: Andres Kudacki/AP

Retail revenue has halved during the last four years from $650m (£464m) to around $300m (£214.1m) and in July last year the majority shareholder, LVMH, brought in a new chief executive, Eric Marechalle, to implement changes.

It is believed that the new boss was behind the hiring of John Targon as creative director of contemporary. His job will be to up the lower-priced product range to draw in younger customers again.