No.
1) The extra cost of high fashion is a shud oif yiddeshe gelt (of course, most of the designers are Jews…)
2) The need to constantly buy new things to keep up is also a shud oif yiddishe gelt
3) Yeshiva bochurim don’t belong in the mall perusing racks of clothing. I’m sure there is an aspect of simlas eisha in this practice (I mean the obsession, not the articles)
4) Bochurim shouldn’t be so araingetun in foolish materialistic things (of course that opens a whole new discussion). Dressing should not be a distraction.
And I haven’t even mentioned all of the obvious reasons (which may be debatable). Personally, I think this obsession is in line with what Rashi says about men wearing perfume.
I do know bochurim who are involved in this. I can’t even speak to them without being revolted by their self flattering attitudes. Yuck. But just because they SHOULDN’T be involved in fashion world, does not mean that they WON’T be. Until we fix the problems that make this kind of thing possible amongst the frum, we will not be able to change this manifestation.