It does in Pendragon. You have to keep buying new clothes to stay fashionable (ideally every year).Does your social status go down as the armour wears down?
This is really stretching my memory, and I don't know where I have it stored at home, but I THINK GDW's pre-Traveller RPG En Garde had a rule like that. It might be the first ocurrance of a money->fashion->status rule. Lace & Steel has those sort of rules too, but is a much later RPG.