It's just the emperor's new clothes all over again. I think a lot of fashion designers are just evil-cackling at what they can get people to pay a fortune for.
I'm sure there are cheaper witty items than £925.
When I was a student, I bought a t-shirt from Kwik Save - plain white with their then-famous 'No Frills' logo on it, so you were 'styled' exactly the same as one of their economy tins of beans or loaves of bread. I've still got it in the loft.
The big difference is that they were laughing with their customers and not at them - plus I suppose they got a bit of free advertising thrown in to the mix (same as with a carrier bag). They sold them really cheaply - 99p iirc - and they were perfectly fine functional garments.
I miss Kwik Save 