I understand that modern outer layers are more functional. A leather jacket, for example, can be dressed up or down so as to be worn in a variety of situations. It is also better at keeping you warm.
However, I think capes/cloaks are more aesthetically pleasing garments. It also feels good to have the fabric flowing around you as you walk. But what do you think?
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Why would you want to wear a cape on a bike? A long, flowing outfit would be the last thing that I’d want to have on a bike. Get caught in the chain.