Has fashion got lost?

My sister and I were discussing the other evening, our frustrations about how much fashion has changed in the past few years, but not for the better.
I  feel that amazing fashion got created in 2011, and this fashion got lost. Amazing collections were created with devine pieces, which I still would love to wear now, have been forgotten and we are now in an era of fashion that is too abrasive.
When I wander around the high street I am attacked by garish patterns, colours, styles- it all looks as if the aim is to emulate a toddler who got lost at a festival, with the jelly shoes, dungarees, frilly ankle socks and TINY denim shorts.
And then I browse through my once favourite designers- Celine; it is a mess of huge squiggles, colours that look like the unwanted colours in a crayon set and some unwearable, peculiar jewellery…
Stella McCartney has lost her elegance, as I flick through her FW14 slideshow on style.com and Austin powers comes to mind- that awful burgundy suit, and then I look at the chunky oxford shoes, and the thought comes into my head of "those are some godawful shoes".
I feel as if fashion has lost its wearibilty of making women feel elegant, feminine, and sexy. Perhaps this is the new found feminism of dressing in garish costume, however I do not find this a way of liberating who women are.
I look through old photos taken by Richard avedon and i just love the styling- women look beautiful! I come across Jacqueline Kennedy on my pinterest and just lust after her wardrobe! The aline skirts which flatter the best part of a womens thigh, without revealing too much- just enough to feel liberated that we are women, and are strong enough to be able to bear some leg, regardless of others opinions.
 I believe that sex appeal comes from wondering what is under the clothing, without it being thrusted in your face. But on that note, there is the other side where many of the collections the women are dressed in masculine clothing, that cover, which puts sex appeal into the negatives.
Style feels as if it is losing its battle for feminism, we don't need to dress like men to feel liberated, nor do we need to feel the need to show as much flesh as possible, to feel that we are strong as it is "our choice to wear what we want".
I am by no means disrespecting these talented designers, I just wish they could return back to their old ways, but still create new pieces, and still evolve as designers.