I never was much of a fringed suede jacket fan, but that Scully looks fantastic to me. These type jackets were popular here in the states mainly during the late '60s and early '70s. Worn by Hippies.
Just my opinion, but I think that unless you're a grizzly trapper in the wilds, this look is way too hard to pull off. I'm no expert, but like modern stetsons, it's a kind of got pop culture image of cowboys associations that make it feel like a costume to me.
And by that, what I mean is that it's a look I've seen in Hollywood movies from the 50's and 60's that makes me wonder if real cowboys wore them back in the day. I know that the Derby/Bowler hat was allegedly the most widely worn hat back in the 'Wild West' era, but Hollywood has given us the perception that it was all stetson style hats. Like those button up bib shirts that LW sells, I don't know how accurate these are, or if it's a 50's invention. You see these things in The Duke's movies all the time.
I read somewhere that the original purpose of the fringe was to shed water off the clothing.