There are some images from high fashion collections by infamous and rising designers created based on felting technique. Great examples when craft is risen to a designer level.
Yohji Yamomoto Fall 2009 Ready to Wear creations which includes felt. Some very subtle, some very exaggerated, but all so ever trés chic.
Stella McCartney had included felt in her Fall 2008 collection as an alternative to leather/fur.
At NY fashion Week Fall 2010 by Sabah Mansoor Husain, a MFA Fashion and Knitwear Design student whose knitwear collection combines an eclectic set of techniques derived from both craft and design. She drew from traditional methods of felting fabrics, crochet, hand embroidery and Shibori (a Japanese technique of dyeing a pattern by binding, stitching, folding, twisting or compressing fabric). Sabah also added jewel details to her entirely black and charcoal collection. Inspired by chandeliers, she worked with an artisan in Firozabad, India developing the jewel-shaped crystals.