But generally we're more dressed "up" for everyday wear compared to the US which keeps it far more casual a lot of the time. Part of this is down to temperature, the US has a lot of hotter places where you can't layer clothing like Northern Europe. Then you have the silly thing where some Americans think dressing well is "gay" (even though dressing well means hot girls will be drawn to you lol). Finally, as @YaBaba already pointed out everyone sort of does their own thing in the US. We are much more diverse so you have people of all cultures dressing like that pic here, in the US people stick to their own cultural styles so there isn't "one" type of fashion.
London has it's own quirky business style (our suits and stuff look great) but nobody in the world dresses as well as Italian men or French Women (imo)