That looks fantastic. I think it looks more modern classic than dated, in part because of the Chanel-esque tipping and in part because of the shoulder/front yoke seams being quite sleek rather than built-up in what I think of as the more exaggerated 80s style plus the straight hemline where the 80s look was more gathered in with tabs or blousy.
Sleeves do seem just a tad short, but they look very nice when scrunched I think. What about wearing it over a softly draped or flowy dress or tunic? In a very of-the-minute colour like orange or cobalt perhaps? Or red! It would also be a lovely counterpoint to a long evening gown I think, perhaps something with romantic or vintage connotations --- lace, corset-style boning, beadwork.
Or instead of the blazer with one of the current midi skirts, if you like that look? Something in a black and white floral would make quite an impact with that, I think...
If with pants, maybe again, *make* sure any 80s associations are dispelled by a more fashion-forward silhouette like the soft slouchy draped styles (as opposed to the 80s' box-pleats and tapered peg legs)?
And of course, as Jyoti says, I can totally see you turning this into the crowning piece of a denim column for casual wear!
ETA: If it helps, I just got this in my inbox! http://www.debenhams.com/webap.....L-DESIGNER