I'm not sure. It depends on the specific context and source of 'New Look'. Sometimes things presented as stories might have elements of truth mixed with fiction.
In the context of a new look in technology, say a new smartphone design. The fact is the actual design elements like a new screen shape or a different placement of buttons. The fiction could be the hype around it. Just because it looks different doesn't mean it's a revolutionary change in functionality. Sometimes companies create a big fuss about a new look to attract consumers without significant underlying improvements.
Most probably not. Usually, such titles are made up for entertainment purposes rather than being based on real events. There might be elements inspired by real life, but it's not a direct account of a true story.