Complex sentence: Styles vary; the classic smoking jacket is a waist-length jacket made of velvet and/or silk, with a shawl collar and turn-up cuffs and toggle or button fastenings.
Split into simpler sentences: Styles vary; the classic smoking jacket is a waist-length jacket made from velvet or silk, or both. It has a shawl collar and turn-up cuffs and toggle or button fastenings.