I must admit, out of curiosity (but also because everything that shop sells has a slightly peculiar smell to it) I hand-washed it in a bowl of luke-warm water with a fabric softener.  Inconclusive.  The more I look at it, though, the more I like it and recall that look practised by Chris_H: Madras in autumn and winter with crew neck sweater (perhaps navy or a dark shade of green).  Might be all right.  Probably, though, as Woof says, not a hardwearing item.

Agree, pretty much.  Madras can have a pleasing look to it even if not 'guaranteed to bleed'.  I suppose - at risk of sounding pretentious - it also has a symbolic value, at least in Europe, as a kind of 'Jazz On A Summer's Day'-audience look: modern jazz, warmth and sunshine, good companionship, a cool drink and a pretty girl.  A true 'Ivy' shirt, then.  Patch Madras I don't think I would have worn even in the midst of my experimental stage, around 2008-9, when some very poor choices were made.

I remain deeply devoted to Madras.  I wore a 'Hunt Club' out in a Nottingham suburb for lunch last weekend, my Corbin jacket yesterday (after changing my mind about another 'Hunt Club' shirt which my wife likes) and am wearing the third today.  I wore it out this morning, with a navy Brooks Brothers slipover. 
The two 'Guaranteed To Bleed' I bought (for a fair amount of money) about ten years ago were something of a let-down.  A Gant I bought last year was simply awful.  But I think a bandwagon has been climbed on.  A jacket by Hackett is just about to finish on Ebay. 
I have worn a patch Madras shirt and may do so again during the summer.

I have turned my favourite shrunken shirt into a lovely pocket square.

That's some shrinkage! Did you remove the buttons first?