Peter Milligan and the Vertigo years
In July 1990, six months after Shade's final appearance in Suicide Squad, Shade was revamped by Peter Milligan and Chris Bachalo, becoming part of the so-called "British Invasion", alongside Neil Gaiman's Sandman and Grant Morrison's Animal Man.
The new series still took place in the DC Universe: John Constantine appeared in a three-issue story arc, Death of the Endless appeared in a subtle cameo in issue #50 and Shade appeared with a group of other Vertigo characters in 1999's one-shot Totems. The comic departed quickly from its origins. Milligan and Bachalo reinvented Rac Shade as a red-headed lovelorn poet sent to Earth to stop a growing tide of madness from consuming the planet, his M-Vest becoming a Madness-Vest capable of warping reality. Working from Brendan McCarthy's character designs, Bachalo created a distinctive look for the comic, distinguishing it from the character's other DC Universe appearances. The original series was retconned as a story that Shade made up to amuse himself while traveling to Earth, with his time with the Suicide Squad being left unexplained.
Milligan killed Shade off several times during the series, bringing him back each time in a different form: a woman; a black-haired madman; a red-haired, emotionless mod; and a bedraggled, unshaven obsessive.
The series employed concepts which were at times controversial and distinct from regular DC titles (for example, JFK's assassination and transgenderism). To distinguish these more 'adult' themes in Shade and other titles, DC created the Vertigo imprint in 1993. Shade became one of the initial Vertigo titles starting with issue #33.
Shade sold steadily for Vertigo and maintained a cult following. The title lasted 70 issues before being cancelled in 1996.
In 2003, a special one-off story by Peter Milligan and artist Mike Allred was printed as part of Vertigo's 10th anniversary celebration. In August 2010, Hellblazer #268 featured the return of Shade, the Changing Man, this time as a supporting cast member for John Constantine in a series of storylines written by Milligan.
According to the Absolute Crisis on Infinite Earths hardcover book, the events of the second series originally took place on Earth-85 in the DC Multiverse before its destruction.