I have the middle 2m of my HD 595 cable coiled up and held with a rubber band. Sure I guess it could be damaging the wire, but it was like that in its box and It's not like I'm repeatedly coiling and uncoiling it. I only ever take of the rubber band when I need to be more that a metre from my source... which is rarely.
The HD 5X8s have a detachable cable though, so although I don't know of any official shorter cables you might be able to get someone to make one or make it yourself. Or you could cut the stock cable short and re-terminate with an aftermarket jack. There are many options.
I cut it off and bought an NEUTRIK 3,5mm angled plug and soldered it.
It wasn't very easy to solder it, but I succeed.