It's the new fashion ... actually it's a late 1960s "Mod" outfit from Maddie Mod. Exists in purple and black too.
Maddie Mod outfits (clothing design on LSD) are easy to find on Ebay.com at usually moderate prices.

EDIT : this is outfit #1755 Shower Power from 1968.

Topics tagged under 1755 on OneSixthFigures Img_1110