I can picture the outfit pretty well, and I really don't think it's too much explanation. Although I had to assume the two strips hanging down were attached to the top. If the outfit is a little unusual - like that one - then I feel it really does need to be explained, especially if there are a number of people in a group; it helps to differentiate them, and can be an outward extension of their character.
One thing you can do sometimes is to break up the description. Not so much with that outfit, but with your more "standard" outfits. You can describe how the lady's skirt swished as she walked, and then later - perhaps the next paragraph - how the necklace gleamed as it rested against her light blue pullover, for example. Physical descriptions can be broken up that way as well. One problem with having one big paragraph chock-full of describing how the person looks is that it puts a real halt on the story. There can be instances where that's necessary, though, such as the character pointedly taking time to notice everything about another person.
Also... to be honest, I think whether or not the reader likes the clothes the characters are wearing is totally irrelevant. The clothes are an outward extension of the character, not the reader or writer, so a very shy and withdraw person is highly unlikely to be wearing really loud and flashy clothes, for example. If it's not particularly important to the story or the character what the person is wearing then simply don't bother with it, or just have a vague description, such as he was dressed neatly.
There is one other thing about your description. After the word 'breasts', I'd personally like a comma after it, just to break up the description of the top and the bottom, since you're essentially describing two different things, even if the bottom part is attached to the top part.