Great concept. I reckon clothing, and fashion industry will learn from their counterparts in automotive/manufacturing/visual display industries, and move in this direction as well, eventually.
For example, a person can have a single item of clothing which can be "color adjusted" for occasions. Overnight, the need for a person to keep a sizeable inventory of clothing articles goes away, or goes down considerably. It can be seen as the next frontier in Wearable Tech.
The flexibility of using such a product, combined with the benefits of a lower carbon footprint in the Environment make the business case for such Wearable Tech. It can be a possible solution for the often cited (and sighed upon) problem of "Fast Fashion".