Clothing Choices Drive Perceptions of Status
The European Journal of Work and Organizational Psychology published the results of two experiments conducted by Hannah Kunde, Martin P. Fladerer & Claudia Peus, totaling over 300 participants: subjects viewed simulated virtual meetings and selected the person they thought was the team leader. Formally dressed individuals were chosen more often and more quickly, especially when their attire stood out from the rest of the group. The eye-tracking study showed that formal attire drew more visual attention, which partly explained why formally dressed individuals were more likely to be identified as leaders.
In other words: In a group setting, clothing can be used to strategically to identify oneself as an authority figure.