We've seen this trick before, but it was done with a Halloween costume. This invisibility Dress takes that idea much further, with a live video camera in the back shooting video that's displayed on the front. But this is where we enter the realm of fantasy — there's a big differece between mentioning the words "textile-based display" and actually sewing such a thing into a dress.
Those designer college kids have been watching too much Harry Potter, where an invisibility cloak is commonplace. Flexible displays aren't unheard-of, though. Until those are widely available and cheap, maybe the designers could sew an iPad into this dress. Mount a tiny HD camera on the back, and it'll look like there's a gaping hole in the wearer. It's been done, but it'll still raise eyebrows until that textile-based display comes along.