Its a technique called "quickchange" - basically many outfits layed over one another made from very very fine silk. They can be litterally ripped off in milliseconds, to reveal another outfit underneath.
In the last outfit you see the woman in, look toward the end of the clip, when she kind of takes a bow - you can see that the flesh in between the two white parts of the dress, is not flesh at all, but flesh coloured material (as it creases with the dress), so its not a skimpy outfit, but a full tank top affair, you just cant tell from a distance.
They must have taken years to perfect that, as its some very nifty quickchanging.
Its all explained in a book called "The Vanished Man", by Jeffery Deaver. Its a thriller book, but the main vilain chacter is a magician, who uses "quickchange" more than once to foil the feds..