Ok so he's clearly trying to do Agent Smith via Judy Garland in Summer Stock.
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The reason Judy pulls this off is that despite ostensibly wearing menswear, she looks feminine. The blazer is tailored to her body; it hugs her curves. It also looks expensive as it has satiny lapels. She's wearing a woman's blouse (one that almost looks like a fichu with a brooch), earrings and high heels. She has a bold red lip. The overall effect is a woman who's thrown on her lover's suit jacket and hat for a laugh.
Ollie is wearing what looks like a boxy off the rack men's jacket that doesn't quite fit (the button is pulling and it separately highlights how massive his shoulders are). It's not nipped in or flared (this isn't helped by him being seated) The shirt and tie could be womenswear, but it's unmistakably masculine. He's wearing plain studs and boots, and faux-fishnets. The overall effect is cheap and is just a man in makeup, which is why I drew the comparison to the compère from Cabaret (throw on some trousers and that's basically what you get). The sunglasses look like tacky plastic ones you can get for a fiver in Camden Market. I'll say this, his stylist has at least recognised the utility of separates after that pink girlboss Prettylittlething blazer dress, but he's once again failed to pull off a cohesive look.
I'm intrigued as to how this costume possibly ties into Islamophobia. Say what you want about Contra's penchant for fancy dress, but Contra can at least put together something that's fully realised and fits with the theme of the video.