I personally like to think Leorioās suit represents his insecurities. The way he dresses is to maintain that faƧade of being shallow and greedy to protect his true motives, in fear of that ridicule or judgement. Because of that, he tries to mimic the people who caused and added to the economic system he was oppressed by (greedy businessmen). Representing his insecurities he has coming from poverty, that he likely blames himself for his friendās death and wants avoid vulnerability and show heās capable to avoid that very rejection or disdain he may have gotten prior. That would explain why he felt he needed to hide it in the first place and protect himself. Not to mention the fact he also feels he needs to keep and maintain this look by taking cologne and a whole wardrobe of ties with him in his suitcase.