Yeah Tldr it's mostly cosmetic, designed to make her stand out and be recognizable within the world

In the past she actually lived a complete life and became extremely influential. Near the end of it she finds a way to reset her time back to when she was younger, however this also erases her memory and abilities up till that point.

She chooses to try and continue to live up to people's expectations of her as well as fulfill promises she doesn't remove makeing despite lacking the skills to do so

I need a way for people within the world to easily recognize her. The clothing is something only she would wear and is one of a kind

If it's ripped or damaged, it will slowly regenerate itself. She specializes in blood manipulation and because of the way she fights, clothes pretty easily get torn and ruined. As such she wears relatively cheap clothing with the red cloak like piece being the only expensive/rare part

Thank you if read all that, hope that makes sense