Standard way of cloth customisation for animated character

The straightforward way I can think is having multiple skinned mesh renderers each representing a respective cloth variant. Then game code can enable/disable desired parts. Thus for 10 T-shart variations and 10 pant variations, the FBX contains 20 meshes-all skinned to the model. Will it not be heavy to GPU memory?

So what are the better ways?
What I have initially thought is cloning cloth into the model at runtime and then using the skin weight data of the model, generate the skin weight at runtime. The implications (if it can be done) are:
1. Cloths can be dynamic into addressable/asset-bundle
2. Less time spent in weight paint for cloths

So folks, share your thoughts on industry-standard ways of achieving cloth customization in video games.