good points all! to add: the top is actually a slim-fitting base layer with a very loose over-piece. so the arms/shoulder/chest area is all slim fitting. the drape is almost like a scarf, but of unusual material. keeping the arms and shoulders slim-fitting in a recreation would be key, i'd think.
as others have stated, most of the fabric is very thin and drapey, so it doesn't add bulk. the over-drape, however, seems similar to sweatshirt fleece - and it's also front and center visually, so it creates the illusion that she's wearing much bulkier clothes than she actually is. wearing a cropped sweater or chunky scarf over drapey clothes in a monochromatic scheme would give a similar illusion.
the harem trousers hitting where they do helps keep the look from being overwhelming as well - you can see a lot of lean leg. the ribbing helps the pants seem longer, while showing the line of the leg. as others have pointed out, the shoes are key - heels, monochromatic, very edgy and trendy, and that tie around the ankles emphasizes how small hers are. in a recreation i'd go with whatever type of shoe silhouette makes your legs their longest and leanest.
i'm off to go check out your recreation - what a fun look to tackle! i love low contrast newts, and the casual/luxe combo is one of my faves! steph