Please note that this is just my opinion and not intended to offend.
It is an interesting concept, but as it reads the user would need to have multiple jackets and shirts (need to stay fashionable/can't wear the same stuff every day) and insert the panels in each day instead of wearing the standard concealable armor they currently use. I am assuming that the largest cost in the garment is the armor. I can see this used by high lvl officials who have their jackets handed to them as they prepare to "walk out the door," but it seems to be a lot of extra work for the average Joe or LEO. Toss over your concealable body armor, strap it down with your Velcro/elastic straps and finish dressing or take your armor panels (4 total) out of the one you just wore, put them in your jacket and shirt, being careful not to wrinkle them, and then finish dressing. Just seems like a lot of extra work to me.
One question I do have is what threat lvl is the kevlar they're using?
Most VIP assassinations in recent history (the last 80 years or so) are done by one of 2 methods--high-caliber rifle shot to the head (which NO body armor could protect you from) or small-caliber handgun to the body up close (usually .380 auto or smaller), which Level II would easily handle, and Level I could almost always "catch"...
For VIPs, the simple fact is, if someone wants you dead, you will be made dead. Body armor isn't going to help that.
This product is not aimed at VIPs. It's aimed at upper-level executives, paranoid trust-fund kids, and Wall-street-wannabees who are looking for the next high-priced status symbol, which brings us to an interesting quadery...
Would wearing this armor be illegal if you were a stock broker in MD, and making illegal trades or fraudulent deals? In MD it is legal for anyone to wear body armor, but if you wear it during the commission of a crime then wearing body armor is illegal. Something to think about...