Information:
One of the (at least) five similar leather suits Elvis wore during his 1974 August/September Las Vegas engagement. Apparently, these type of outfits were very popular among performers at that time, so that may be one of the reasons why also Elvis decided to try out this type of suits.
This particular suit is quite rare photographically speaking. Just a handful pictures of Elvis wearing it has surfaced.
As new 'evidence' has been brought to light recently, it turned out that the "mermaid" leather two-piece, and the leather suit with "native flowers" are actually one and the same suit (ie. this one). The only problem with the name "mermaid suit" though, is that the "figure" on the back of the jacket, is not actually a mermaid, but a girl in a blue dress.