A soft and vulnerable intelligent underwater species, you can consider them closely related to Earth's octopus - in the way chimps are closely related to humans.

Consider that clothing is often worn for:

* Status
* Warmth
* Modesty

What kind of clothes would work best for underwater? Assume human-like sense of touch when deciding what would be comfortable. Preferably it could also help protect against colder temperatures if desired. Lastly, it should preferably be storable in a closet-like structure for amounts of time similar to human clothing.