This item is found only in the console version(s) of Terraria.
George's Tuxedo is a Vanity Set that can be purchased from the Clothier during a Blood Moon. Only one part of the set can be bought at a time for 25 gold coins. When wearing the full vanity set a pink cane appears and moves back and forth when walking. Hard Mode has to be enabled to purchase a part of the suit from the Clothier.
The set is a reference to the celebrity George Takei (Sulu from the original Star Trek) who is a homosexual and has supported the LGBT community throughout many ordeals and scandals; hence the bright pink color.