“That fit shreds” = that’s an awesome outfit

Synonyms for Fit: outfit, drip, gear, cloth(es), getup

Synonyms for shreds: killer, swag, gnarly, rad, sick, dank, cool, fire (🔥),

Your drip is fire Your outfit is cool Your gear is rad Your clothes are sick Your getup is dank Your cloth is killer

All pretty equivalent statements which you may relate to more based on era of terminology you grew up with.

(This is from my brain dictionary, real life experiences may be different)