That's not an effect, it's a well designed shot taken in the right light and environment. The sky probably is cloudy which prevents sharp shadows. The man is a little blurred afterwards and the environment is blurred even more to make the suit relatively sharper. The environment blur is partly made by big aperture and long focal length of the camera. That depth of field management is an essential photography skill.
The environment colors are selected carefully to be non-offensive, the suit must be the main object. Of course the model is also selected to bring the suit to max effect. I guess a tall athletic body builder wouldn't fit. All in all, the problem to present the suit is solved with an image, but 99% of the image was made when the shot was taken.
How a photographer can design a shot like this? There probably is done a remarkable amount of teamwork to catch and select ideas. The photographer has made the decisions a real image. I guess there's numerous rejected versions, too.
About the colors:
As others have already noticed there' a slight shift towards blue and the contrast is manipulated. The contrast is not increased, it's decreased. The black end is lifted a little ==> the image is't too black but it's foggy like not so high quality paper photos. The paper photo likeness can be removed by fixing the white balance and shifting the black end back to zero. It's done in the rightmost version. The original is in the left.
The fix starts an endless demand of other fixes. The environment for example starts to look much more messy and it sinks the suit which now should have more light and color.
If you have approximately the same material (main hues, light) you can match the colors with your image. It's Photoshop's standard adjustment. You can also match separately the face and the suit because they have different main hues.
Video editors make extreme color adjustments because the colors must be consistent between different takes which used different equipment and not so equal light. I guess it's a good idea to check what they have available.
ADD after questioner's own photo was inserted:
This cannot be transformed to same colors as the example because the man in the foreground has differently colored cloths and northern skin tone. In addition the background isn't concrete but colored items.
The blue shift, color & contrast reduction and blurriness can be added to lift the foreground person up. It's a little complex if the skin tone should be kept. But masking helps targeting. Here's one attempt https://www.dropbox.com/s/vkjl7a0xjs3ia63/maninthemarket.psd?dl=0