If you have exactly matchig pieces with new colors, you can give their color to the old wrinkled suit by making a new layer with blending mode "Color".

The result is full mess in the areas that do not fit, for example here in the collar and the neck opening. 

Add also an adjustment layer curves or levels onto the old suit to make the contrast and luminosity good for the new colors. The old suit can be desaturated.

[![enter image description here][1]][1]



  [1]: https://i.sstatic.net/X3AAA.jpg