Well, I wouldn't wear it. I wouldn't allow my daughters, if I had any, to wear it. It looks like black leggings with a black mini-skirt. It's much too form-fitting. Why not leggings beneath looser and longer (below knee) culottes?
Well, the point is that the reason short skirts are immodest is because they expose the legs. If the legs are not exposed but covered by thicker leggings that look almost like pants, then that doesn't violate modesty. It's important to understand the why of immodesty. This kind of fashion was not around when Pius XI issued his rules, with the assumption of short skirt being the exposure of the legs. Now one can then say, well, she's wearing pants, and so it's unfeminine, but in this context I don't see it as being unfeminine. Whether or not one considers it ugly is a different matter altogether.