Q: "Since we’re talking about armor. I like to look good, alright everyone at the studio knows this about me. Fashion first for Kratos, of course. I know one of the request for 2018 was the ability to maybe have the stats you want, but you know, give Kratos the runway look you want. So this is a question from SpiritWolf and a lot of other people; Will there be an armor transmog system?"
Mihir Sheth: "The short answer is yes. There is a way to do it…it’s there in the game."
The answer is a bit cryptic, and it's unclear whether or not it's going to be a free-for-all anything goes model (where you can just toggle it), or if it needs to be unlocked/requires a reagent/consumable of some kind. Either way, it's confirmed in some form.
At this point with any AAA game with gear, transmog is not only a highly-requested feature, but expected. Games are even adding it after launchbecause of how many people are requesting it.