The Christlike Witness

Likewise, ye wives, be in subjection to your own husbands; that, if any obey not the word, they also may without the word be won by the conversation of the wives; 2 While they behold your chaste conversation coupled with fear. 3 Whose adorning let it not be that outward adorning of plaiting the hair, and of wearing of gold, or of putting on of apparel; 4 But let it be the hidden man of the heart, in that which is not corruptible, even the ornament of a meek and quiet spirit, which is in the sight of God of great price.
1 Peter 3:15
But sanctify the Lord God in your hearts, and be ready always to give an answer to every man that asks you a reason of the hope that is in you, with meekness and fear...

It is a mistake to use this passage for the primary purpose of promoting modesty in the way women dress. It is instead to consider this passage as a guide for bringing the gospel before those we live in the Spirit of Christ. Modesty is only a note in our witness of Christ and it is a lesson not just for the way women dress but for how the church as a whole addressing the world.