Here is a color palette based on your query for formal wear:

json
{
  "palette_name": "Core Neutrals & Power Colours",
  "colors": [
    {
      "name": "Warm Cream",
      "hex_code": "
          
          #F5ECDC
       "
    },
    {
      "name": "Camel",
      "hex_code": "
          
          #C19A6B
       "
    },
    {
      "name": "Chocolate Brown",
      "hex_code": "
          
          #5C4033
       "
    },
    {
      "name": "Warm Navy",
      "hex_code": "
          
          #2C3E50
       "
    },
    {
      "name": "Olive",
      "hex_code": "
          
          #6B7A42
       "
    },
    {
      "name": "Deep Teal",
      "hex_code": "
          
          #006666
       "
    },
    {
      "name": "Warm Burgundy",
      "hex_code": "
          
          #802837
       "
    },
    {
      "name": "Rust",
      "hex_code": "
          
          #B7410E
       "
    },
    {
      "name": "Terracotta",
      "hex_code": "
          
          #CC4E3C
       "
    },
    {
      "name": "Warm Plum",
      "hex_code": "
          
          #663344
       "
    },
    {
      "name": "Muted Coral",
      "hex_code": "
          
          #E07A5F
       "
    }
  ]
}

This palette combines core neutrals that serve as a foundation for a wardrobe, along with vibrant power colors that can be used for tops and statement pieces.

Would you like suggestions on how to mix and match these colors for different outfits?