Modest literally means "appropriate," so dress appropriately for the situation, not following some rigid standards. What is appropriate on a one body type won't work for another; and what is appropriate in one culture may offend elsewhere. As believers (men and women), we are to dress in a way that respects ourselves and honors God.
BTW, the verse used by the OP means ECONOMIC modesty. In other words, don't come to church showing off how much better off you are than the rest of us.