This is not formal from the perspective of menswear, but is certainly formal from the perspective of the general population.
The outfit was informed by the Practical Thoughts on Coherent Combinations For Beginners thready on Style Forum. Although the suit cut in a ‘city’ style, it is what F. Corbera refers to as a ‘casual suit,’ because of the fabric. The casual suit can be accessorized in a more casual way, and I have done so with a button down, knit wool tie and patterned pocket square. I tried to remain consistent among them.
My one concern is the colours I’ve chosen. I’m inclined to treat light pink like light blue, and very flexible. I kept my accessories in the ‘reddish’ realm, but am not sure if they actually go together.