Please Destiny, explain how transmogrification will work or give me more vault space for fashion

During Destiny 2's next content year, Bungie plan to add a transmogrification system, finally letting us apply the looks of stylish armour to the stats of practical armour. As an avowed Destiny fashionista, I am excited. But because Bungie haven't revealed how this will work in the MMOFPS, I've started stockpiling fashion just in case we need to feed the system original garments. I am already out of room. My vault is full of hats. My pockets are full of trousers. My postbox is overflowing with gloves. Bungie, please, either give the slightest hint of how transmog will work or give us more vault space.

Bungie revealed plans for transmog back in May. They said the feature "is in early development and is expected sometime during Year 4", but the current plan is that it "will allow players to turn their Armor into Universal Ornaments" through "in-game effort OR Silver." That's all we know. I don't want a step-by-step explanation of how transmog will work (and don't expect one, given that it's clearly still a way away) but please let me know: do I need to be storing all these clothes?

I haven't finished stockpiling garments either. The next season will remove Io, Titan, Mars, Mercury, Levithan raids, the Scourge raid, the Crown raid, Gambit Prime mode, Escalation Protocol, and Menagerie mode, which is a huge amount of fashion soon to be unavailable. And I don't know if Bungie will shake up world loot pools too, so I should keep any random drops I want. When we only have 500 vault slots for weapons, armour, and keepsakes, that is so much fashion to hold onto just in case I someday want to wear it with transmog. Which I likely will, because I adore playing dress-up with my moonmen.

I do still need room to carry the weapons and armour I actually use too. I take Destiny relatively seriously, with a few flawless raids and such under my (stylish) belt, so I don't just wear whatever looks good. Thanks to the Armour 2.0 system, not only do I need a full set of well-rolled armour in each of the three elements for each of my three characters, I need a lot of extra gear to use seasonal mods from other seasons. I've had to delete so many great guns from my vault to make space for clothes.

"But Alice," you say, "surely Bungie will let us transmogrify from Collections. It'd be absurd if we needed to currently hold the item."

"But reader," I reply, "do you trust Bungie to introduce big new systems without making them in some way obtuse or infuriating?" I gesture towards Armour 2.0 splitting mods across the three elements, to seasonal mod slots initially requiring new armour every season, and to this season's reissues of Gambit Prime weapons not updating the Max Power Level of originals.

"Ah," you concede.

Year 4 of Destiny 2 will start alongside the launch of Beyond Light, the next expansion. That's sending us to Europa to play with Stasis powers on November 10th, and will doubtless add more clothes to covet. Transmogrification is due to arrive at some point during the following year. Bungie, please, I'm begging you: tell me if I need to keep holding onto all this. Think of my looks. Won't someone think of my looks?