Kanye West and Bianca Censori are doing the fashion thing in Milan right now -- and if you're wondering what Bianca was wearing ... well, it basically amounted to a skimpy tarp.

The couple posed for cameras Friday for Fashion Week, where they put on their best attire and stood shoulder-to-shoulder as Italy's "it" couple -- and by that ... we mean fabric and clothing material, 'cause these aren't the most stylish getups, at least in our eyes anyway.

Take a look for yourself, specifically as it pertains to Bianca -- who's in a VERY revealing ensemble, which looks more like a bag made of leather than an actual outfit.

Indeed, she appears to be butt-ass naked under there ... and when you see her from the side, you'll see a lot of skin, even more than usual you might say. Ye is just ... well, Ye.

The only thing to really note about this look here is that he's still going strong on his permanent tooth grill thing -- a titanium plate that's cemented at the top of his mouth.

Truth be told, the real star here is Bianca ... who continues to turn heads with her eye-popping costumes -- frankly, that's sorta the best way to describe them at this point.

Ye's definitely into her bod ... and he seems insistent on showing it off to the world, too.

What she's wearing here isn't too different from what she was rocking on Thursday at Kanye's 'Vultures' listening event -- where he seemed to have a packed stadium full of Italians ready to jam out. That 'fit made us blush, this one's making us melt!

Anyway, they did their thing at the show ... and went out to dinner afterward, where you could really see what BC looked like from the front and back. Solid angles here, for sure.

She's also still rocking her new bangs ... but that's the last thing anyone's noticing about her.

It's funny ... so much of Bianca has been revealed at this point -- figuratively and literally -- and just when we think we've seen it all, she somehow tops herself and shows even more.

Then again ... she can be pretty shy at times -- completely covering up, and ducking away from cameras. On Friday, however, she was more than ready for the spotlight with Ye.