I caught him, but he slipped out of his clothes, unfortunately revealing his bare bottom.
This is one of the few items in the game that bestow a luck bonus, as minuscule as it is, which provides the user with slightly better drop-rates from slain enemies. The defense this armor bestows isn't too far off from top armors, but this in turn only lets the Unlucky Leprechaun's Coat provide lackluster bonuses elsewhere.
Despite being a "Lucky" item, this item still seems to hold its own, so if you can pass up the bonuses the other UT Armors provide, you wouldn't be wrong to choose this item.
This item is part of a set: The Unlucky Leprechaun