A: What do you think about my new jacket?

B: I think it looks good on you.
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Q1: In this short dialogue, what other expressions can we use instead of 'looks good on'?
Q2: What is the meaning of the preposition 'on' in the second sentence? Does 'on' mean 'about'?

Q1 - You could say any of the following:

looks great!
looks really comfortable and warm.
looks wonderful!
looks very formal.

Q2 - The word "on" seems to mean "as you wear it" or something like that -- that is, referring to how the jacket looks as the other person wears it, not just on the hanger.