Ideal released this cute clothing rack set in 1971 and it continued into 1972. It has two garment bags, one a bit longer than the other.
Here is a complete set, assembled. Notice the shoe rack at the bottom (shoes and clothes were not included). It has a raised ridge on it that the heels sit above, to keep the shoes from sliding off. There are cute little orange bows tied to the hangers on top of the garment bags.
This is a Clothes Rack and Closet Set that is "never removed from the box" (NRFB). Here it is as it comes out of the box, still wrapped in tissue.