In my own words, it could mean : a pairing method of clothing that can be put on as basic layer which could then be combined with many other clothing items OR a pairing method of clothing that you trust will never go wrong.

In example :
This Versatile Pair of a White Top and Jeans. This basic pair can go with anything. This is like a basic template that you can later change the outcome by combining different additional clothes or accessories.
This versatile pair of white top and jeans can be worn in many different ways, such as these two styles that were worn by Miranda Kerr and Kim Kardashian.
As you can see, both have the same template of white top and jeans here, but Miranda chose a Classic/in-formal style by adding a colorful loose blazer and then combining it with a classic (and rare) Prada bag and Christian Loubutin nude peep toe shoes, while Kim Kardashian chose a more relaxed down-town look by pairing it with a sequined vest, bold metallic necklace and bronze sandals.