Well, in the trailer the cloak was amazing and made all of us to believe that we will able to craft and wear cloaks.
But in game, it does not exist at all! -_-
Thanks CD Projekt RED. :/
So how about to release cloaks and capes in the next free dlc?
That will make us happier to play the game. ;)

That's the only reason I bought the game too! Shambles, I want my money back!

I saw staff on the CDPR forums say that there will not be cloaks in the game because they caused too many issues, so I'm guessing this is unlikely to change.

Probably between the weapons and armor could have clipping issues.
But in other games with cloaks and capes are no issues and they are working fine,
with and without weapons equied on back or side.
Take for example Middle Earth Shadow of Mordor, no issue at all with the cloak, plus that it has physics.

HOW ARE WE TO FUNCTION

o.ò I just can't feel bad about this game for the cloack absence... really, I'm trying as hard as I can, but I cannot...

Just wear one of these "longer" witcher armors, get on horse and off: perfectly clear why they won't do cloaks when you'll see the back part of the armor sticking to Geralt's arse. For a very long time, even at running speed and/or while jumping.