Exactly what I wanted to ask as well. I did find Cloak of Protection as an option in my inventory, but I do not see any way to "put it on".
What I ended up doing was go to the start tab, scrolled down to "armor & shield", selected the other armor, pressed F2 and changed the name to Cloak of...
I just tried to create a warlock/sorceror with hexblade and Favored Soul. Somehow, when I try to add spells, the clerical spells and cantrips are not selectable. Am I doing something wrong, or is this not implemented yet?