The way Favorites work in VAM isn't ideal. Everything just gets combined into a smaller group, but there is no real order or sorting.
A better way to organize favorites in clothing/hair is to go to the appropriate tab, find the item you want to Favorite, and press the "user prefs" button. Add a custom tag, "fav" or whatever you'll remember. Close the window. Now if you search by the tag "fav" - all items you've custom tagged will show up.
It isn't great, but it is better than nothing.