You could try it this way:
Create a cone:

Create a vertex group, that will be the cloth pin group:

Give it 2 shapekeys, select the second one and scale one vertical edge out of several (make it a bit heterogeneous):

Give your object a Cloth simulation, choose the group as pin group, choose Cotton presets for example, increase the Quality Steps, the Vertex Mass, increase the Collisions Quality to 4, enable Self Collisions. Then keyframe the second shapekey from 0 to 1:

You can add fake folds with a Bump node and a Noise Texture that you stretch on Z.