No, that's not an expandable closet...it's actually a soft form fridge concept. Here's a description from the designer himself:
Folding configuration offers convenient portability and deformable storage. The size is optimized according to the cubage of things inside in order to save energy. The heat-insulating membrane coat and slide fastener door is stretchy to fit the size-changing. The holes on retractile bracing can transport cool air to each layer. Adjust it to an appropriate size so that you can take it any where. Specification: This is a unique idea for food storage, a more flexible portable refrigerator. Retractile bracing and soft coat allows size-changing. As a result, you can fold it up if there is no food left on the top several layers to reduce its size, so there is no energy wasted. What's more, it will be an excellent idea to take the folded-up soft refrigerator alone with you when you are on a trip. The translucent membrane is strongly stretchy and heat-insulating. Four layers which is comparted by metal-disk, are braced by the centre pillar. The pillar, however, can not only sustain the weight of the refrigerator but also transport the cool air to each layer. The slide fastener on the membrane is used for opening refrigerator.
[via Design Boom]