I have done quite a bit of testing, and here are my findings:
Every slot in the clothing chest counts as *EDIT six emote slots.
Every slot in the vanity chest counts as *EDIT six emote slots, Each and every emote you equip counts as one item.
Equipment chest and armory don't count*
There is a hard cap of total items (clothing chest + vanity chest + emotes) that SoT will save between sessions, *EDIT but this hard cap isn't fully defined yet. I'll be trsting more tonight to come up with the actual number
When you reach the cap, if you stop exactly at the cap and log out, everything will save, but any new changes you make after logging back in will not save.
If you are over the cap when you log out, the game will revert your setup to the last time you exited the clothing/vanity chest while having as close to the cap without going over.
I'm not actually sure if the hard cap is intentional or if it is the actual glitch.
Does anyone out there have more than 39 items equipped? If so, that would tell us that the cap is the glitch, and not an intended hard cap.
*If you are at or above 39 items between the clothing and vanity chest, no changes you make in the armory nor the equipment chest will save. So while they don't count towards the hard cap, they are still affected by it.
*Edited due to @Archaell 's findings
