Hey All,
I've created a simple test animation (around 1400 frames, character + cloth and some props).
I baked the cloth and exported as Alembic file. (I use the default settings and checked: Export Textures).
I also tried the same with checking the: "Merge Opacity to Diffuse (PNG)" option in my second test.

Unreal Engine 4 - Import:
I've tried to just use the default settings first, and it imported the file perfect I can put it on the scene, play it and it's smooth and awesome.

The only problem is that it didn't import the textures / materials so... I wonder if there is something I need to do in-between what I've describe doing in order to get it work in UE4 ?

Do you know a good video tutorial to show: iClone Alembic to Unreal Engine 4 
So I can learn how to do it?

The one disadvantage of Alembic is that it doesn't import the textures, so they need to be reapplied. The required textures are saved along wit the Alembic file, but then they need to be added in Unreal. There may be an easy way to that in Unreal, I don't know.

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Thanks!
Wow that sounds like a lot of manual materials / textures work in UE4.... oh well.