So, this is what should theorically be done to make the mesh work:

1. Add the texture, and the mesh (GR2) as a resource. (I see that you've done this).
2. Create a material for the mesh. (I usually just copy an existing material as it's easier.) Since you don't have a normal map or specular map texture, we'll need a base material with only a diffuse input - that is, one derived from Base_DM. The ARM_Panty_A_Zandalor is a good candidate, so right click on it -> Copy to my module -> give the material a name.
After you're done, your package should look like this:
[Linked Image]

(Alternatively, you can create your own material, but my editor always crashes when compiling the HLSL shaders, so I can't really test it.)

Open the material properties dialog, select the diffuse texture in resource browser, and assign it to the material via the "<-" arrow, OK.
[Linked Image]

Open the model properties dialog, select the material in the resource browser, assign it via "<-" arrow button.
[Linked Image]

After this, the mesh should appear properly.