Last time we heard about this skin. It was from Riot Whilst nearly year ago as follows
"Just so nobody has any new expectations that will get crushed: Dragon Master Swain is not slotted for production at any point in 2016 currently. There was a glimmer of hope for the skin in 2015 when I posted that, but it wasn't able to happen.
Sorry, I share your pain :"
ref: http://boards.na.leagueoflegends.com/en/c/skin-champion-concepts/EFYtLVfr-the-dragonmaster-swain?comment=00070001000c0000
That means the skin has not been in production in 2016. This doesn't mean the skin was cancelled as so many ppl believe.
Actually, What GreenLore said is also crucial for the answer you are looking for.
Every time the skin team wants to do a skin for a certain champ. They have to check if the champ is in good shape and not be considered in need of VGU anytime soon because they don't want to remake skins for the same champ again and again.
Swain is now relatively high on VGU list but will it happen in 2017 or not? We still have no idea.
That is why I stop complaining about Swain not getting a new skin because no VGU = No any skins. Maybe they might give him a 750 rp skin which has no new particle, sound, recall animation etc.
The ball is in champ update team court not skin team.
