Peachy Skin vs Light Orange

How close are they?

ΔE 8.6, close: similar, with a visible difference side by side. Light Orange is a little darker, more saturated than Peachy Skin.

Can I use Light Orange instead of Peachy Skin?

Usually, if you are not matching paint already on the model. Close match (ΔE 9). Light Orange is a little darker, more saturated than Peachy Skin.

Can I use Peachy Skin instead of Light Orange?

The same difference applies the other way round: Peachy Skin is a little lighter, more muted.

ΔE is the colour difference between our two swatch estimates: under about 6 is close, over about 15 is loose. Real paints also differ in finish, coverage and how they thin, so test before you commit.