Yep, zip, they change the whole costume. Imagine it this way: your skin is made of plastic. Now, you start to grow, but, your skin doesn't expand to allow this. How can you grow-shed your skin, only to have a new skin growing underneath with hair and all (imagine how good some of the "old salts" on the board would look if this was true). When shrimps/crabs get ready to molt, they usually go into hiding, as, their new "skin" has to harden into a tough shell again. Hermits have to evacuate their home to do this, exposing their soft abdomen at the same time (they look pitiful outside of their shells).