Path: Content > Product Configurator > Colors :: Add Variation
Video Guide:

After clicking the “Add Variation” button, a window will open where you can set the color name, determine the order of the colors, and enter the desired color value as a hex code:

The color can be set either by entering a hex code or using the color picker. While the color picker provides a user-friendly, visual selection, entering the hex code directly allows for precise color specification:

After making the changes, save them by clicking “Apply”.