Some big names in menswear are offering their take on the varsity (or letterman) jacket for this Fall/Winter season. The varsity jacket usually consists of a wool body with contrasting leather arms, though it can be all leather. It appears that most of the varsity jackets we are seeing are in some black and grey combination for a more subtle statement, though there are a few more elaborate takes.
Vince has the most basic offering with a charcoal wool body and heavy dark leather arms. Shipley & Halmos's jacket has a simple appearance but becomes quite elaborate when one examines the construction and leather details on the back and arms. Thom Browne has the most uninvolved model with a letterman jacket that looks straight out of Friday Night Lights (minus the panther). Fred Perry, on the other hand, has taken the classic design and made it modern for Opening Ceremony with a black plaid patterne (a la Pendleton) for the body. Tim Hamilton Redux offers the most fashion forward option with a body comparable to that of Vince and Shipley & Halmos, accented with shiny metallic arms and collar.
While one can certainly find a vintage varsity jacket for far less money than these options, I prefer the trimmer and more anonymous look myself. Splurge.