There are few fashion items now hotter in menswear than varsity jackets. They are ubiquitous (which is a fancy way of saying they're everywhere).
Thankfully, this is one trend of which I approve.
Once relegated to varsity high school and college teams members such as Big Moose, the varsity jacket turned chic a few years ago as it made it's way into the lineup of several haute couture labels such as Bottega Veneta.
Do bear in mind that a Bottega veneta varsity jacket is something like the equivalent of Dom Perignon brand cola--yet strangely, it works.
I suspect that there are a few reasons why the jacket has taken off so successfully. Firstly, the style is attractive to hip-hop/street and hipster style sensibilities alike. The hip-hop guys like it because it appeals to both their team-like (posse) sensibilities as well their general affinity for sportswear, such as jerseys and ballcaps.
I suspect the hipster types are attracted to the ironic or nostalgic element evoked by the jackets. You won't see them wearing a Gucci varsity jacket, but you may very well see them in a jacket plucked from an obscure Iowa high school.
Personally, I think I am partial to the vintage jackets, and if you don't mind sifting through musty used clothing stores, you can probably score a pretty cool find.