It was a thing at university in the early 1980’s. An Izod shirt was not cheap if you were lower middle class, and the “rich kids” showed off they could wear 2 or 3 at once.
During my punk rock years, a girl friend gave me her Izod but didn’t want to know what I would do with it. Of course, ripped the sleeves off and wrote “Eat the rich” in a really ugly permenant marker.