Preppy fashion is not only a fashion but a "lifestyle" according to major preps. Preps where clothing brands such as Lacoste, Lily Pulitzer, Raulph lauren etc. "True preps" have most likely grown up in a rich community and go to prep schools (in our area include Madeira, Foxcroft, Georgetown Prep, and Woodberry Forest.) Although preppy fashion has made a "comeback" now, true preps never change their style.
Here are some examples of preppy fashion