There is this term, "Neo-Prep", and for the reasons I outline below, I am not sure that it is even something that Preps would or should recognize.
As I travel, as Preps have done to Europe and elsewhere through the ages, I have developed a sense of what it is like to not have a huge wardrobe or house in which to store my belongings, and belongings, and fashion, are how many people define Preps, although Preps should not be defined only through these things. I guess you could call it Hobo Prep: "Hobo Prep is a Practical Prep. Its the Prep’s Prep Style. For a Hobo Prep is a Prep’s Prep, and is in a sense the Ultimate Prep. Put your beanie in the back pocket of your newly tailored Brioni suit pants if its practical - easy to access and easy to walk with, and a much needed protection if you do slip on the ice on the cobblestones. " Ultimately however, "Hobo Prep" is nothing more than "Prep", and perhaps like Neo-Prep, doesn't deserve a category of its own. Hence the lack of hyphen, For A Hyphenated Prep Is No Prep, as we Preps do not believe in a hyphenated world.
I say this while writing this from a cafe, where I can feel the presence my warm woolen gloves in my other back pocket as I sit. Ultimately, Prep is about a way of life, and a way of raising children, or being raised as one yourself and following the Tenets of Prep - these are more important than any one fashion item to any Prep.
This was my comment as it appeared as a reply to an article on Ivy Style about "Neo-Prep" written by a Mr Daniel Calvert Greenwood, a descendent of suppliers of cloth.
Neo-Prep vs Madison Avenue's Take On Prep As A Function Of Their Clients (XYZ Brands in the Fashion Business) - what's the difference?