Used variously to describe full-coverage running clothes (for cool weather), tennis and soccer warmup clothing, and any other kind of vaguely athletic-looking leisure suit. Usually a matched two-piece getup, frequently featuring stripes or designs of some kind. Status brands are Adidas, Fila, and Nike.
Worn by athletes, criminals, juvenile delinquents, and middle aged people who have given up hope.
I wanted to buy that velor Fila tracksuit at Big Five, but I decided that I didn't want to look like a drug dealer.