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1.
A ridiculously small piece of male swimwear typically worn by out-of-shape older men. The combination of swimwear and wearer thereby exposes an excessive amount of unattractive flabby, pasty flesh, and leaves far too little to the imagination.

It was named for former Formula 1 personality and manager Flavio Briatore, noted for favouring this type of swimwear in public, and thus being featured in the worldwide media dressed this way.
Ed: Hey Tone, check out the old dude in the Speedos on page 23.
Richard: That's Flavio Briatore.
Tony: They're too small for Speedos. He's wearing a Flavio bag.
by Dob in a Nerd April 05, 2013