A cheaper, more casual line of clothes than Polo, by Ralph Lauren. Its logo is a "C" or a "C" with an RL in it, in laurels. A cut above stuff like Hollister or Old Navy, but still doesn't make the big leagues like Lacoste and Polo
Rob: Yup. He's about 30 bucks short of a real polo, or it's 30% off at The Bay this weekend
It may also be used to describe an object that is sub-par, un-cool, stupid, or of poor quality.
"That's a chap"
"That burger was a chap!"
"Don't make me chap you!" (As a warning)