Regarded as naff and smelly in the 1960s and I'm not suggesting for a second that it's 'Ivy League' (whatever that's supposed to mean nowadays; can someone enlighten me? I mean, I think I know what it meant a few decades ago), but most of us like rainwear. So... any takers?
I have a Paul Smith Japan mac that I picked up incredibly cheaply that folds down into a tiny package. It has proved useful in enough travel situations to confirm its role. I would not wear it normally but in some work travel situations it was helpful to have back at the hotel.