Wear a black Velvet Blazer and custom made gray pants instead of a tux to a somewhat formal event...to do or not to do....
To do or not to do : Velvet Blazers
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suit supply have a whole new line of velvet products. i think black velvet is perfectly doable if there are accents of other textures (grosgrain trim) that breaks up the black. personally, i think other colors work better (especially something different like green rather than the overdone atypical burgundy)