Letterman jackets refer to sports jackets often consisting of wool and leather, emblazoned with the school initials, colors and symbols. Wearing a letterman jacket allows you to adorn yourself with a clear symbol that you are an athlete playing on a particular team, showing loyalty for a particular school. Such a jacket should have a slightly loose or mildly baggy fit, but it shouldn't be overly large. If you need to make a letterman jacket have a slightly snugger fit, you can do this easily.
Dip a soft cloth into beeswax, scooping out a half dollar-size amount of beeswax onto the cloth. Rub the beeswax onto the leather areas of the jacket.
Buff the leather areas of the jacket with the beeswax and the cloth, re-dipping as necessary. Your goal is to cover the leather jacket with a thin coat of beeswax. This will protect the leather as you shrink it.
Fill a basin with hot water and submerge the jacket in the water for at least 20 minutes. Gently wring out the water.
Place the jacket in the dryer over a low setting. Allow the jacket to tumble dry which will further facilitate shrinkage of the jacket.