When introduced, it was marketed as an alternative to the regulation doublet and was to be worn with a black or white bow tie, else white lace jabot, as well as a tartan or red waistcoat (vest).
It is a formal evening jacket and not suitable to be worn for day dress with a long tie.
[1] The jacket is named for Prince Charles Edward Stuart.
There is a common belief the Prince Charlie was inspired by a tartan coat worn by its name sake, though there is little evidence to support this.
Tailors in the early 20th century used the name Prince Charlie as a marketing tactic.