He might have done better with a flannel gray rollneck instead of the blue, but in the photo Luca Cordero di Montezemolo demonstrates Autumnal dress for a outdoor sporting event such as an October baseball game.
As temperatures dip into the low 50's (10C), flannel is better than worsted. The single breasted jacket is perhaps more traditional, but either single or double breasted is perfectly appropriate. Pair it with a contrasting two ply cashmere rollneck in cream, gray or navy blue for temperature control and a scarf becomes unnecesary. Brown pigskin gloves are optional depending on the temperature but a silk pocket square should be considered mandatory.