Fancy ties are a type of neckwear that can be worn for formal occasions. The most common types of fancy ties are the ASCOT, CRAVAT, and OBI. An ASCOT is a wide necktie that is tied in a bow and usually made of silk or wool. A CRAVAT is a narrow necktie that is tied in a knot and is usually made of silk or linen. An OBI is a wide sash that is tied around the waist and is usually made of silk or cotton. All three of these types of fancy ties are popular choices for formal occasions.