No drawstring, adjustable does not have the drawstring to make the head tighter defect everything else looks and new condition Polo Ralph Lauren Classic Polo Sport Cap Mens One size Navy Blue Multi Color Logo Pony No drawstring, adjustable hats appears to be new don’t see no problems or flaws but I’m not 100% sure because of the store I bought them from New with out tags other these are my photos I took of the actual hat that I have on hand . Polo Ralph Lauren Spellout 6 Panel Baseball cap. Adjustable fit with bungee drawstring on rear of hat.