A brief history of can coolers / stubby holders / Koozies
It the dark, old early 1980's, when clothes were big and bright and music was generated by black boxes called synthesizers, the polystyrene foam cooler was king. Pre-foamed into shape, it was large and cumbersome. On top of that, it wasn't very good at keeping beer cold either (probably because the bottle was not tightly held).
What was most likely a cunning use of a piece of off-cut material from the wetsuit industry, it was in the middle of the eighties though, that at least one company claims to have brought in the first neoprene cooler from the US (where they are called koozies (which is claimed to be a brand name)) and changed the market overnight at the 1983-84 ashes series. Since those first few flew off the shelf, neoprene coolers or stubby holders (derived from the name given to 375ml bottles of beer here in Australia), whose invention has been attributed to Australian Shane Walsh, have ruled the roost when it comes to keeping beer cold.
Modern day stubby holders
Today stubby holders are available in all shapes and sizes, but the basic materials have not changed really. But that being said there are literally scores of different types out there, from one with radios in, disco lights, one like The Hulk's fist... the list goes one. Most customised stubby holder though are still the same traditional wetsuit with base style you'll be more than familiar with.