First of All, The Parachute Pants Craze Did NOT Coincide With the Initial Fervor Over Rubik's Cube, and Second of All This is the Dumbest Gadget Ever

A touch sensitive electronic Rubik's Cube.

As far as the parachute pants thing, I associate them more with the mid to later 80s, while the Rubik's Cube came and went by 1982-3. But if the wiki on parachute pants is accurate, seems like I might be the one off on this one (though I don't remember anyone, even the wannabe "B-Boys" wearing parachute pants in Junior High, while I do remember them showing up a few years later in High School).

I'd have gone with a Member's Only, IZOD, or K-Swiss reference, myself.