I love navy, it is a great alternative to black.
It is quite often combined with its classic partners of red and white. Think nautical summer outfits. I see a navy white striped boat neck t-shirt worn with white or navy capri pants and a red scarf tied at the neck.
But, there are many more ways to wear navy. It's soft enough to wear with lights and muted colours. It is dark enough to balance brights and deeps. It works well in patterns, both as the background shade or it's dominant tone.
Navy, or dark blue, represents "knowledge, power, integrity, and seriousness", making it an ideal colour for a working wardrobe. You often see it used as the core colour for uniforms in educational, financial, recreational and corporate settings.
Finding navy's that work together can be tricky. Different navy dyes and fabric finishes will create varying shades when placed next to each other. If you are planning on basing a working wardrobe around this colour, try to buy the pieces all together and remember to wash the jacket as often as the skirt/trousers.
Balance your shoes to your outfit, picking up the same colour as your hemline (navy), the same tone as your top or a complimentary colour. Nude or natural leather tones also work really well.
As always, use accessories, varying fabric textures and layers to personalise your outfit and create interest.
Here are some examples of navy in a man's wardrobe, taken from Country Road's summer collection 2012/13. It moves between formal and casual with ease.
Have fun exploring this classic colour.