Kids' Lacoste® for J.Crew striped polo shirt

Bought this shirt in a size 16 for my 12 year old son (he's not that big). It just fit when we tried it on but I decided to keep it as it has great colors and knew it would work for this summer. However, after washing it in cold it seems to have shrunk considerably. Super disappointed considering the price.

I got this in a size 12 for my 11 year old and it fits him like a size 10. Also, it seems to have shrunk even more after washing and drying. This shirt is too expensive for this kind of fit/wear.