craftgrrl | Getting rid of screenprints

I've been cleaning out my closet (and dressers and yaffa shelves more random drawers) of all the clothes I've accumulated over the years and stumbled upon an old jacket of mine.
It's a knee-length white nylon jacket lined with terry cloth. It has a hood rolled into the collar and would be really good for me at this time of the year.

Unfortunately, it has a rather LARGE screenprint on the back. It's why I never wore it, I refuse to be a billboard for overpriced designers. It has DKNY in red, white and blue, like the American flag.

Is there any way to be rid of this horrible horridness? It's really big so I can't think of anything I could sew on that would cover it properly, not to mention actually look good. Could I maybe screen print over it? Is there a chemical I can run over it that'll dissolve the colors away? It's white all over so I don't have to worry about any other colors bleaching away.

If not... anyone want it?