This jacket is tailored for women - the large fit just means that it's a long, tall fit. The photo of maude raymond above is her wearing an XL!! Longer fit = warmer butt & you can wear a tall tee under it : )
Sorry for the late reply - but yes it does fit like a medium. I wear a thermal, tee and hoodie underneath and it fits just right. Im a size 10/12 in women's clothing.