I found directions on a lovely website for this fabric ornament. You can find the how-to at V and Co. It's not very hard to make, and I completed it with no trouble. I found this wonderful red and gold fabric in my stash that I think works real well. I have to tell you that it involves a hot glue gun, which I always think is great fun to use!
I was thinking of trying it using card stock instead of fabric. I wonder how that would work. Of course, a fabric ornament would probably store better than a paper one from one Christmas to the next, don't you think!?