Beyond luxurious, these velveteen fabrics are perfect for costumes or special occasion clothing. Is Santa’s suit looking a little worse for wear? Well, he’s been good this year. It’s time to treat him to a new ensemble with some gorgeous red velveteen. A cotton or cotton blend fabric with a short, dense pile. It lacks the sheen and drape of velvet. It is perfect for drapes and home décor items as well as pants, jackets and skirts.