What is this padded satin item?

Online communities have proven adept at solving various mysteries using collective knowledge and resources. For example, a puzzling item resembling a wooden hanger accessory stumped many internet users.

“What is this padded satin item with ribbon ties and a hole in the middle? Appears possibly handmade, like a case for a beauty item.”

Answer: “It looks like it might go on top of a hanger (which is why there’s a hole in the middle). This would turn something like a smooth wooden hanger into one of those hangers with a satin finish/top to prevent light items like slips or lingerie from slipping off the hanger. The ties would be to secure it to the hanger, perhaps. Just a guess though!”