This is a beautiful red velvet Ben Zuckerman jacket, part of either a suit or dress ensemble. The jacket is boxy and single breasted and is trimmed in black satin. This jacket probably dates from the mid 1960's.
The jacket was sold at Amelia Gray Beverley Hills, a high end boutique located on the famous Rodeo Drive. The store is no longer in existence.
Photos courtesy of Sweet Pickins Shop.