Maybe cut up a felted jumper to make this, or if you have the patience, pick up the stitches (unfelted) and cast off . could even crochet into the cut edge (Knitting Relay). Add a pretty shirt to complete the look!
I wonder if I could find a pattern for this. Can't afford to order it! Link takes you to a page where you can buy it. Description: Hand Knit Sweater Knitting Knitted Cardigan Crochet Border Jacket Sleeve Bolero Shrug Made to Order