Place a large, square piece of decorator fabric face down on the floor.
Turn the ottoman upside down and center it on the fabric. The fabric must be long enough to reach down the sides of the ottoman and over the bottom edge by at least 2 inches.
Staple all four sides of the fabric to the bottom of the ottoman. Staple halfway between your first staples. Grip the end of the fabric with your fingers and rip it in half to ease it. Continue splitting the fabric in half and stapling all around. When all of the ottoman is covered and no fabric is hanging down, staple every inch in a circle about 2 inches from the bottom edge. Trim off the excess fabric.
Turn the ottoman right side up. Wrap wide ribbon around the sides of the ottoman, crisscrossing in a random way to cover most of the ottoman sides. Tie the ribbon into a bow and trim the ends.