Create a pattern. You can either freehand a heart on a piece of cardstock or cardboard or use the free printable heart template linked in the post

Vertically fold a piece of 8.5" x 11"white cardstock in half

Using the heart pattern, trace the heart to the folded cardstock as shown making sure to place the left edge of the heart along the fold as pictured. Cut out the heart

Using the same heart pattern, cut another heart from a piece of red craft felt. This will be the vest of the tuxedo.

Fold the felt heart lengthwise into two equal parts, then cut a deep V-shape from the cleavage of the heart

Unfold the heart and continue cutting the upper part until you have the desired V-Shape

Cut a small triangle on the mid-bottom part of the heart.

Align the red felt heart to the cardstock heart and hot glue it.

Use your heart template to make a black felt heart as you did with the red felt and then trim as desired from there (see photo below). Hot glue the black felt pieces as shown.

Glue the three black buttons on the middle of the vest.

Fold a triangle from a small red felt. Add a small strip of black felt below the red triangle and glue to the upper right breast of the tuxedo.

Cut 5 to 6 centimeters of red satin ribbon. Meet both ends of the ribbon at the center of it and secure it with glue. 

Cut another small strip of red satin and make a loop from it. Pinch the ribbon and tie it at the center using the looped strip of ribbon. Glue the bow now on the topmost part of the red vest.