I sew with felted wool a lot and have made a couple jackets. The colors are standup. One is wool faced with a fake fur. I use polyester double knit cut into a strip about 1 1/2 inch wide to bind the edgeYou work from the right side and double it over and have a little excess on the back so you can catch it in the front stitching. Then trim close to the stitching on the back and it looks very good.A strip 5/8 inch wide to attach it to the garment. The other is one thickness of felted wool bound in the same way and attached in the same way. Use zigzag stitch with same color thread.