According to the Bratislava Jewish Community Museum, this challah cover was probably made in the 1920s or 1930s, but probably came to light only after the War.
The fabric color is certainly unusual, compared to today's challah covers, and the letter embroidery, the opening line of Eishes Chayil, is also a bit of a departure.
I was curious to see if burgundy hues used to be more common. When I searched online I came across this burgundy challah cover from around the same period. According to the letter embroidery, which includes the name of the owner, Lev Glaser, it was made in 5668 (1908). The design boasts a fabulous floral embroidery pattern offset by a quaint butterfly, and the words Zechor Es Yom HaShabbos L'Kadsho in a bold arc.