I bought this footstool for $11.50 a few days ago. Lovely isn't it? What you need is a great upholstery fabric ( I bought this remnant at the fabric store for a remarkable $10.00, normally $75 per yard). I have plenty left for another project. You will also need a good staple gun and plenty of staples.
I started by removing tassel fridge. Next, I cut fabric so there was 1 inch over hang. I put one staple on all sides and each corner. Continue all the way around and end with overlapping corners.
This is a little tricky but evenly fold each corner side and staple 3 times to secure.