Mending a cashmere sweater

This beautiful red cashmere sweater is from days when I had moths, so they had a fairly substantial snack from the front of this beauty.  I've been contemplating how to mend it for years, and came across this velvet and also another cashmere sweater that I got in a clothing swap.  I think between the two acquired materials I shall be able to do either a patch/patches or some kind of reverse applique.  I want to use a good deal of embroidery too, in order to make the front of the sweater nice and splashy.