You can get it looking new again. First place it on the ironing board. Wet a clothes brush (just enough to make the jacket feel damp) and gently brush a section of the velvet in the direction of the nap (it will look awful but don’t worry at this stage). Leave to dry overnight away from direct heat but still on the ironing board.
Once dry, brush with a dry brush, first against the nap, then in the direction. Now move on to the next section, but don’t get any water or fingerprints on the panel you’ve just treated. Keep going until you’ve done it all – it could take a week, but if you’re determined, it’ll be worth it.
Finally, treat the jacket with a fabric protector spray.