Its a hairclip organiser!
This is the one I made for my stall on Saturday. Its so easy and you can probably see immediately how its made, (so it feels a bit silly calling it a tutorial!).
Find a nice frame, this one used to be gold I think, and paint it your colour of choice. I like to use spray paint or Annie Sloan paint.
Take the backing board and add some wadding to pad it out slightly, then staplegun your chosen fabric and the ribbons to hold the clips onto the back of the board.
Cover up the back of the board with some felt, (I glued this) and that's it!
A pretty solution to the hair clip problem!