Comparing the concept to hilt wrapping tutorials: it looks like there's at least two strips of fabric that are looped around to make a four strand braid. The two loops spiral back and forth across each other and the wrap is tighter at the top and looser at the bottom. One thing to watch out for is a change in perceived…
use a texture pattern with displacement map? or work this in plane like a brick wall and shrink wrap along a cilynder? i try to imagine how to work it...