It is simply two cards bumped end-to-end and adhered to a 6-1/2" X 7" piece of Smoky Slate cardstock.
The bows are quick too. They are called Pretty Presents Designer Bows and come as sheets of double-sided punch-outs with instructions for putting them together. The flip sides are different patterns so you could make another panel with an entirely different look.
For the center bow, I did not adhered the "petals" exactly in half but moved the back flap further to the outer edge to give a fuller bow.
The words are made with the Expressions Thinlit dies. The dies come with the words "Thankful, Merry and Love". Brian King on Stampin' Connection had the idea of splicing the "ve" from love with the "ry" from merry to create the word "very". Unless you look closely you would not even notice the splice. Pretty nifty!