I bought this for a Halloween costume since all the other cloaks and capes at the local stores were too cheapy looking.  The velvet and satin are polyester, and are not as soft as the real thing but get dramatically better once washed.  When I opened the package I could barely get the cape unfolded because it was so stiff and stuck to itself. I thought it looked horrible and it smelled like chemicals. It said it could be washed so I took a chance. I washed it with cold water on the gentle cycle and then put it in the dryer on low until slightly damp and then air dryed it the rest of the way.  The cape now looks like the picture and feels like a more expensive one and the smell is pretty much gone. The button fell off after washing, but I was going to replace it anyways.
Don't give up on the cape until you wash it first! Just wash it separately so you don't stain your clothes.