Cut two satin pieces: smaller and bigger.
Fold the bigger fabric piece in half with the shiny outer surface facing inwards, and sew the edges shut, but leave one side open.
Fold smaller piece and sew it. It should be like a ribbon.
Turn inside out and sew opening shut.
If you want, you can sew all the sides again like I do, but this step is not so necessary.
Gather the center of the bow by pleating it carefully and wrap around center of other piece and gather, creating a ring around the piece. Sew ends of ring shut.
And that's it, your new bow is ready!