Infant Jesus of Prague
The Infant Jesus of Prague is a 16th century wax-coated wooden figurine currently resting in the Church of Our Lady of Victories in Prague’s New Town. It is clothed in incredibly elaborate regal outfits created and donated by various religious communities around the world, many of which are preserved in an adjoining museum.
According to Wikipedia there have been approximately 100 outfits donated over the years, some with specific cultural designs, many insanely expensive with actual gemstones or gold embroidery or similar, some unique such as the one made from a piece of ecclesiastical vestment. The outfits are swapped out every once in a while according to the ecclesiastical calendar.
I couldn’t find anything about this specific outfit it’s wearing, but apparently red / gold is for Christmas and Easter, so that would kind of fit.
Note that it’s far from the only Infant Jesus statue around, even if you don’t count copies made of this one. Just probably the most famous.