Latin villus supplied villūtus, behind Anglo-French velu. A further French noun formation led to Middle English veluet or velvet.
The Anglo-French noun velvet is compressed between velu and Middle English. The proposed connection with Latin vellus is uncertain and unscored.
Sources
- Merriam-Webster: velvet
The selected formation runs from villus to villūtus and velu, then through the compressed French noun to Middle English veluet and modern velvet.
- Centre National de Ressources Textuelles et Lexicales · velu
Meanings of the older forms on the word path.
- Online Etymology Dictionary · velvet
Meanings of the older forms on the word path.