This is certainly not a simple “do this do that” animation. On top of it, there is certainly quite some Art-directing involved. Not limited to the red-fabric animation, but also how fast it is, how the camera changes, and if there are some distractions away from the animation (text comes in, other lightings, elements, etc.)
Anyway, I would split this into parts. The large band around the package, the two bows, the knot, and the short little “wings”. I think it could be wise to combine the large bad with the two wings while hiding the needed extra length (pulling) inside the box. Only the bows get smaller, the knot pops away, and all is left is only long fabric, which should be easier to animate.
In my understanding, the two little bows are the ones that are more complex to handle than the other parts. Based on the knot, they stay relatively in the same location, until the knot pops, and then they are just gone. To have a procedure for one is all that I would focus for now on.
Here is an example. You might add a correction Deformer for finer details.
Alternative, the PoseMorph, with the new pose set to Mode> Edit in Place, can animate a progression.
All the best