This is not a simple task, and given that this can have so many flavors, it isn’t easy to answer in general, to begin with, if little is known (Size, fabric behavior, etc.). Not that I have at all an easy answer somewhere.
Pulling on a fabric that must be stiff to keep the bow while moving through the knot and mostly unfolding after that without crumbling is quite complex. Often the idea is that everything is flying in the air and have that Disney-feeling (fairytale) to it. At the same time, this is expected to be based on a simulation/dynamic, preferably in a few clicks. I think manual animation is more art directable here.
I have tried to give some pointers here:
I have also asked a colleague if I can share his scene file, which builds on dynamics; I have to wait for a reply.
All the best