Vintage Derby Scarf Thoroughbred Winners Horse Racing Silk

Vintage Horse Derby Silk Scarf

Does not have a tag only the words THOROUGHBRED WINNERS in the corner

I don't know much about derby memorabilia so I googled it but couldn't find anything like this. I am hoping someone will be able to give me a little more information.

I marked it as good condition because there are no rips or holes and the colors are still vivid. However, there is a small amount of bleeding from the red.

Thanks :)