​What kind of clothing is this cream knitted tube with two side slits that I thrifted?

The brand is Italian, called Calimar. My first thought was that it’s a sweater vest but it looks so strange worn like that that I’m wondering if I’m wearing it wrong. I searched on the brand’s website but found nothing similar. Could it be a cape or scarf? Which holes do I put my arms and head through? Please advise.