This looks like a simple red cloak but the size suggested it was made for a child. Inside the hood however is a magic circle sewn into the lining in vivid blue thread. The circle is divided into 8 segments, the last of which looks to be sewn with a different pattern. This cloak holds 8 charges, each represented by a segment within the hood of the cloak.
Each short rest the cloak regains up to 1 charge, and each long rest the cloak regains up to 7 charges.
Over The River
As a bonus action you can expend a charge to cast Misty Step, but instead of a silvery mist you are surrounded by a small flurry of autumn leaves and a babbling brook can be briefly heard.
Through The Woods
As an action if you are in wild unsettled territory, you can expend all 8 charges and choose a plane of existence (you may specify a target in general terms, such as the City of Brass on the Elemental Place of Fire or the palace of Dispater on the second level of the Nine Hells, and you appear in or near that destination at the DMs discretion). Alternatively, if you know the sigil sequence of a teleportation circle on another place of existence, you can choose that circle.
As you pick a location a small tree with red leaves and pale smooth bark shoots from the ground, rapidly encasing you before you disappear from sight within its foliage. The tree remains where you once were, forever growing in the plane you left.
Curse. This cloak is only able to regain the 8th charge by killing a creature to protect an innocent in danger and dripping the cloak with its blood. It can not recover the last charge by resting.