This card is one that my Stamp Club made in August . I don't remember where I saw the card. (If it's yours, please let me know so I can give you credit).
There is a short video available on how to do this technique. If you want to give it a try, check it out.
I do think a light weight ribbon works best. I used grosgrain, and some of the pleats wanted to pull away from the back strip. I used a glue dot under each pleat to make it more secure.
The Watercolor Trio stamp set is one of my favorites, . It was available in the Summer mini-catalog. Perhaps it will return in next year's Idea Book & Catalog.
I hope you'll give ribbon pleating a try. It makes an interesting border on a pretty card.