I was initially thinking it was a stage prop for 18th century clothing, with the left hand being the gathering under the "chest" and the side ports were actually for legs, the shaping was to add to the curviness of the figure with more clothes added over top.  But then we can't see the other end, so perhaps there was an opening for a head and these ports seen were for arms...  certainly going to keep someone warm!

A wine cooler

A bottle of some sort cooler

Pure thoughts? Hahaha

No other holes.
Only the 3 you can see.
The padding is the same all the way around.
Could be used either side.

Your arms do not come out of it.

Your hands go into it.

I got nothing...!  Got me completely stuffed!

They have a hole in the front for the mouth and nose. See more pictures here
http://www.dailymail.co.uk/news/article-2208316/Ostrich-Pillow-Bizarre-invention-means-people-nap--wearing-pillow-balaclava.html

Its a walking stick hand warmer, Walking stick through the bottom, hand in the top, 

See mens is smart eh !!!!!!