early 14c., probably from Old Provençal veluet, from Vulgar Latin *villutittus, diminutive of Vulgar Latin *villutus "velvet," literally "shaggy cloth," from Latin villus "shaggy hair, nap of cloth, tuft of hair," probably a dialectal variant of vellus "fleece," from PIE *wel-no-, suffixed form of *uelh- "to strike" (see svelte).
-y 2
adjective suffix, "full of or characterized by," from Old English -ig, from Proto-Germanic *-iga- (source also of Dutch, Danish, German -ig, Gothic -egs), from PIE -(i)ko-, adjectival suffix, cognate with elements in Greek -ikos, Latin -icus (see -ic). Originally added to nouns in Old English; used from 13c. with verbs, and by 15c. even with other adjectives (for example crispy). Adjectives such as hugy, vasty are artificial words that exist for the sake of poetical metrics.