I have had this sweater since 11th grade. In fact, I wore it to a dance I attended with the man who became my husband! I didn't really love it then or now, but I've always kept it.
I decided it needed an update.
I started by removing the beaded details.

Then I took a black t-shirt and cut it into 1.5" strips. I sewed the strips together to make one very long strip.

I gathered the long strip into ruffles.

This shows you how I turned the tension to the highest setting on my machine. I also used the longest running stitch. It gathered perfectly.

Starting at the back of the neck, I pinned the ruffle the entire way around the sweater. At this stage, I ended up removing the buttons. I thought it would be too hard to avoid sewing over them.

I used a lot of pins. This picture shows how I pinned the ruffle underneath (not right sides together). The stitching shows.

Here's the finished product. I also shortened the sleeves to about 10" in length. This is slightly longer than elbow length on me.

I would show you a picture of me modeling the finished product, but since I'm noticeably pregnant right now, this sweater hits me at my largest point (mid stomach) and isn't flattering at this point in my life! I'll be wearing it in the fall/winter when I'm no longer pregnant!