This adorable character is called 'Furoshiki' - it's a pink spotty bundle/bag that belongs to the Sumikko Gurashi polar bear, 'Shirokuma'. This version is approx. 9cm tall. It's soft and squishy, and has beans in the base so it sits nicely on a shelf. 

Please note that this plush is a collectible, not a toy, and not recommended for children.