Let

l = 75.5 cm is the length of the rectangular cloth

w = 53.75 cm width of the rectangular cloth

w1 = 1.5 cm the width of the lace needs to be equal to the overlap

l1 = the length of the lace it is equal to the perimeter of the rectangle

l1 = 2*(l + w)

l1 = 2*(75.5 + 53.75)

l1 = 258.5 cm

We need to find the area of the lace. The lace is also rectangular surface so its area is l1 * w1 that is

l1 * w1 = 258.5 * 1.5 = 387.75 cm^2 lace

We need 387.75 cm^2 lace.