Prepare cake according to package instructions. Let cool completely. If possible, refrigerate covered for a few hours to make it easy to work with when frosting, but you can skip this step if you're in a hurry. Place cake on a large platter or cake board.
Make the frosting:
Beat softened butter on medium speed with an electric or stand mixer. Beat for 3 minutes until smooth and creamy. Add powdered sugar, cream, and vanilla extract with the mixer running on low. Increase to high speed and beat for 3 minutes. Add more powdered sugar if frosting is too thin or more cream if mixture is too thick. Reserve about 1 1/2 cups of frosting to keep white, then color the rest red. (Note: I used 2 heaping teaspoons of the "no taste" red food coloring paste. It looks like it isn't red enough at first, but gets darker after it sits for awhile.)
Reserve 1/3 cup of red frosting, then use the rest to frost the cake. Refrigerate for one hour.
Meanwhile place half of the white frosting in a pastry bag fitted with a #5 tip and the other half of the frosting fitted with a #1M tip. Fill a third pastry bag fitted with a #3 tip with the remaining red frosting.
Pipe a "V" shape at the top of cake with the #1M tip and then a line down the middle. Create string designs with the #5 tip. Roll out a 1/2" x 1" rectangle of green fondant for the label. Pipe the word "ugly" in red. Add the NESTLÉ® Jingles and holiday candies. Surround the base of the cake with the extra NESTLÉ® Jingles. Use chocolate chips for buttons.
Serve immediately or store covered in the refrigerator for up to 3 days.