Anthropologie is selling this shag rug bench (which looks pretty delightful).
For the sake of argument, you could take this West Elm rug....
...and this bench.
And make it for a whole lot less.
A staple gun (or maybe a nail gun since it's thicker) and you're on your way.
I would love to make one to show you, but unfortunately my husband does not think it is appropriate to turn our one bedroom apartment into a furniture studio. #lesigh
So, you will have to use your imagination and file this under future projects.