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If it's a wool or wool blend, do try getting it wet (cold water) and re-shaping it. Wool is a stretchy fiber, but it does have resilience. Wool fabric can be both steam-shrunk and steam-stretched, as for example the sleeve head into the armhole of a coat. It also will "felt" in hot water, though, so don't do that. I swirl my wool sweaters in a cool sinkful of water with some Woolite, then roll it in a towel to get the excess water out (don't wring), and lay it out like I want. Try that, and if it's still too big, we'll try steam. ;)