yarn over increases would be pretty - it would be a lacy ruffle.
If you don't want it to so lacy, kint into the front & back or knit into the bar betwen 2 stitches to increase.
Have you figured out how to do the monogram yet? I can't think how to do french knots on a knitted item - I don't think they'd show up well. All I can think to do is duplicate stitch, but that isn't anything close to french knots.