Not really, the red is associated with fertility in Bulgaria and protects from evil spirits and bad luck. It is also very important the symbols embroidered or weaved into the belts, they were believed to be magical for protection, luck, against evil eye and magic and used to contain at least some metal ornaments for the women. What you see here is just a very stylised way to represent the belts from the past - not my favourite way to see things done but well..