wool is an other old word, and it too, goes back to IE... changing along the way

In ME: it was wolle, <OE: wull, akin the Ger: wolle, <the IE base is *wel-, hair, wool, grass, > which in latin is villus, vellus(which in English brings us Velvet), and lana--related to the greek lenos.

the lana/lenos.. also has come into english, as lanolin, the oil/grease extracted from sheep's wool.

Wool was highly prized for several characteristics.
It took dyes very well. natural wool, like some of the new synthetic fibers in hollow, which means wool can still offer a good deal of insulations, even when wet.
and even slightly damp wool is extremely fire resistant. when one cooked over open fires, having a wool skirt or apron was an important safety factor.

and it does naturaly come in several colors, from almost a pure white, to almost black, with several shade of brown, red, (auburn)and grey.

like all natural fabrics, it is very effective in wicking away persperation, and so often feels cool on the skin.