I also remember it as french knitting. Mum used to save her empty wooden cotton reels which Dad hammered 4 tin tacks on the top and hey presto - a mini loom!
Watching this item on the breakfast show made us say "How long will it be before the "Elf 'n safety" brigade scupper this craze, 'baybees' can swallow them, kids flicked in the eye - oh they could have a field day with this one, as with playing conkers!
I remember the bead swapping craze in my playground days, OH remembers badge collecting.