How about putting a bow "topper" on the top of the tree and have the ribbon tendrils flowing down the tree - just like a ribbon decorated tree. Or you can add a really sparkly flat star to the top. The box is so pretty by itself, you wouldn't want to hide it with a bow in the middle. Maybe the tag can be a present under the tree.

The other alternative is to perhaps use a sheer ribbon and do a corner wrap with the bow in one of the corners.

I often buy decorative boxes such as this and just add a beautiful tag. My mom and I keep passing the same gorgeous box back and forth to each other each Christmas!