It's an unusual colour combination, but it cooooould potentially work.

Does the jacket unbutton below the collar? If so, you could pair it with a blouse that picks up one of the neutral shades of the skirt -- I'd go for the light silvery grey -- and then match the jacket to another accessory, like shoes of a bag or earrings. Very neutral palette of colours, with the jacket to punch things up.

It'd depend on your skin tone, though. Some reds make me look absolutely seasick.