He was a disciple of the Apostles, bishop of Smyrna, and a friend of St Ignatius of Antioch. He went to Rome to confer with Pope Anicetus about the celebration of Easter. He was martyred at Smyrna in about 155 by being burnt to death in the stadium. Polycarp is an important figure in the history of the Church because he is one of the earliest Christians whose writings still survive. He bears witness to the beliefs of the early Christians and the early stages of the development of doctrine. See the articles in Wikipedia and the Catholic Encyclopaedia.

Red is the colour of fire and of blood. Liturgically, it is used to celebrate the fire of the Holy Spirit (for instance, at Pentecost) and the blood of the martyrs.