What does ラヴェイトレッド mean?

Question:

It is a title of a song. I know it's in katakana but I can't figure out what it says for sure. Does it say "Love it Red"?

Answer:

確かにlove it redの発音をよく似ているんですね。
it definitely sounds like love it red.

でも、カタカナで正しい書き方はあまり違います。
but it is different from the way the words are usually written.