I think you mean the M - I would use layer styles. Add a texture in there to make it look like the one in the photo. Use 3 different shapes for this - the top part of the M and the 2 legs, each with with their own layer/style.
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I 'really' hate to admit defeat, but I think this might have done with Illustrator. I was unable to get the sharp corner on the inside corner of the crossbar, and I eventually gave using layer styles and resorted to Alien Skin Eye Candy 7 (bevel)
This is what I managed with Layer Styles, but I had to resort to setting Highlights to black (multiply) the same as the shadows. I think the Alien Skin version above made a better bevel though. Of course I could have done it all manually, but that would take a bit of time.
In both instances I added the canvas texture outside of Layer Styles because I couldn't scale it the way I wanted, but making the layers SOs and using Filter Gallery made that straight forward.
Using Render Fibers might give a better texture — especially if you added Lighting effects to it. An interesting challenge all round.
I will try is not coming this effect
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I missed this last night - so had to have a go today using 3D.
The shape is just an extrusion with a shallow depth.
The bevel on the edge is set in the object properties and I used the inflate property to give the surface a bit of a curve.
The material is just a cotton weave texture (which is downloadable from Adobe using "3D - Get More Content")
For the "M", I built 2 objects, one for the top and 1 for the legs, and combined them in one 3D layer - that way the bevel went round the top and the bottom parts.
To use these in a composite either switch off the ground shadow or rotate the object and camera so that it is lying flat on the ground.
I hope that helps you.