Home Depot had an article on this...they recommend a oil based spray combo
Thank you KMS Woodworks. Twinsparkles, I've been wanting to paint a huge red flower on my faded yellow umbrella all year. Glad someone asked this question.
Check the craft stores like Michaels or Hobby Lobby for exterior paint used for cushions on patio furniture. It will work and hold up beautifully.
Dye in a spray bottle could work as well.