Keeping to a few rules your toys will last you for many decades:
Store clean and dry.  Because silicone is non-toxic, it won’t prevent mold from growing on it.
Stand upright or lay flat without kinks. Clear plastic containers are great for storage. Personally, I purchased several under bed storage drawers and stacked them to create a toy chest in my closet. I simply lay my silicone toys flat inside.
Store apart from any other non-silicone toys, especially vinyl ones.  Using a box or shelf that once stored vinyl toys will also damage silicone.  The plasticizers used in them get onto the surface and dissolve the chemical bonds, turning it to goo.
Using a cloth to wrap them is not recommended.  If you still wish to, just be sure to use material made of pure cotton and be ok with it absorbing some oils and staining.  Also, use new cloth and not one repurposed from storing vinyl toys as the plasticizers will be in the cloth in enough quantity to still dissolve the silicone.