The multiple layers of emission appear strangely complex and unexpected given the relatively featureless appearance of the elliptical galaxy in less deep images.
The cause of the shells is currently unknown, but possibly tidal tails related to debris left over from absorbing numerous small galaxies in the past billion years.
Alternatively the shells may be like ripples in a pond, where the ongoing collision with the spiral galaxy to the right of NGC 474 is causing density waves to ripple though the galactic giant.
Regardless of the actual cause, the above image dramatically highlights the increasing consensus that the outer halos of most large galaxies are not really smooth but have complexities induced by frequent interactions with -- and accretions of -- smaller nearby galaxies.