Last month, I wrote about YSL's Y-Mail tote and I was not impressed at all.
However, I think this clutch version is lovely - different, charming, smart - proving that the execution is way more important than the idea. It costs $395, but is currently unavailable. (But when it *is* available, it also comes in black and white.)
Related: YSL 'Muse' reversible tote | Marc Jacobs' 'Bag on Bags' - better in inspiration than execution