Designers aren't quite as 'studded out' as I think most of their customers are, and are still putting as many of the spiky embellishments on their bags as they can get away with! In this case, Givenchy have taken studs off the main body of the bag and used them to decorate its strap instead.
This detailing works rather well here, I think, creating something akin to a piece of jewellery with the strap, in much the same way as the gilded strap of a Chanel bag will do. Only this one is much rougher and tougher than that...it's serious rock-chick cum office girl -- a killer combination that's bound to inspire shock and awe.
Related: Whose bag? Givenchy crocodile clutch | Guess the owner: Givenchy Nightingale bucket bag
