When Olivier Theyskens teamed up with Theory to design relatively affordable high fashion apparel and accessories, I was admittedly a bit skeptical. Let's face it. Diffusion lines have become gimmicky and uninspired. However, I was impressed with the debut collection a few seasons ago, and now I'm officially blown away. The Willa Bag is an absolute must-have. From the chic crocodile print embossing of the suede exterior to the innovative golden hardware, this flap bag is a complete show stopper. Organization is a breeze, thanks to three sizeable interior compartments and a large zippered pocket. For a simple transition from day to evening, simply remove the detachable shoulder strap. Purchase at Theory for $790. Also available in black or bone calfskin.