Lily's Brand New Bag

If we didn't know better, we'd probably think that the YSL handbag designers had struck some sort of deal with the devil. After all, the house has enjoyed quite a run when it comes to must-have handbags: the Mombasa in 2002, followed by the Muse, Downtown, and Tribute in quick succession. Today we'd like to turn your attention another delightful YSL offering-the Overseas Tote-and an affordable version, courtesy of Steve Madden.

As seen on Lily Allen's arm during a recent London stroll, the YSL Overseas Tote has clean, simple lines and the only gilding comes courtesy of an understated brass chain. While Allen carried her Medium Overseas ($1895) in the same Sky Anthracite shade that Kate Moss picked for her Catwalk, it's also available in a Croco Embossed Black Patent.

We delightedly noticed that the folks at Steve Madden created their own guilt-free version of the Overseas, the BPosh bag ($150). It's less than a tenth of the price, has a totally satisfying shape, and comes in 13 different colors/fabrics like black nubuck and gray patent.