See the new, limited-edition Mugler bag.

If the best "It" bags are the kind of chic, covetable carriers that aren't entirely commonplace, Mugler's limited-edition Muglerette M Handbag ($1945) fits the bill quite nicely. In fact, the bags are truly one of a kind, since each handmade piece features a slightly different illustration--pink panda doodles against calfskin leather--by Creative Director Nicola Formichetti. Part of Mugler's first bag collection, the Muglerette's graffiti-like scribbles hint at the label's signature playfully outré style, but a boxy, rectangular shape and subdued hue make it decidedly wearable. If you want one, a word to the wise: only 20 of these exclusive bags were made exclusively for Shopbop, though other pieces from the collection, including the Muglerette M Foldover Handbag ($2160) in Green and Lightning Bag Tote ($2460), will be available later this month.