It is one of Fendi's most iconic bags, spied on the likes of Blake Lively, Madonna and Queen Rania of Jordan.
Created for the Spring/Summer 2009 collection by accessories director Silvia Fendi, the Peekaboo tote is simultaneously chic and cheeky, with pockets that open to reveal many delightful surprises over the years, from the brand's signature stamp to a pair of malevolent eyes for the Halloween season.
This time, however, a new and even bigger trick is in store - one that embodies the house's creative spirit and involves the collaboration of some of the world's top fashion mavens.
Artist Tracy Emin, actresses Gwyneth Paltrow and Naomie Harris, models Cara Delevigne, Jerry Hall and daughter Georgia-May Jagger, architect Zaha Hadid, fashion illustrator Tanya Ling, singer Adele and journalist Kate Addie has worked closely with the bag's creator and the brand's atelier to put their own stylish spin on this modern marvel.
We're totally smitten by the resulting handiwork, all 10 of which will be displayed in Fendi's new flagship store on Bond Street from May 2 and can be purchased through a dedicated online auction.
All proceeds from the sales will be donated to Kids Company, a charity-based organisation that provides practical, emotional and educational support to vulnerable inner-city children and young people in London and Bristol.
"Growing up in a family of strong and pioneering females, I am excited that such iconic women, leaders in their own fields, have been involved in this project, on this iconic FENDI bag.
This project will not only allow FENDI to work with these incredible women, but also to raise valuable funds for Kids Company and help support their important work," states Fendi.
Each unique piece is guaranteed to thrill, if not financially then visually.
While still retaining its original structure (including one top handle, a detachable shoulder strap, designer logo-embossed stud-fastening side details and two twist lock-fastening compartments), these bags do not just come in a miasma of celeb-approved style and colours, they scream ultimate collectible.
Says Hadid: "Designing these smaller pieces is of great importance to us as they inspire our creativity, giving us an opportunity to express our ideas in a different scale and through a different media, whilst helping to raise awareness and funding for a wonderful cause that supports so many children in the UK."
See if you can spot your favourite!