Bags of style

What makes an It-bag so 'it'? Why do we clamour for the latest Chloe Paddington or Louis Vuitton denim, when we know they cost a small fortune and won't make us truly happy? In fact, we'll be spending the better part of our days coping with buyer's remorse.

According to Lisa Armstrong of Timesonline, the 'it' factor denotes an item's ability to encapsulate the entire mood of a particular season. This is probably how the Chloe Paddington made it to the top of the list of must-have, impossible-to-get, hugely expensive bags. It represented the Boho-chic movement singlehandedly; from the slouchy shape, the soft, distressed leather, the metal studs and the padlock, it screamed subtle chic. "I don't need to try to be chic, I just am," it seemed to say.

For fall's new structured mood, however, a new style of bag is about to bump all the slouchy styles of the shelves. It is respresented best by Alexander McQueen's Novak bag. Named for ice queen Kim Novak, who starred in the Hitchcock classic Vertigo , the bag recalls the ladylike, structured styles of the 1950s. With its shiny nappa leather and constructed look, the Novak represents fall 2005 to perfection.

McQueen let himself be inspired by Hitchcock for fall. "I first watched The Birds when I was 12," he said. "I was so struck by the matching bag, shoes and gloves that Tippi Hedren wore that the image stayed with me. I'm drawn to Kim Novak in the same way that Hitchcock was. She had an air of uptightness you wouldn't want to cross." From flouncy, free-and-easy fashion to uptight elegance; no one ever said fashion was dependable.

McQueen has played it smart in terms of production and distribution. Knowing that the basic rules of economics - supply and demand - come into play, he has limited the production amount to 200 bags. Prices start at £550 and soar as high as £6,000 for a crocodile version. Meanwhile, he hasn't been keeping the Novak's existence under wraps. The result? Fashionistas are dying to get their hands on one.

Richard Grey, press manager for Harvey Nichols told Armstrong: "McQueen fans have been waiting for this. Not producing this bag in vast quantities is about being an antidote to the super-brand. It's part of the trends towards demi-couture and catering to customers who want a product they didn't expect. We're calling it nouveau riche."