Fendi’s Peekaboo handbag became an instant style icon when it launched in 2009. Five years later, a particularly limited edition of the Peekaboo has been released into the wild. When fully closed, the purse looks like a purse. When draped open, as seen here, the elegant white calfskin satchel comes alive, exposing a sheep fur lining, yellow crocodile intarsia eyes, luxurious white gold metalware, and an unzipped pouch lined in a brilliant shade of red that evokes a ravenous monster’s mouth. The handbag’s menacing features represent an evolution of Fendi’s insanely popular Bag Bug key chains, created in 2013 and inspired by Japanese manga animation, which continue to sell out to this day.