Deal hunting is challenging and time consuming. Most stores will do 25% off during a sale a couple of times a year. Bigger discounts are usually end of season (40-50%) and can be found online, but stock is limited. catching these are hard, and then your order gets cancelled more than one would like due to 'inventory' problems and sometimes that bags you get are not perfect (used, scuffed, poorly packaged). The biggest discounts are in-store on returned bags that are on 'clearance' where they are already 25% off and there is a sale of an additional 20-25% off. Then you can determine if any flaws are worth the discount, but you need to go to the store a lot to see what they have (or make friends with an SA).
For a near perfect bag, 25% off is probably a good time to buy because the stock is better. And if you do need to exchange because of a flaw, they have the inventory to do it. Coupon stacking is hard with Macy's. Usually the best you can do is when they have the extra 20% for cardholders on sale and clearance in store. But that is never during F&F. And most of their coupons exclude non-sale designer bags.