I have a number of Frye bags but have never seen the need to dunk one. I think the Frye leather is much more stiff than the vintage Coach leather and not nearly as thick. I wouldn't try it. I'm curious why you're so worried about a brand new bag. The leather that forms the flap will take that shape, as it would on any flap bag. If you're worried about the fringes wrinkling, just hang it for a day before you want to carry it. Overall I think that the Frye bags make up in style what they lack in leather quality, especially when compared to vintage Coach. I buy Frye when I want to channel my inner hippy. I buy Coach for who I am now.