I'm fairly certain it's not Bottega Veneta. I've never seen anything like it before. I thought it might be Miu Miu or Jimmy Choo, but I can't find something similar to it. I love the color. It's gorgeous
I noticed someone in the Miu Miu section also thought it could be Jimmy Choo because of the weaving used on the bag. It's very similar to some of their designs from spring 09
There's a little silver label on the bottom side of the bag -- even zoomed in I can't quite make it out. It looks like a longer first name and then short second name -- I thought maybe Derek Lam, but I don't see anything close to this style on his site.
All of the Miu Miu styles that I've looked at also have the weaving all of the way around -- no bare sides like Rachel's bag