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Cardboard has a lot of acid in it and will eventually yellow certain things that come in contact with it, like textiles. Don't know about leather, but probably. How long it will take to yellow something...well, that may be years. I know that women have stored their expensive shoes in their original cardboard boxes sometimes for decades with no noticeable yellowing.
Paper also has acid it in and will yellow textiles, and fairly quickly too sometimes. Something to consider if you keep paper stuffed in your purse to hold its shape. Might want to replace the paper with old cotton socks and T-shirts.
But one of the worst things of all is supposed to be plastic. Plastic gives off gases that will yellow textiles.
So the safest way to store a pricey bag is in a dust bag and stuffed with cotton or acid-free archival tissue paper.
Cedar chests and cedar chips are a no-no since wood gives off lots of acid and, contrary to myth, cedar does nothing to keep moths away.
There was a gal who was a museum conservationist on here a while back and this was discussed in a message string.