I've had several Hammitt bags and am a fan of the brand, however there are quality issues with them that became apparent as I used my bags regularly.
The unfinished edges on my bags did not fray like this immediately. My oldest one is around 7-8 years old, I think. I only noticed fraying after a year of continuous use and it didn't get any worse subsequently.
As for the loose threads in your pictures, I've never had that on any of my bags from them. You may choose to return the bag, of course, but if you decide to keep it, just put a flame (lighter or candle) to the loose stitch. It'll seal it so the stitches don't unravel further.
I must admit, there is a distinct decline in the quality of their bags recently, but they're still excellent for the contemporary category and for their price range (especially if you get them on sale).
The leather on my oldest Hammitt bag is absolutely incredible. Thick, buttery soft and very expensive feeling. Every subsequent bag has had lower quality, thinner leather. I would be hesitant to grab another one online, since I would want to handle the bag to feel the leather knowing that it has been different in recent years.
Also, I discovered that all Hammitt hardware scratches terribly as you begin to use the bag. Shiny or matt; gold, silver or gunmetal, the rivets and rings inevitably scratch. The gold hardware is the worst for this, in my experience.
Thankfully, Hammitt will replace all hardware under their lifetime warranty, but I just wanted to point this out because I was surprised at how quickly this happened on mine.
Sometime around the pandemic, the brand rapidly expanded (I think they got an investor or something like that). The quality decline started there, for me, however I have not heard others with their bags comment on this.
It may be that my bags from the newer range were just duds (sometimes we get unlucky like that) or it may be that I'm one of the few who can compare old and new Hammitts from my own collection, so I noticed the difference. 🤷
I hope you can enjoy the bag if you decide to keep it.