I have the PM in Fauve Barenia and love it as well. I was invited to the Men's event in March when I was in Dubai (one of my regular trips to Dubai happened to overlap with the event) and, like you, was offered the PM and it was an instant yes! (I have a few other mens bags in Barenea - that gold and Noir are my two "go-to" colors. Also, yet the end of the strap goes back under the buckle and you'll see that there is one strapholder loop sewn in right under the buckle to pull the extra strap through and then you use the extra moveable strap loop for any excess strap. Same system as the Sac A Depeches 21.
When I was first offered the SAD21 (at Hermes Madison) a few years ago, my SA thought it was defective as we tried to fasten the extra strap and it was only when he brought the issue to the attention of his manager, that he learned for the first time (along with me) that the extra strap fastens under the buckle and not on top
Enjoy - an awesome bag!