Maybe they're planning on having two different priced lines in their collection? Certainly the Mitzy range is very reasonably priced, especially considering the size of the bags. But then it's still Mulberry - it's not like it's a diffusion range.
I still can't believe that the Bayswater clutch is only £55 less than the Bayswater And yet it's sold out already?? They can't have had made many, really.
I've seen somewhere (can't for the life of me remember where though-i'll go on a search!) an image of Kate Moss with what i think is the cracked black metallic Bays Clutch, and it's huge. It's much larger than i originally thought from other photos, and it actually looks almost worth the price, especially with the detachable shoulder strap. I'm quite tempted to get one at some point.