It's less of an attraction and more of a general trend that the less practical thing is "in" these days. As long as it sparks interest and conversation, the Instacrowd will eat it up. For example, Jacquemus' infamously tiny Le Chiquito has spawned an even tinier offspring. Sure, it's more of a charm than an actual bag, but even in the normal Chiquito size, you can't fit a phone in it, let alone anything valuable or useful. You would have to go for the "Grand" Chiquito. We've complained about Mini bags not being able to carry a lot of essentials, but this pushes it over the top.
Le Chiquito
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Mini Chiquito
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Hermes is even part of this trend with charm versions of their Kellys and they've released a Mini Lindy 19 this Fall. Hermes is not always impractical, but they're not immune to trends either.
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Bags are either getting too small or too big. Even New Bottega's bag proportions are highly exaggerated, although we're starting to see more normal sizes being released. Certainly, the oversized versions of the Arco doesn't work nearly as well as the Pouch. And while the Arco should be more "practical" given it has handles and a flap closure, it's highly unwieldy and very cumbersome unless one opts for the smallest version. Overall, I think the Pouch works because it takes the spirit of the Lauren and modernises it. It's relaxed like the Lauren was, but a bit more expressive in its design, less restrained. However, after the hype dies down, we'll probably be seeing many Pouches being resold due to the impracticality of having to carry it by hand or under the arm. It's chic but chic can only go so far.