Red Valentino Bow Flap Convertible Clutch, Handbag of the Day

The Red Valentino Bow Flap Convertible Clutch is a shockingly affordable and chic offering from the House of Valentino.

Before you get all up in arms over the fact that this is clearly pink, not red, allow us to inform you that RED actually stands for "Romantic Eccentric Dress," and is a sister line to the traditional Valentino. Red Valentino is a collection with "all of Valentino's sophistication -- but injected with a more contemporary feel," says Net-a-Porter. We think "contemporary" must mean "cheaper." But we're not complaining.

And it also comes in gray.

This adorable 11"W X 7½"H X ¼"D convertible clutch has a magnetic snap closure and a 22" tuckaway shoulder chain. We love it because it's fresh, charming, and has a big ol' unapologetic 1980's bow on it. This bag says "I'm kicky and fun, but with high style." It's the perfect touch of feminity for a no-frills shift dress or other outfit. Match your lipstick to it. We dare you.

The Red Valentino Bow Flap Convertible Clutch is available from Saks Fifth Avenue for $395.00.