Suede Belt Bagfrom NET-A-PORTER$165
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Mirroring the pared-back sophistication of Theory's ready-to-wear collection, this slim belt bag is constructed from supple red suede in a clean-lined silhouette. It has two zipped compartments - the larger one opens to a leather interior while the other in twill. It can be worn around your waist or carried as a clutch with the strap removed.