The last time fans of fashion totally lost their minds over the fabled "it" handbag was way back in the early to mid '00s, when the accessory and creative masters behind behind luxe labels like Chloe (Paddington), Prada (Fairy), and Fendi (Spy) were churning out coveted pieces as if each of their lives depended on it.

Unfortunately, that "it" bag has since died and has been so buried for that past couple of seasons. However, we think CFDA award winner and all-around cool kid Alexander Wang may break that trend next fall.

The hype surrounding his $895 'Coco' duffel has reached unprecedented heights -- especially noteworthy given this unsavory economic downturn. The majority of the swooning probably has a lot to due with the fact that style icons like Mary-Kate Olson and Julia Restoin-Roitfeld were seen toting the painstakingly distressed and studded tote around a whole six months before its available to us regular folks.

Indeed, those interested in incorporating the coveted piece into their wardrobe this fall should probably start saving now. Because once this must-have hits retailers this July, it will probably be scooped up quicker than you can give your complicated coffee order at Starbucks. Bonne chance!