Abstract: A handbag assembly is provided with separable inner and outer members which allow easy conversion into a variety of different styles and configurations. Specifically, the outer member comprises an envelope suspended from a carrying strap and having an open top closable by a conventional fastener. The inner member comprises a lining pouch sized to be closely received within the envelope. In one embodiment, the inner member is removably secured to the outer member by strips of hook and loop type fastening material which can also be used to seal the top edges of the inner member to one another when removed from the outer member.