More accurately, trouble has been brewing for quite some time now.

We make light of Versace’s relatively piddling bag efforts on a regular basis (or whenever I can’t think of something more interesting to write about), but based on Dana Thomas’s very interesting article on the company’s troubles for the latest Newsweek, bad bags aren’t the only problems that Donatella & Co. are having.

Whether or not we want to hear it, handbags are one of the most profitable and important sectors of a worldwide luxury business – the only thing that makes more money for companies like Chanel and Dior is beauty. So is it true that as go purses, so goes the company?

That idea isn’t directly addressed in Thomas’s article, but it’s one that’s worth discussion. In her own book, Deluxe: How Luxury Lost Its Luster, Thomas explains in (sometimes painful, for purse lovers) detail the way that profits from cosmetics, fragrance and handbags have made high end brand conglomerates like LVMH and Gucci Group such cash cows.

And in these stark economic times, companies like Hermes and Louis Vuitton that are overwhelmingly known for their handbags are the ones producing healthy numbers. Since neither of those companies benefits directly from massive cosmetic sales, it stands to reason that their ability to sell handbags hand over fist has had a huge impact on their financial solvency during the luxury collapse. Versace’s handbags (and their prices) have become a running joke around here, and we’re the exact people to which they should be trying to appeal – a niche audience of people that already spend gobs of money on bags. If you can’t sell a bag to us, who can you sell it to?

Surely Donatella’s coke-fiending and jet-setting haven’t helped the company be taken seriously as one that values design and quality, but if they could, at the very least, get their handbag division under control, then maybe the money would start rolling in in a meaningful way. And what of Versace’s shoe line? Shoes are steadily catching up with bags as one of the “it” items that savvy fashionistas must have, but when was the last time you saw, let alone coveted, a Versace shoe? They do make shoes, right? I’m having a hard time conjuring a mental picture of one. And if they don’t, why not? It’s another big margin product that sells well, even in this economy.

Thomas comes to the conclusion that it may be time for the family to exit the family business in order for the company to survive, and if they’re the ones responsible for the complete mishandling of the most profitable section of their company, then I can’t say that I disagree with her. Whatever happens, let’s hope that someone realizes that good bag design could help Versace stay afloat.

Picture via NYMag.com.

But I kind of love her for dressing like this, truth be told. This is how every girl that ever bought a Joy Division album desperately wanted to dress in high school (including yours truly…), and almost none of us ever got the opportunity. I didn’t because I was on debate team and bleach-blond extensions and a whole pencil worth of eyeliner probably would have made me look unprofessional at tournaments. That, and I don’t think my mom would have bought me leather short shorts. But a girl can dream, I suppose.

But obviously, we’re here to talk about Taylor’s bag, the Versace Metal Frame Satchel. We’ve spoken about this bag before, but it’s hard to get a sense of something when you can’t see it carried. Two things struck me this bag after I saw the pictures – it’s a lot smaller than I expected it to be (it’s not nearly the size of a Stam, to which I originally compared the structure) and I like it just as much as I did previously.

It’s legitimately a nice-looking bag, which is not always Versace’s strong suit, and for that I’m excited. The price, however, is still thoroughly unexciting. Buy through Nordstrom for $3995.

Objectively, the Versace Socialite Satchel is not a terrible Bag. It’s perfectly fine. But it is completely tone deaf when compared to what else is going on in fashion right now. And, as always, the price is astronomical.

But first, does anyone else feel like Versace might be reaching a little bit when they name the bag the “Socialite Satchel.” Sort of like the fashion industry version of “If we build it, they will come?” It’s been ages since I saw a celebrity or socialite wearing one of their bags, if ever, and the name seems more hopeful than realistic.

But if they want to make an It-Bag, they’re going to have to try harder. The color of this bag is nice, as are the bold hardware details at the handle attachments, but I’m just not loving anything else. I want slouch and style, not insane rigidity and over-designed pockets. If they could take some of the elements here and work them into something that feels more relevant to current styles, they may have a huge winner. As it is, I’m unmoved, and certainly unimpressed with the price. Buy through Nordstrom for $3600.

I know you guys enjoy this as much as I do.

Between the black fabric and the cheap-looking silver-and-black roses that look like they were attached with a safety pin, this bag looks like it was manufactured by Guess or XOXO and is meant to be sold to thirteen-year-olds in the juniors department at Macy’s. And maybe it’s just me, but I think the patent trim at the bottom is really what does it in, juxtaposed with the fabric that makes up the body.

Now, there’s nothing inherently wrong with looking like one of those brands – I remember being thirteen myself and thinking those bags were so awesome – except that this bag is made by a major Italian design house that’s known the world over and intended to be sold to grown women with sizable checking accounts. It simply doesn’t hold up to the standard that we should all have for $1800 bags – oh, didn’t I mention that? That’s how much this bag costs.

Gross, right? Buy through Saks for $1795.

And maybe, just maybe, someone at Versace has been paying attention, because the Versace Croc Embossed Satchel is decidedly unoffensive. It’s not the best bag I’ve ever seen, but it has a structure that subscribes subtly to the recent origami bag trend without being unnecessarily complicated. The structure is classic Versace, but it lacks the obvious, gaudy branding and enormous, shiny gold hardware that have characterized so many of the brand’s less-successful bag ideas. The color is gorgeous, as is the variation of the croc-stamped leather, and it all comes together in a reasonable, tasteful way. The best part, though, is the price. It’s still too high, but compared to some of the brand’s recent price points, it’s fairly unoffensive. Buy through Nordstrom for $1770.

In the grand scheme of things, for this brand in particular, the Versace Leather Flap Hobo isn’t terrible. It can actually be used as a handbag. It will hold things. You can put it on your arm. Which in some cases, for Versace, is a progress. It’s a bit overdone, because of course it is, and it’s got some sort of red patent wings or something hanging off the front. They appear to serve no purpose, because of course they don’t. And this particular bag is both patent and regular leather, which is particularly hard when using red since the pigments render so differently on the two materials. They got fairly close, though. Kudos. I mean, not exactly the same, but not hugely different. But the gaudy gold hardware spells out their name in big block letters and the flaps are nonsensical as I already mentioned, and the price is insulting, because of course it is. It’s Versace. Buy through Saks for $2470.

It looks like the Cookie Monster and Snuffleupagus had sex, and the resulting baby was skinned and turned into a handbag (yes, I had to Google to find out how to spell ‘Snuffleupagus’ I thought it had more F’s, personally). That kind of violence against muppets will certainly not be tolerated here at PurseBlog, and the immense cruelty towards children’s entertainment that Versace has shown with this handbag will not soon be forgotten. For shame, Donatella. What are you going to do next, skin the Florida Gator’s mascot and make a clutch out of it? Actually, on second thought, I would be completely ok with that. Just stay away from Big Bird. Buy through Bluefly for $3532.99.

The problem I have though, is that the leather is not exotic, and for the price tag, it absolutely should be. $4000 is too much to spend for a regular leather bag, which is exactly what this is. My Stam cost about $1300 at regular retail, and this bag is not any more fantastic than that one was. I continue to be baffled by Versace’s pricing scheme, and they don’t appear to have the avid following to support it. Buy through Nordstrom for $3995.

I would think that a brand like Versace would understand the distinction. Apparently not, though, because the Versace Couture Clutch has no indication of ACTUALLY being couture to me. It’s just a woven metallic envelope clutch that reminds me a lot of Bottega Veneta. And since Versace is known to charge upwards of $2000 for completely non-spectacular, non-couture clutches, I can’t imagine that they’d charge less (but still an exorbitant amount for what you get) for something that was actually handmade in small quantities. So I’m befuddled here. Has the word lost all of its fabulous meaning? Or am I missing the reason that this actually fits the category? Buy through eLuxury for $1305.

Holy crackers, Versace has gone and made a bag that I like.

Quite honestly, I thought I was pretty safe from the charms of Versace’s accessories line. It has always seemed like either way too much or not nearly enough for me. On the one hand, a lot of it is blinged, studded, quilted, rouched, and covered with hardware and fringe to the extent that I’m not sure if it would actually function as a handbag. On the other end of the spectrum, I’ve seen handbags of theirs so boring while still being so astronomically priced that they gave even me handbag ennui. The Versace Multi Ring Hobo (almost) gets it right, though. I don’t love the color, but it may come in others, and the leather looks like it would be obscenely soft and supple. The shape is nice and wearable, and I like the pleated effect of the construction. This bag’s tragic flaw, though, is the price – at over $3,000, I’m not sure that it’ll go to the top of many wishlists. Please, Donatella, rethink your accessories pricing – it might get you a much larger piece of the pie if you keep designing at least mildly attractive bags. Buy through Saks for $3145.

I think one of the things I like the most is the color; you can sport it every season. The combination of crinkled coated metallic leather and textured metallic leather trim adds a little something different. Although the color of the chunky link chain shoulder straps isn’t much different than the color of the bag, there is enough difference to notice a small contrast. As I mentioned earlier, Versace always pays attention to the details surrounding each bag. Here, they’ve added a gold ring and stud details throughout and the flap closure has buckle detailing and a weighted gold metal and acrylic Medusa medallion. I figure, if I am going to spend quite a bit of money on a bag, I expect the attention to detail to be apparent. If nothing else, that way it feels like you are getting enough bang for your buck, right? No matter what, this bag is without a doubt a winner. Buy through eLUXURY for $2,265..

They say that there’s nothing new under the sun, and from time to time, as Megs & Co. are demonstrating today, this adage holds true in the handbag world as well. When faced with the need to blend practicality and style, how many different things can you really make?

So I present to you two bags: the Marc Jacobs Patchwork Amanda and the Versace Large Greek Key Shoulder Bag. Both are black patent leather, both have chain straps, both are kind of square and boxy, and both have large quilting over most of the bag. The styling is slightly different – Versace, naturally, makes everything in their line to be flashy and obvious, with their Greek motif forming the lines between the quilts. The Marc Jacobs bag is more fashionista friendly with more subtle styling and branding.

To me, the choice between these two is a no-brainer, and not just because the winner shares my name. The Marc Jacobs Amanda is much more elegant in its details and wearable in my wardrobe, and although not a complete original (Chanel did do pleats and chain straps first, after all), it’s still much preferable to its uninspired Versace cousin.

The bag is made of Versace’s monogram silk jacquard with metallic gold leather trim and is adorned with polished gold metal studs and Versace-engraved chain links. Braided metallic gold leather straps with Versace-engraved gold metal ends on gold metal links give it a 5″ drop for easy toting around. A gorgeous satin interior with zipped pocket and Versace plaque round off this masterpiece, and for a humble 1,482 bucks via eLuxury, it’s not even all that pricey. For a Versace anyway. Click on the link below to see the bag in action.

Halle Berry sure is a hottie, Donatella couldn’t have picked a more worthy successor to Madonna. I find her absolutely lovely. How about you?