The actress and her sister, Monica, worked with Loewe's outgoing creative director, Stuart Vevers, on a crossbody bag that has exterior pockets. Penélope told WWD that the bag's utility and style were created for women on the go.
"We wanted to do something special but also practical, and we wanted the design to have an unmistakable Spanish element," she said.
The bag, which will make its retail debut on Nov. 1, is part of what the company is calling the Cruz collection and will eventually be joined by coin purses and zippered wallets. For Vevers, who will replace Reed Krakoff as the creative director of Coach in a year's time, this collaboration is just one of a number of special projects he's worked on for the brand. Just last month, he unveiled a series of products created with Comme des Garcons.