LOEWE accentuates the whimsical Elephant shape of this red pouch by rendering it in grained leather — note how it brings an air of expression to face, which is replete with perforated eyes. Shaped in the house’s native Spain to a compact dimension, it’s debossed with an Anagram logo at the base and fitted with a zipped compartment. Remove the adjustable shoulder strap to carry it as a playful clutch.